Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
¶ … legally enforceable contract has several critical components, the first of which is an offer. An excellent example of this is the selling of a used vehicle. The buyer makes an offer of a particular amount of money for the car and/or the seller offers the car for sale. There must also be acceptance -- either in writing, according to the stipulations of the UCC, or for contracts involving smaller amounts of money, evidence of an acceptance of the offer. The car's seller will likely write out a contract detailing the exchange of the vehicle for the money (Legal elements of a contract, 2013, State of Texas).
There must be a legal purpose. Contracts are not legally enforceable if they involve transactions which are illegal (such as exchanging illegal drugs for a car). There must be a mutual agreement -- both parties must agree to the 'deal' and the seller has the right to refuse to sell the...
Something of value must be exchanged. For example, the buyer offers money in exchange for the used car (Legal elements of a contract, 2013, State of Texas). A contract does not have to involve the exchange of money (the buyer could offer services instead) but something 'of' value must be exchanged. The subject matter must be clear (the seller or buyer cannot create an ambiguous contract designed to underhandedly make the agreement less advantageous to the unwitting other party) and finally, the agreement must be between two legally consenting adults (Legal elements of a contract, 2013, State of Texas). A teen buying the car will likely have to ask the parent to officially enter into the contract for him or her.
Q2. Provide additional facts to your scenario that will show how the Statute of Frauds Evidence Rule under UCC Article 2 can come…
References
Legal elements of a contract. (2013). State of Texas. Retrieved:
http://www.window.state.tx.us/procurement/pub/contractguide/LegalElementsofaContract.pdf
When breach of contract crosses into fraud. (2013). Stone Law Firm. Retrieved:
http://www.stonelawpc.com/1295/when-breach-of-contract-crosses-into-fraud/
Independent dealers must sign a contract that sets forth the manner in which they will operate their rental centers. Often a small business owner will supplement their income be adding U-Hauls to their market mix. Independent contractors earn a commission on their sales. Each division of AMERCO has it own president. All of them must report to a Board of Directors. The Chairman of the Board and overall President is
Business, Law and Ethics Business Law The ethical and legal concepts of a business are normally intertwined. Government put in place effective regulations which necessitate gathering information. When regulatory needs conflict with principles obtained the constitution, ethical and legal needs are raised. Legal strategies nowadays include legal, compliant programs that help institutions to be competitive. Different businesses have one goal of attaining profits, but in the process they should consider different legal
Business Law: Arbitration Agreements Arbitration in business law is a method used for mediating contradictions between the parties to an agreement. Arbitration agreements make the requirement that the arbitrators, or those who are over the arbitration discussions and the ultimate agreement are neutral parties and in no way in support of either of the parties to the arbitration process. According to one sources arbitration is "one of the dispute resolution processes being
Part 6 also gives guidance in the case of some specialized types of contract. UCITA in Part 7 for the major part carries over the popular rules of Article 2 involving breach when suitable in the perspective of the tangible medium on which the information is fixed, but also takes up a common law rules from Article 2 on the waiver, cure, assurance and anticipatory violation in the perspective
Due to the fact that Broadwalk books only sold five copies of the book within that time frame they feel that they should be able to return the other 95 copies. There reasoning is that if the books are unsold then they are unused, and within the stipulation of the contract they are within their rights to return them. If the court were to determine that the books in
Com" from an Internet host in Maryland to a host in New York. The New York host turned out to be merely an intermediary of a Canada-based company (Tucows). Tucows eventually turned over the domain name to the Alabama authorities upon their request. Thereafter, Novak appealed the decision in the Alabama case successfully and then filed an action against Tucows for illegally depriving him of his property by conversion. Tucows' defense