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¶ … contract have been well established over the course of time and have remained constant during that time. Traditionally, contracts have been defined as consisting of an offer and acceptance supported by consideration but there other elements that must accompany these basic elements in order for a contract to be formed and enforceable (Perillo, 2009).
In contractual parlance, an offer is the manifestation of a party to enter into a bargain so that another party develops an understanding that his assent is being invited. Such action is the initial step in the formation of a contract and no other element can be satisfied until an offer is made. The second step in the formation of a contract is the manifestation of the acceptance. Acceptance can be relayed in any manner sufficient to advise the maker of the offer that he assents to the terms of the offer. Any attempt by the accepting party, however, to change the terms of the offer is not an acceptance, but rather, either becomes a rejection or a counteroffer which may or may not be accepted by the original individual making the offer.
The...
Consideration is either a benefit to the promisor or a detriment to the promisee. Although ordinarily consideration involves some form of monetary exchange there is no legal requirement that money be involved. Consideration can involve either a right or some form of forebearance by either party.
Beyond the three traditional elements there are several other elements that must be present. The first of these additional elements is that the proposed terms of the contract must be for a legal purpose (Badawi, 2010). Contracts that are attempted to be formed for purposes that are illegal are not binding on the parties.
In order for a contract to be enforceable there must be a meeting of the minds between the parties as to the terms of their agreement. Determining whether there is a meeting of the minds is done through examining the communications between the parties and doing so from an objective point-of-view. Any disagreement between the parties as to whether or not a meeting of the minds has occurred is a question of fact…
References
Badawi, A.B. (2010). Harm, Ambiguity, and the Regulation of Illegal Contracts. George Mason Law Review, 483-531.
Harris, D. And David Campbell, Roger Halson. (2006). Remedies in Contract and Tort. Oxford, UK: Cambridge University Press.
Perillo, J.M. (2009). Calamari and Perillo's Hornbook on Contracts. Egan, MN: West Publishing.
Contract Law
Operating costs and future sales may be difficult to predict because there is no history to rely on since the business is not established. The single biggest disadvantage of starting a new business is the unknown. There are many rules, regulations, statutes and taxes that the owner may not be aware of at the time the business is opened. A new business owner may have a product that is
The presiding judge disagreed with them and "commented that if reverse engineering was possible, then they should reverse engineer the alleged infringement to obtain evidence of infringement." 6. Analogies The situation assumed in the first section of the paper, that of a software product which could or could not be reverse engineered by a customer, researcher or journalist, can be considered through the lens of other situations as well. For starters,
However, it must be noted that the doctrine of consideration has changed and therefore seems to have fixed many of its most impractical elements, or at least that is what has been argued. One example of a change is the fact that in regards to consideration, the requirement for a benefit has moved from the requirement to show a legal benefit to simply a practical benefit. Another aspect to the
Because promises are usually kept, it is usually reasonable to rely on a promise, and promises are usually relied upon. (p. 1) Despite its centrality to the human condition, the social practice of promising remains primitive and incomplete in comparison to other disciplines such as mathematics and linguistics (Mather, 1999). When it comes to the promises contained in contracts of any type, there are some general guidelines but these do
A lawsuit would create bad publicity for the bank during a period when it needs to create a positive image for itself in the media. Retaining a strong relationship with an IT business partner is beneficial for CS, given the ever-changing nature of technology. The changing demands of the project is one reason the company has had such as stressful relationship with SS, and presumably the new system will require
Some of the contracts which minors can't disaffirm include education loan contracts, insurance (health and life) contracts, armed forces enlistment contracts etc. Further, in some states, if a minor who seems (in terms of appearance) to be of majority age misrepresents his age at the time of entering into a contract with a competent party, such a minor is treated as an individual who has attained the majority age