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.
Contract Law
In modern society, contracts have become an integral part of determining who is responsible for performing various actions in an agreement. It spells out the terms, conditions and how each party must behave in order for it to be enforceable under the law. To fully understand the way that this is occurring requires carefully examining key issues, the offer / acceptance / consideration, the different points-of-view and ethical issues. Together, these elements will offer specific insights that are showing how they work and their effects on the various parties. (Andrews, 2011) (McKendrick, 2012)
Were there any issues, legal or otherwise, faced when entering into the contract?
The biggest issues faced when entering a life insurance contract are the implications for family members and the financial burden on them. To decrease the risks, a $100 thousand whole life policy was purchased. The biggest challenges (for the policy owner) are confronting immortality and what will happen to their loved ones when they...
While the insurance company, is profiting from taking this risk. (Easton, 2007) (Andrews, 2011) (McKendrick, 2012)
What are the offer, acceptance and consideration? Be sure to define these legal concepts before identifying them in your specific example.
An offer is when a proposal is made from one party to another. In it, they each agree to perform specific actions as a part of the contract. Acceptance is when the other party concurs and will meet these obligations. Consideration is where either or both sides are studying the agreement and if this is something they want to go into. For example, in an insurance contract, the offer is the actual application submitted by the customer. Consideration is the underwriting process and the risks for covering this individual by the insurance company. Acceptance is when the policy is issued and both sides agree to the terms / conditions / riders. (Easton, 2007) (Andrews, 2011) (McKendrick, 2012)
Would you have a different point-of-view entering into the…
References
Andrews, N. (2011). Contract Law. New York, NY: Cambridge University Press.
Easton, A. (2007). Actuarial Aspects of Individual Life Insurance. Winsted, CT: ACTEX Publications.
McKendrick, K. (2012). Contract Law. Oxford: Oxford University Press.
Law of Contract Contract law As to concerned definition of law there are many definition among various schools of thought of law such that no particular definition is acceptable to them as universal definition of law, but nevertheless there is a common acceptable definition as to what the law is composed of and that it is a collection of rules and regulations governing human conduct prescribed by human beings for the obedience
Contracts Law: Disney World Jurassic Park Amusement Ride The first question at issue in this study has to do with the termination of an employee for poor sales performance who entered into a non-compete agreement with the company, specifically that of Disney. The employee, Simpson agreed that he would not directly or indirectly compete with Disney as an agent, employer, broker, or contractor for one year from the date of termination.
Contracts Law Case Study- Contracts Law There were two offers. There is an offer is a meeting of the minds can be reached by the recipient of the offer accepting the terms of the offer. The first offer was by Galaxy Computer store and consisted of Galaxy placing an ad in the paper for Pentium 4 computers for $3,000. The second offer was by Gabrielle and consisted of her offering a her
Contract law lies at the center of our legal system and serves as the basis of our whole society. Our society relies on free exchange in the marketplace at every stage. Contract law is what makes this probable. Exchanges in the marketplace always rely on voluntary agreements between people. These voluntary agreements would never if there wasn't contract law. Contract law works to make these agreements enforceable, which typically means
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
(University of Oslo Law School, 2005) Characteristic for the Norwegian legal tradition in the 20th century, as for the rest of Scandinavia, is the so-called "legal realism," which has emphasized considerations of justice in legal reasoning. Conceptualism and integrated theoretical systems have never been followed in Scandinavia, in other words, there is no attempt to create a unified theory of contract law, rather disputes are handled by a case