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…...
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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.
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 of human beings. There are basically two concepts regarding law: general concept which is composed of the American society rules i.e. morals, norms or law of morality while law proper is composed of rules and regulations specifically enacted by the state through congress or other relevant authorities.
This essay basically focuses on different aspects of contract law and the impact it has on individuals and organizations in the society. In a bid to elaborate more on the law of contract the…...
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Work cited
Antony Speaight, (2004) Architects Legal Handbook; the law for architects, Blackwell, pp 232- 320,
Charles L, K., Nathan, M, C, and Harry G, P., (2007) Problems in contract law: Cases and materials, Aspen Publishers, pp 989-1020.
David S, C., (2002), Introduction to the law of the United States, 12-34
Joseph, R., (1999). The Authority of Law, Essays on Law and Morality. Oxford University Press pp 234-345.
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 controversy of consideration is the fact that it originated in the 12th century. This shows that consideration was needed in those days because there wasn't the legal system in place that we have today. People had their "things" or their "services" that could be offered as fair terms in a promise. The consideration aspect was about giving something additional to a person's word in a contract arrangement. Those were simpler times and people didn't have as much as they have…...
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References:
Dowling, A 1997. Exclusive rights of burial and the law of real property. The Queen's
Epstein, A 2008. Contract Law Fundamentals. Prentice Hall.
Harland DJ. & Carter JW 2004. Contract Law in Australia. 4th ed. Lexis Nexis
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 that it permits one party to a contract to get money damages from the other party upon demonstrating that they have breached the contract. If there wasn't contract law, these voluntary agreements would immediately become unreasonable and impracticable. Since such agreements lie at the center of our civilization and economy, and since they depend upon contract law. It is this scheme of contract law that underpins and makes possible the numerous private, voluntary agreements by which exchanges of goods and…...
Contract Law
The author of this response is asked to offer a response to a few major questions. First, the author is to explain the purpose and importance of Mitchell v. Finney Lock Seeds as it relates to contract law. The author is asked to relate Section 55 of the Sale of Goods Act of 1979 to Schedule 2 of the Unfair Contract Terms Act of 1977. The author of this response will tie this all together.
Section 55 & Mitchell v. Finney Lock Seeds
Section 55, of course, relates to express contracts that are used to amend or change a prior agreement. It notes that prior arrangements and agreements are not invalidated by this amendment or change unless the express agreement added is inconsistent with what was agreed to prior (UK Law, 2013). George Mitchell v. Finney Lock Seeds is relevant because claiming George Mitchell agreed to buy 30 pounds of cabbage…...
Contract Law
Under the UCC (Uniform Commercial Code) section 3-405 (Employer's Responsibility for Fraudulent Endorsement by Employee) corporate accounts are exposed to a multitude of fraudulent and forgery risks and therefore it has been mandated that the corporate employer as well as the bank are responsible for keeping a check on their account activities. In the above case, Stewart's client may have issued the check on behalf of the corporate employer but the company itself has given no authorization. To properly cash the check Stewart has to first acquire an authorization from the company and endorse it by the signatory or account department of the company. It is only then will Stewart be entitled to the amount owed to him. In a court of law, Stewart cannot sue the bank as the UCC Section 3-405 protects the company from liability to fraudulent individual through these measures (Getty Petroleum Corp. v. American…...
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When Wholesale Coal company demand the delivery of the rest of the eighteen carloads it had been justified in doing so because of the fact that in accepting the deliverance of the carloads, Guyan accepts the full term of the initial offer. The contract is binding and effective to the terms of the initial offer and not that of the counter offer.
Contract Law
In the presented scenario, rian had been negotiating with Amy for several days without reaching agreement. They finally reached a compromise and agreed that the transaction would proceed. However, it appears as though there was a communication lapse because Amy's bid was higher than rian's offer, which is unusual in such kind of transactions. Despite these facts, a contract is considered as legally binding if it contains the basic elements including an offer, acceptance and intention of legal consequences.
English contract law as seen in Powell v Lee (1908) 99 LT 284, establishes that an offer must be made by the offeror to the offeree himself or authorized agent.[footnoteRef:1] The law further considers an offer as entering into negotiations. On the other hand, acceptance is an important aspect of a contract. In Entores Ltd. v Miles Far East Corporation (1955) EWCA Civ 3 the ruling made it clear that acceptance…...
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Bibliography
Cameron, M. v. (1954). 91 CLR 355.
Carlill v Carbolic Smoke Ball Co[3]. (n.d.).
Entores Ltd. v Miles Far East Corporation [1955] EWCA Civ 3. (n.d.).
Contract Law -- Detrimental eliance
Ordinarily, a gratuitous promise does not give rise to an enforceable contract because of the absence of valuable consideration (Friedman, 2005; Halbert & Ingulli, 2008). Therefore, Gerard's promise did not create a contract, at least not at the time that he issued the promise to stage a concert for Kids Care. However, in certain circumstances, even a gratuitous promise can create an enforceable obligation to perform under contract, notwithstanding the absence of consideration (Friedman, 2005; Halbert & Ingulli, 2008).
One exception at common law to the general rule would be by virtue of a moral obligation supporting the gratuitous promise (Friedman, 2005; Halbert & Ingulli, 2008). For example, where an individual provides emergency help, (such as driving a friend to an important appointment), there is no obligation to pay for the gas and tolls absent any discussion or agreement to that effect. However, if the recipient of…...
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References
Friedman, L. (2005). A History of American Law. New York: Simon & Schuster.
Halbert, T. And Ingulli, E. (2008). Law & Ethics in the Business Environment.
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, take the case of the remote control. The gadget was created decades ago and along the years, it has become of vital importance for various activities (watching television, listening to music or operating machines). Given that the first manufacturer of remote controls would have been the only one with the right to produce it, the segment would have evolved at an extremely slow pace. Through reverse engineering however, numerous other producers began to manufacture the item and the customer is…...
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Newby, T.G., What's Fair Here Is Not Fair Everywhere: Does the American Fair Use Doctrine Violate International Copyright Law? Stanford Law Review, Vol. 51, 1999
Finally, with respect to the specific language of the offer rendering buyer's considering Condition #3 "unacceptable" and voiding the offer thereby, this is nothing more than a self-serving characterization on the part of the seller.
The fact remains that any right of the seller to reject the buyer's acceptance (or counteroffer, by Seller's earlier argument), ended upon Seller's de facto acceptance of the deposit payment as tendered.
Having failed to vitiate the obligations under contract by virtue of any variance between the specific mode of payment, the seller will argue that he revoked the offer on March 11th after the buyer tendered the deposit but before the buyer could have satisfied the second condition of the offer. Since the offer was revoked by Seller before all of the conditions specified in the offer could have been accepted by Buyer in the office of Anderson on March 14th, Seller will argue that…...
court ruled that the commercial was not an offer to enter into a contract. Explain the court's reasoning and holding.
In principle, a valid contract requires an offer, acceptance of that offer, sufficient specificity as to the substance of the agreement (i.e. time frame for delivery or execution, amount of payment, terms of agreement, etc.), and the payment or transfer of valuable consideration. Once an offer is proffered, the party or parties to whom that offer is extended (the "offeree") may accept that offer by communicating that acceptance to the party making the offer (or "offeror") or by performing a specific act specified by the offeror as a form of acceptance. Once an offer is accepted by the offeree, it can no longer be withdrawn by the offeror without incurring potential liability in contract to the offeree.
Generally, an advertisement (including a television commercial) is not considered an offer. According to…...
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Sources Consulted
Leonard v. Pepsico, Inc. 88 F.Supp.2d 116 (1999).
Morales, Ann C. Pepsi's Harrier Jet Commercial Was Not a Binding Offer to Contract
Academy of Marketing Science. Journal; Spring 2000; 28, 2; ProQuest Central.
Legal Perspective- New York's leading decisions
Judge Hiram Grey in the Court of Appeals of New York adjudged the case of Lawrence v. Fox in the year 1859. The case was about Mr. Holly who lent $300 to Mr. Fox while stating that Holly owed $300 to Mr. Lawrence. Holly lent the money on the condition that Fox would repay it to Lawrence the very next day. What happened, however, was something totally different. Fox chose to ignore the verbal promise that he had made to Holly and did not bother to repay the money to Lawrence, following which Holly filed a case against Fox stating that he had broken his word. Fox argued that the oral word of a bystander could not be considered in a court of law as a binding testimony, and that fox's word to Holly that he would repay the money was not in fact…...
The inclusion of good title is an implied understanding in any sale of a motor vehicle or other property whose ownership is normally represented by title papers (Schmalleger, 2008).
Voidable contracts are those that are enforceable under certain circumstances or only by certain parties. A typical example of a voidable contract is any formal agreement between an adult (or a professional business) and a minor. Ordinarily, a minor cannot be held to the terms of any contract although the minor may choose to enforce the contract against the other party if he chooses to do so, provided the other elements of contract are satisfied.
Therefore, an otherwise valid and enforceable contract with a minor is voidable at the sole option of the minor even after full performance by the other party. Generally, under those circumstances, the court will order the minor to return whatever portion of goods or services is still…...
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Works Cited:
Dershowitz, A. (2002). Shouting Fire: Civil Liberties in a Turbulent Age. New York:
Touchstone.
Friedman, L. (2005). A History of American Law. New York: Touchstone.
Halbert, T., Ingulli, E. (2007). Law & Ethics in the Business Environment. Cincinnati,
Black is only obligated to pay the original $150,000 for the equipment. As a fundamental principle, courts do not interfere with the terms or obligations of contracts merely because one of the parties regrets the deal he made. The fact that market prices or other external circumstances reduce the value of the contract to one of the parties is not a legal justification to refuse to perform under the contract (Friedman, 2005; Halbert & Ingulli, 2008).
Black agreed to pay the additional $8,000 but hite will not be able to enforce that part of the agreement because there was no consideration for it; unlike the contract itself, that subsequent agreement was unilateral because it did not change what Black was already entitled to receive from hite for the amount originally agreed upon (Friedman, 2005).
McMullen v. Joldersma:
McMullen v. Joldersma (174 Mich App 207) was a 1988…...
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Works Cited:
Dershowitz, a. (2002). Shouting Fire: Civil Liberties in a Turbulent Age. New York:
Touchstone.
Friedman, L. (2005). A History of American Law. New York: Touchstone.
Halbert, T., and Ingulli, E. (2008). Law & Ethics in the Business Environment.
Part IV of the TPA specifically makes illegal practices which restrict competition or free trade. Furthermore, the Act authorizes private actions to be brought to enforce this provision. Lana believes that Phoebe's practices amount to an unfair restraint on free trade (and her ability to compete), thus her action is covered under the statute.
Conclusion: Under section 52 of the TPA, Lana is entitled to sue Phoebe for damages as she has been involved in misleading and deceptive conduct which has caused Lana's business no good.
Question 3 (b)
Issue: Is Lana's threatened action likely to succeed?
Rule: Section 52 of the TPA provides that: (pg 291)
A corporation shall not, in trade or commerce, engage in conduct that is misleading or deceptive or is likely to mislead or deceive.
Application: By advertising that her gelati is the best in town and made with the best quality natural ingredients, Phoebe may be stretching the truth,…...
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The advancement of information technology has had a significant impact on legal regulations and compliance in the digital age. With the rapid pace of technological innovation, laws and regulations often struggle to keep up with the constantly evolving landscape of digital technologies. This can create challenges for businesses and individuals trying to navigate the complex legal framework that governs their use of digital technologies.
One major impact of information technology on legal regulations and compliance is the need for new laws and regulations to address emerging technologies and their potential risks. For example, as the use of artificial intelligence and machine....
Introduction
Contract breaches occur when one party fails to fulfill their obligations under a legally binding agreement. These breaches can have significant consequences for both parties involved, leading to financial losses, reputational damage, and legal disputes. This literature review explores the various ways in which parties can prevent contract breaches and reach mutually beneficial conclusions.
Factors Contributing to Contract Breaches
Numerous factors can contribute to contract breaches, including:
Lack of clarity: Ambiguous or incomplete contract terms can lead to misunderstandings and disputes.
Misrepresentation or fraud: If a party misrepresents or conceals material information during contract negotiations, the other party may have grounds for....
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