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…… [Read More]
Law of Contract
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…… [Read More]
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…… [Read More]
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…… [Read More]
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…… [Read More]
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.…… [Read More]
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…… [Read More]
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…… [Read More]
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."
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…… [Read More]
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…… [Read More]
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…… [Read More]
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…… [Read More]
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…… [Read More]
Breach of Contract and Failure of Consideration:
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…… [Read More]
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…… [Read More]
The unfortunate case of Cromuel Contractor is a sad one to read. This is said because the detailing of the events surrounding the contract bidding war seemed to show that idley was the clear winner and that BFE was the clear loser. Given that Cromuel was a subcontractor under the idley bid, that would seem to have been a boon for Cromuel. However, what ended up happening was basically the opposite. The end result was so diametrically opposed to what seemed to be the initial arrangement post-award that there are legitimate questions about whether Cromuel was intended to be a partner or a pawn. While a lot of what is insinuated in the case study is about appearances and conjecture rather than hard truth, the confluence of all of the circumstantial evidence that exists should lead anyone to conclude that Cromuel was treated very poorly and that idley…… [Read More]
Contract Law Case Study
Contact Law Case Study
The author of this report is to review a legal case study. The purpose is to determine whether the promises and words of Iva Mullet made to Barry Mundey constitute a legal contract and thus makes Iva to follow through on her promises of a bonus and a new contract or if the statements made were non-binding. The short answer to the question is that nothing Iva did makes her promises binding, but it is only because she was not specific and did not give a concrete offer to Barry. However, the author of this report will dig deeper and flesh out exactly why there is no contract and what could or would change that situation. However, while a contract did nto technically exist, the principle of promissory estoppel may be Iva Mullet's undoing because even though she did not quantify specifically…… [Read More]
Volition and Contract Law
In the everyday life, people make choices on various subjects. The personal rights in the constitution grant every individual the chance and ability to choose. This cognitive process, which facilitates the individual to decide and commit to any course of action, refers to volition. It is a psychological venture, which hypothesizes the choices and actions that individuals take collectively with knowledge of the consequences that will follow the action or choice. In law, an individual, a board, or any group of persons can submit an ordinance of volition that outlines the expectations of the people, or evidence of an act. A contract is whichever concurrence enforceable by the law, creating obligations on the signing parties. The basic elements of contract and the law of contract assume the incorporation of volition in totality.
The statutes that govern volition in contract law
A contract comes into existence when…… [Read More]
51), but less the amount of the down payment tendered by the defendants ($1,000.00)." ("Wendling v. Puls," 2011) This is significant, because it is showing how the court is affirming the position of the plaintiff. As they lost substantial amounts: of money and were placed at a tremendous disadvantage from the negligent actions of the defendants.
Like what was stated previously, the Kansas Supreme Court upheld the decision of the lower court. This based upon the fact that an actual contract existed and that the defendants were aware of their legal obligations. When they refused to accept delivery of the cattle is when they breached this agreement. Under the law, they are subject to monetary penalties that were based upon the method of calculation used by the lower court. As, the actions of the defendants are considered to be negligent resulting in monetary losses that plaintiff endured. This is…… [Read More]
A contract is a legally enforceable agreement that occurs between two parties in exchange of goods and services or in exchange of money. However, a contract is much more complex under the law because there are number of factors that should occur before a contract is enforceable. There should be existence of:
Consideration, and Intention. ( Oxford Learning, 2011).
To enhance a greater understanding of employment contract; the paper discusses the legislative precedents of employment and contract. (Oxford Learning, 2011).
Contract and Employment related to Legislative Precedent
Modern employment contract is primarily precedence of series of laws emanated several centuries ago that include
Ordinance of Labourers 1349
Statute of Labourers 1351,
However, it was in the 19th century that a real contract and employment contract was strongly established under the Master and Servant Act 1823.An employment contract in labor law attributes the right and…… [Read More]
The basic elements of a contract are offer, acceptance and consideration. In this instance, the two parties have agreed to a specific good (consideration) and a specific price. Some specs were written down informally, but there is no evidence that a formal written contract with all of the details exists.
The original presentation of the order was an invitation to treat. Sonya and Camille then set out the price and the specs for the order. The latter were in writing. Sonya is the offeror here, however, and Camille must accept. At issue is whether this occurred. It is not known whether or not the entire contract exists in writing -- it is assumed that this is not the case. If the only writing that exists does not contain all of the terms, then there is no offer and acceptance here, because for a contract of this size it needs…… [Read More]
A contract was forced between Larson and Genix. This appears to be a legal contract. One month before the date on which the contract is to be fulfilled, Larson cancels this contract. It is not known what sort of clause might be in that contract with respect to cancellation, but presumably there was nothing. There are several remedies available to Genix at this point. At this point, the contract has not been breached, however. Genix can motivate Larson by pointing out the remedies that will be available on December 1st. This is the best option -- to convince the counterparty to fulfill the contract -- as it is relatively low cost and at this point would not represent any disruption to Genix.
However, should that approach fail, there are other remedies that are available. Genix can seek an injunction that would prevent Larson from selling five hundred machines…… [Read More]
Appellate Court Case Opinion Breach of Contract
The appellate course opinion (state) that will be analyzed in this text is that of John E. Brock (Plaintiff) v. Johnson Breeders, Inc. (Defendant). This was selected owing to the lessons it presents in relation to repudiation of a contract. The case selected is in line with the course’s objective of further enhancing understanding of not only the creation, but also the management as well as termination of contracts.
The plaintiff was contracted by the defendant to grow chickens for the defendant (a chicken breeder) for a period of 24 years. As per the specifics of the contract, the defendant was to supply baby chicks to the defendant – whereupon the defendant would avail and apply the necessary labor, conditions, and equipment to raise the chicks to maturity (Justia, 2015, p. 3). The defendant would then pick the chicks once they attained…… [Read More]
Oral contracts are contractual agreements made entirely on the basis of spoken communication (Stim, 2016). This is dissimilar to a written contract, where the existence of a contractual agreement is evidenced by a written document. Whereas written contracts are the norm, oral contracts are fairly commonplace. Indeed, many powerful individuals have participated in handshake deals. However, there is often controversy over whether oral contracts are legally enforceable. This paper discusses the concept of oral contracts in the U.S. and explains the extent to which they are legally binding. Attention is also paid to the notion of implied contracts.
Concept of Oral Contracts in the United States
In the U.S., contracts for the sale of goods or services and commercial transactions are governed by the Uniform Commercial Code (UCC) (Tepper, 2014). The UCC stipulates provisions for the enforceability of oral contracts. As there is no federal law governing contracts, the UCC…… [Read More]
Contracts Law: Disney World Jurassic Park Amusement ide
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. Simpson has argued that he has a wife and three children and that the non-compete agreement should not apply as he has a right to earn a living and this includes anywhere in the United States. Three questions are posed: (1) Is the restriction likely to be found reasonable by a court of law? (2) Does the agreement restrain trade? (3) What change if any would you make to the restrictive wording above for the future?
In answer to…… [Read More]
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 old computer as a trade-in, $1,000 down, and monthly payments in lieu of $3,000 in exchange for the computer. Because Gabrielle made a counter-offer to Galaxy's offer, there were two offers.
There was acceptance of the contract. Acceptance means that the party to whom the offer was directed consents to its terms and agrees to the formation of the contract. There was no acceptance by Gabrielle of Galaxy's offer of a computer in exchange for $3,000. Instead, Gabrielle…… [Read More]
(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 by case basis, with more faith in the practices of the judges to administer and dispense justice. (Lillebakken, 1997)
Lillebakken, Frode. "Norway: ECTS 1996/97" University of Oslo Law School. 1996. http://www.jur.uib.no/Studier/Utland/English/ECTS/LEGAL.htm
University of Oslo Law School. "American Contract Law: Boiler Plate Essays." 2005. Anglo Project. http://www.jus.uio.no/ifp/anglo_project/essays.html… [Read More]
Two of the necessary conditions for the formation of a contract are offer and acceptance. Over the years, courts have faced a number of questions as to what, specifically, constitutes offer and acceptance. Issues relate to wording, timing and medium, among others. The advent of electronic communications, and its constant evolution, has opened the door to more grey areas that ultimately need to be resolved with respect to what constitutes offer and acceptance. A number of issues spring to mind -- is a text message sufficient to be deemed "in writing," is the shorthand in which many electronic communications are written valid for the formation of a legal contract, and what about electronic forms, which are essentially a one-way form of a communication? This paper will examine the case law that surrounds the evolving field of electronic communication, and how case law has dealt with modern methods of communication.
Application…… [Read More]
Contracts and Fraud
Contracts are one of the cornerstones of our modern legal system. They are necessary to conduct reliable economic transactions between individuals. When people make a formal agreement such as buying a car they must be assured that the requirements of both parties will be fulfilled: the seller will receive his or her money and the buyer will receive a vehicle. A critical component of contract law is the need for a contract that is not fraudulent in nature, since contracts depend upon a system of trust between both parties. "If fraud or misrepresentation occurred during the negotiation process, any resulting contract will probably be held unenforceable. The idea here is to encourage honest, good faith bargaining and transactions. Misrepresentations commonly occur when a party says something false (telling a potential buyer that a house is termite-free when it is not) or, in some other way, conceals or…… [Read More]
Contract Law: Contract Law
Marx et. al. v. The Globe Newspaper Co.
Full article available on the web at http://www.nwu.org/journ/glob0006.htm
The case -- article summary, facts, and overview
They want us to labor in "sweatshops in cyberspace," alleged Elizabeth Bunn of the Boston Globe.
Bunn was director of a writer union's Technical, Office and Professional Department and spoke regarding the 2000 dispute between freelance writers, illustrators, and photographers of the Boston Globe and the newspaper's editorial staff. The union representing the freelancers of the Globe began the court case of Marx et. al. v. The Globe Newspaper Co. In 2000. They filed a class action lawsuit on behalf of these one thousand freelancers.
The union sought an injunction in Massachusetts Superior Court against the Globe's unfair and deceptive trade and union negotiating practices regarding a contract between the freelancers and the newspaper. "The lawsuit was filed after the Globe attempted…… [Read More]
Contract Modification -- The situation involves a buyer, Tabor, and a seller, Martin. The two enter into a contract to deliver 50 file cabinets at $40/cabinet in five equal installments, or 10 cabinets per delivery for $400. After two deliveries, Martin tells Tabor that inflation has caused costs to increase and he can only deliver the remaining 30 cabinets if Tabor pays $50. Tabor agrees in writing. Can Martin legally collect the additional fees? The answer is dependent upon the wording of the initial contract and whether Tabor's agreement in writing makes the agreement part of the contract or if Martin is in breach of the original contract and Tabor only agreed to the new price to ensure delivery of his needed items. If there are no price adjustments in the original contract, then Martin cannot legally force Tabor to pay anything more than the agreed upon price. If he…… [Read More]
It is merely a separate agreement between the assignor and assignee in which the assignor gives its rights under the contract to the assignee for good and valuable consideration. Since an assignment is not a modification to the original agreement, it does not need to be in writing and signed by the parties to the original agreement. However, if the terms of the original agreement are altered by the assignment, such as if Kethan's terms of employment changed (different salary, different working hours, different responsibilities) then the assignment could arguably be a modification of the original agreement. However, in this case nothing about Kethan's work environment changes.
Further, the court determined that due to Kentucky public policy and case precedent, noncompetition agreements are assignable because Kentucky public policy favors enforcement of noncompetition agreeements as long as they are reasonable. This policy is designed to protect businesses from unscrupulous employees who…… [Read More]
contract is "a set of legally enforceable promises," (p. 304). From this simple definition, it would seem that a verbal contract did indeed exist between the two parties in question. Jacob did tell Henry he would be receiving an extra week of vacation. The form of the contract might be verbal, and the contract might indeed by informal and simple. However, there is a legal contract in this case even if injustice cannot be established. The courts would unfortunately have a difficult time establishing willful breach, although it is possible that Henry would be able to secure his extra week of vacation.
There are four cornerstones of contract law. The four elements of contract include the agreement, the consideration, the contractual capacity, and the legal object (p. 304). The agreement is the offer, which in this case is Jacob's offer to grant Henry an extra week of vacation. This case…… [Read More]
Promissory estoppel is a term in the common law doctrine that is used by courts to implement promises made and consequently relied upon. This law doctrine is usually used when there is no formal contract though the involved parties have acted as if there is such a contract. As courts dictates the terms of how these promises should be implemented, they use this doctrine to enforce contract on the agreement in the interest of fairness. Notably, this doctrine emerges when injustice can be prevented only by the enforcement of a promise that could be unenforceable due to lack of consideration. In most cases, promissory estoppels doctrine is applicable in the context of charitable donations.
When this law doctrine is used, the promisee's reliance is regarded as an adequate and independent basis with which the promise is enforced. As a result, the doctrine can be seen as a legal advice that…… [Read More]
Elance has a Services Agreement, which acts as part of company's Member Contract between Client and Provider. The agreement is considered effective after a client awards and provider accepts a job on the firm's website. In this case, the Member Contract is implemented once the client agrees to purchase and the provider agrees to deliver a job on the site. In order to ensure the suitability of the Member Contract, the Service Agreement is based on the company's conditions, terms, rules, guidelines, and policies that include the organization's terms of service. Notably, the client is responsible for managing, accepting, evaluating, and making payments for suitable Provider Services based on the Member Contract in an apt and professional way. One the contrary, the Provider is responsible for the quality and performance of Client Services based on the Member Contract in a professional and timely manner. This Services Agreement or Member…… [Read More]
contract formalizes the agreement between two parties regarding buying a certain item, entering into a certain service, or accepting a certain condition. Contracts cover a huge span of agreements including the sale of goods or real property, the terms of employment or of an independent contractor relationship, the settlement of a dispute, and ownership of intellectual property developed as part of a work for hire.
For a contract to be enforceable, it must constitute six factors:
Mutual consent -- both seller and buyer must be in full and comprehensive agreement of what the one is selling and the other is receiving
Offer and acceptance -- these must be clearly spelled out and comprehended by both parties
Mutual consideration -- the item / service must be one of value and turn out to be so, too.
Performance or delivery -- both must be intact. There must be, in other words, no…… [Read More]
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…… [Read More]
contract is a legally enforceable promise that allows commerce to flow smoothly throughout society. ithout contracts, businesses and consumers would be embroiled in constant disputes with potential for fraud and frequent misunderstandings but the fact that contracts are available does not eliminate disputes and resulting litigation. The courts are full of cases involving transactions between parties that have been formalized by the existence of a contract but the existence of a contract, or what the parties believed was a contract, does not ensure that matters will progress without problems.
Although contracts are in their simplest form promises there are elements that must be contained in contracts that distinguish them from simple promises. All contracts must contain: 1) an offer; 2) an acceptance; and 3) consideration. In a perfect world, every contract would have clearly identifiable offer, acceptance and consideration but in reality this is not always possible and the terms…… [Read More]
authorized to enter into contracts on behalf of a business organization?
Corporations and Limited liability Companies (LLCs) are recognized as legal entities in their own right, this means they have their legal identity, and can enter intro contracts in their own right. However, while the corporation has its own identity, it is still reliant on officers or agents of the company make agreements on its behalf. This paper examines how may be determined who can enter into contracts on behalf of a business organisation, why those people can undertake that task, and how it should be documented.
In general terms, an individual should be authorised by a company before signing contracts on behalf of the company. The authorisation regarding who this will cover should be addressed within the bylaws of the company, the resolutions of the board of directors (Schultz, 2010). Where authorisations are laid down in the bylaws, altering…… [Read More]
Contracts and Performance-Based Acquisition
A contract is a planned and legal agreement made between two or more parties with intent. It could be oral or written and may involve business individuals, employers and employees, or tenants and land lords. elations built through contracts emerge from offers given, reception, intentions, considerations and genuine consent, and legal agreement from which the contract began. Every person involved in a contract gains responsibilities and rights similar to those of other individuals in the contract. Legally, all parties benefit equally from the contract, meaning all members are entitled to equal rights whatsoever. While contracts remain enforceable whether they are spoken or written, a written contract ensures legal security to all parties involved. This is because a spoken contract will only depend on the loyalty of people involved but with not future reference whatsoever. A written contract on the other hand will have recorded details on…… [Read More]
Governing Law and Forum Selection
Boilerplate Language in International Contracts
USA-Brazil Trade: ules of Trade
Other Important Agreement and Laws Governing U.S. and Brazilian Trade
Comparison of Arbitration in South Carolina and Brazil
Conflicts arising out of contracts between international trading parties are on the increase with the rise and increase in international business and international trade. The courts that would hear and decide matters related to business conflicts between trading partners would look to the express terms of the contract as well as the applicable law within which the contracts have been formed and agreed upon by the two parties belonging to two different countries when one party considers the other party's actions to be a breach of the contract. The legal contract and the contents of the contract would be the basis on which courts would decide in arbitration cases and in cases…… [Read More]
Contracts, Contract Law, And Society
Contracts are legally-binding agreements between two or more self-regulating parties for the purpose of furthering their commercial goals (Eisenberg, 1994). The elements of contracts, together with the laws that provide protections for the parties involved, are theoretically straightforward and appeal to common sense principles, but in practice the forging of contracts and their enforcement can at times be complex. The theories and principles that underlie contract law also remain somewhat controversial and refractory to unequivocal definitions (Schwartz & Scott, 2003). To gain a better understanding of why contracts are so important to society this essay will review the essential element of contracts and the theories supporting their use, from a social, economic, and legal perspective.
Elements of a Contract
The four basic elements of a contract are: (1) mutual assent, (2) consideration, (3) capacity, and (4) legality (Legal Information Institute, 2010). Mutual assent…… [Read More]
For most of us living in Western societies contracts pervade most of our waking hours, yet how often do we really think about the countless transactions that we engage in every day? Buying a cappuccino at the corner Starbucks, streaming a video on Netflix, or coming home to a mortgaged house can involve countless contracts, both unstated and written. In fact, our ability to stream videos over the internet in our own home probably involves layers upon layers of contracts. Given the importance of contracts in our everyday lives, it should come as no surprise that volumes of statutes have been crafted at both the state and federal levels which attempt to define the legal parameters of exchange relationships. Contrary to expectations, however, some controversy remains due to opaque or contradictory judicial rulings (Chirelstein, 2010, p. 1). This report will examine the basic elements of contracts, the laws…… [Read More]
Contract law exists to ensure that agreements between two or more parties are honored by every party. In this regard, contract law is based on the principle that agreements between two parties are legally enforceable since every part needs to honor his/her part of the deal. Despite the constant changes in contract laws because of the uniqueness of contractual situations, there are some basic elements that must exist for a contract to be established between the parties. The existence of these elements is usually used as the premise for addressing contractual issues that may arise between the parties during execution of the terms of the agreement. The use of these elements help in determining the existence of a valid contract, especially when issues emerge during the fulfillment of each party's obligations or when one party denies the existence of a contract with another.
One of the situations in this scenario…… [Read More]
A written offer, which remained open for five days, was provided to sell B. Greenacre for $1,000 by A. On the eve of expiry of the offer, B obtained a report from the county recorder of deeds that he (the recorder) had obtained a deed of Greenacre from A to C. executed on that day. Following assumptions that the recorder was probably wrong, B notified A of acceptance of the written offer on the fifth day. While the information provided by the recorder was found to be erroneous, A denied the existence of a contract between him and B. This scenario has generated several concerns on whether A was right, especially if the report was reliable. Additionally, there are questions on whether the report may have been reliable despite being erroneous.
The above scenario is an example of a contract law issue and specifically deals with the issue…… [Read More]
Contract Dispute -- Car Sales
The purpose of this essay is to review the field of contract regulations and laws as they relate to the termination of a contract. The matter discussed in this paper has to do with a change in the manufacturing specifics of car models available for purchase. A customer did not want to buy a car with a 5.9 liter V8 engine as he desires to be more conservation with fuel than this model would permit. The customer requests a vehicle with a 3.2 liter engine, and the sales contract is written accordingly. After the fact, both the car dealer and the consumer learn that the car is no longer available with a 3.2 liter engine or a 3.9 liter engine. In fact, all of the engines currently being manufactured for this model of car are 3.5 liter in size. A number of contract…… [Read More]
Thus, "Preserving the relationship with a business partner may be worth far more in the long run that the potential cost of trying to prove that your position on a contract clause is legally sustainable today," (University of Phoenix). This strategy can then be implemented in order to keep Scan and Citizen Schwartz both out of costly financial legal obligations.
Thus, a manager could attempt to work within the limitations of the contract to avoid even having to go to litigation within the constraints of contract disputes. With negotiation, rather than litigation, the manager can potentially succeed in minimizing liabilities and therefore financially benefit from the maintaining of the contract itself. The manager can then "Maintain the contract in being and accept its validity, but object to and seek to negotiate further within the contractual framework, the actions, proposals, or interpretations of the other," (Marsh 98). Now, this is not…… [Read More]
Typically, a contract will be the written version of the agreement. An agreement without a contract is often not enforceable by law. The intent to create legal relations in this instance is clear on the part of EndZone, as per their email, but is not clear on the part of Maverick. The email iterates the consideration, timing and price contained within the agreement. However, EndZone would need to prove that Maverick has agreed to these terms. Maverick did not respond to the email, and only purchased $1,000 worth of goods over that time period. EndZone must provide a preponderance of evidence and it is unlikely that a sent email, unresponded to, and allegation of an oral agreement are unlikely to constitute that preponderance. Given that EndZone will be unable to demonstrate clear consideration in the form specific products and specific prices for those products, they will be unable to prove…… [Read More]
Contract is a legal document where two or more parties jointly agree that there will be a trade of goods and/or services through a unilateral or a bilateral exchange. An effective contract will be made up of six major elements that specify how goods and/or services will be exchanged, how the exchange will be compensated, and establish a timeframe for the exchange. It is suggested that a contract include details as to how any breach will be dealt with and include a clause that will detail how the contract can be terminated. An enforceable contract is made up of six elements and will also detail how and when a contract will be fulfilled or voided.
A contract is made up of six essential elements that include offer, acceptance, objection, mutuality of obligation, consideration, and competency. The first thing that must be accomplished in creating a contract is to define the…… [Read More]
Additionally, no terms of the contract can be changed, including in terms of new clauses being added.
3. A bilateral contract involves two parties that exchange a set of promises that determine the rights and obligations of each of the parties. As such, each of the parties will have a set of promises that they oblige to undertake if the contract is enforced. There are also returns for each of the parties in this type of contract.
A unilateral contract is the type of agreement where only one of the parties of the contract promises to fulfill a set of obligations to the other party. Beyond this, one of the main differences to a bilateral contract is that the acceptance does not need to necessarily be communicated to the offeror, but can rather be implied through the party completing the promise made in the agreement.
4. There are several rules…… [Read More]
All other issues are derived from this rule. Many of the modern contracts have express conditions, which are explicit contractual provisions that the parties need to abide by. The related elements that this incurs are detailed in the subchapter referring to express conditions. An interesting element of contract performances is those particular contracts that are divisible. In those cases, the parties' performance can be apportioned into pairs of matching or corresponding parts.
The part of this chapter discussing breaches of contracts starts with a classification of breaches into material and minor breaches, with each of the two being discussed in detail. Anticipatory breach is referred to and is defined and categorized in another part of the chapter.
Chapter 6 discusses general remedies for contracts and starts with basic measures that can be undertaken. The damage measures are described as being determined either based on the expectation of damages, or as…… [Read More]
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 and in such a case, the minor may not be able to disaffirm the contract. In most cases, when a minor enters into a contract whereby he or she is provided with a necessity by a competent party, his or her right to disaffirm such a contract becomes limited. Though the minor may still disaffirm such a contract (technically speaking), he or she still remains liable for a significant value of the consideration. This exception is designed to ensure that minors…… [Read More]
Laws and Wages
Legislation and Wages: An Intricate Dance, but Who's Leading?
Government and employment have always had and will necessarily continue to have a complex and mutually influential relationship, not least in the area of wages. What people are able to earn has always been a pressing issue in any capitalist system, and can influence the formation and the actions of government in numerous direct and indirect ways. In the other direction, legislation enacted by the government can both directly impact employees' wages and have indirect impacts through the changing of burdens that employers must contend with in compensating employees and operating their businesses. This paper briefly examines the relationship between government and wages, and specifically between legislation and employers' abilities to pay wages and utilize wages as an effective workforce motivator and stabilizer. This examination shows that good intentions can sometimes have questionable results, even when the ethical…… [Read More]
This paragraph serves as the introduction to this contract proposal report. The contract will be written from the government's perspective as far as the fencing project goes and will cover the seven main points asked for in the assignment parameters. In order, those parameters are the purpose of the federal program and the historical context therein. Second, the small business set-aside program (SBSP) will be evaluated based on eligibility to participate and other details. Third, the dollar threshold reserved for business contracts in this scenario will be described. Fourth, an analysis of the contract formats for government contracts will be evaluated to include universal and commercial formats. The format to be used for this situation will be described in this scenario, per the assignment parameters. Fifth, the purpose of source selection will be evaluated for the purposes of this plan. Sixth, the ranking of criteria for the evaluation…… [Read More]
Laws Governing Business Entities
Laws Governing Business Organizations
Every business organization in a developed market is governed by laws, which are rather closely monitored to ensure the good fairing of the organization in the business market. Such laws provide for the standard form of the generally established legal entities in the worldwide economy. Such defined entities include, partnerships (general and limited), Limited Liability Company, cooperatives among others. This document outlines such laws and consequently defines their importance in performance of any organization or company established in a stable and developed business economy.
laws of most companies and organizations are articulated as below. This list provided below generalizes what is common and basic to most of the organizations or rather legal entities.
Every business organization should specify its official name to ensure proper identification with the concerned legal authorities. Each company has its own specific name, which is considered…… [Read More]
Kidnapping, extortion and detention are real dangers for businesses that operate both overseas and in domestic markets. Top management of these firms often overlooks these things by saying that it will never happen to us. They seem to not understand how much damage it can do to a business. "With more than 1,000 annual kidnappings of business professionals and executives all around the world and number of terrorist's attacks, such policies is an absolute necessity in the eye of life and health insurance professionals who travels internationally" (Gordon, 2009). Kidnap and ansom insurance policies give a cushion to a business with regard to independent investigations, collaborations, arrangement and delivery of funds, and number of other services pivotal to a safe, speedy and satisfactory resolution. Any business of any size can be a target for extortion threats against them or their employees. People are inclined to think business extortion and kidnapping…… [Read More]
So, even though the scope of this clause is broad such that it encompasses disclosure to any person in perpetuity, a court of law will likely enforce it against Writer with an injunction and monetary damages.
D. GOVERNING LAW. It is intended by the Parties that this Agreement be valid and enforceable under the laws of the state of Texas and that the laws of this state shall govern this Agreement's interpretation.
*Note: The choice of law clause is very important because different states treat noncompetition agreements with varying degrees of acceptance. Since most films originate in California, it is likely that both the Company and Editor are California residents and it would probably make more sense to use California law; but California law is very strict on noncompetition agreements
. Therefore, since the film will be shot in Texas, it makes sense to choose Texas law instead.
E. ARBITRATION.…… [Read More]
The government official has a legal as well as an ethical responsibility to put the interests of the public first, as a public servant. To fail to do so will result in greater cost to the taxpayer, and perhaps even an inferior product. This type of waste takes money away from other, more worthy public projects as well, including aid to the poor.
Government contracting officers have unique responsibilities and special, additional privileges as a result of their duties: "Of all government personnel, only a Contracting Officer has the authority to enter the government into a binding contract. He or she will be the one to sign the final contract agreement, and only a Contracting Officer has the power to change the terms of the contract" (Government contracting personnel: Understanding roles played, 2011, ONVIA). The contracting officer is thus acting on behalf of the entire government, and has unique powers…… [Read More]
11. The issued rose in this case is unauthorized use of a company vehicle, which resulted in an accident. Prater was told to bring the truck home over the weekend to work on the body only. His boss never gave him permission to use the truck for any other purpose. Besides, the insurance on the truck would probably only pay for the accident if it occurred on company time. Prater could be charged for stealing the truck and unauthorized use. The ruling in this case should be for the plaintiff. Prater should have to pay for the accident and repairs to the truck.
5. In this case, the city is still the rightful owner of the piece of restored artwork. It does not matter how long Hoeltzer had the artwork, it is still the property of the city. Therefore, the city has legal title to the artwork unless…… [Read More]
Accessed online from:
Recently, American commercial airlines ave begun canging teir frequent flyer programs to defray some of te increased costs of operations, largely because of ig fuel costs. In general, te frequent flyer programs are examples of marketing concepts designed to promote customer brand loyalty, in tis case, to particular airlines. Te idea is tat if airlines provide a benefit tat is valued by its customers for using teir product (airline fligts) repeatedly, customers are more likely to make te effort to continue using te same airline instead of coosing fligts by oter criteria, suc as convenience or even te bottom line. In principle, customers factor in te price and any inconvenience of using a specific airline as part of te benefits equation based on te value to te customer of te rewards furnised in return by te airline for customer loyalty. Usually, airlines issue free tickets for…… [Read More]