...American Intercontinental University Contracts BUS 310-1101B-10 Instructor Dunn Latonya Vereeen ABSTRACT In the following paper will discuss the four essential elements of a valid contract. Also included is the objective theory of a contract and how it applies to the scenario that was given. Furthermore, an explanation will be given why the court in the scenario held that there was not a valid agreement. In further discussion explains if advertisements are considered offers. Last but not least, an explanation will be given on how the scenario case differs from a reward situation in which a unilateral contract is formed upon completion of the requested act. In order to know what a valid contract is one must know what a contract is. According to Legal Help Right Now (2008) a contract is legal binding agreement between two parties that states terms and conditions that will protect all parties of interest. A contract can be in writing, orally, inference or conduct, or a combination of all four (M R Curd Limited, 2004). Now that we are familiar with what a contract is, it is important to know what the four essential elements that forms the outline of a contract. These elements are an offer, acceptance, intention of consequences, and the consideration (Small Business, 2010).The first element of a contract is the offer. According to Smithies (2007) an offer is an expression of willingness to contract on a specific set of terms, made by the offeror with the intention that...
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...INTERNATIONAL SUPPLY AGREEMENT Preamble This SUPPLY AGREEMENT (herein after the “Contract”) is entered into as of April 30, 2009, by and between the undersigned: BradiagaKrills Ltd ( hereinafter “ the Seller” or “Bradiaga”), a company organized under the laws of the Russian Federation, whose head office is located at ……………, Murmansk, Russian Federation, represented by Mr. ABC, acting as Chairman of Bradiaga. ON THE ONE HAND And: Blizzard Ltd (herein after “the Buyer” or “Blizzard”), a company organized under the laws of the United Kingdom, whose head office is located at ………………., Aberdeen, U.K, represented byMr XYZ, acting as Chairman of Blizzard. ON THE OTHER HAND Each of the the Seller and the Buyer is referred to herein individually as a “Party” and collectively as the “Parties”. Recitals WHEREAS the Seller is a major fishing company operating in the Antarctic sea who has expertise in manufacturing frozen seafood; WHEREAS the Buyer is the main European supplier of sea products to the pharmaceutical and cosmetic industry; WHEREAS the Seller wishes to sell the Products in European countries via a Highly Qualified Distributor with a large European network; WHEREAS the Buyer has been selected by the Seller and desires the Seller to manufacture and supply the Buyer with the freeze-dried krills (hereinafter “the Products”) and the Seller agrees to manufacture and supply such products under the terms and conditions herein. Agreement NOW...
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...Week 5 Final Paper Betty Poppins Bus 311 Instructor Brandy Krectzburg 7/01/13 Business Contracts: Protocol, Laws & Ethicality There are various kinds of contracts which arise within our business world today; contracts are an essential component to business livelihood. Although a contract is an agreement, not all agreements are valid contractual obligations. In order for any contract to be an official and legally binding agreement, there are essential requirements which must first be fulfilled. Because contracts are vital to the organization and its success, it is important that the organization has an inclusive understanding of the inner workings of business contract and law and sustaining ethicality within these agreements; this will help ensure that each and every business transaction is a smooth and successful endeavor from beginning to end. What is a contract, and what makes it valid? According to Essentials of Business Law, by Susan Rogers (2012), a contract is described as being “a legally enforceable agreement between two or more people.” Therefore, a contract emerges from the voluntary consent of two or more people with mutual accordance to enter into this agreement. Contracts are helpful to business, as these agreements are binding to both parties involved. In order for a contract to be a valid and binding agreement there are five fundamental yet essential elements that must be present, and these are: 1. The Offer, 2. The Acceptance, 3. Consideration...
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...gain sufficient knowledge about them. The first and the most important thing we need to know is: What is a contract? A contract is an agreement which is enforceable by the court of law. For a legal contract there has to be an offer and its acceptance. “Acceptance occurs when the party answering the offer agrees to the offer by way of a statement or an act. Acceptance must be unequivocal and communicated to the offer or the law will not deem a person to have accepted an offer merely because they have not expressly rejected it. Some modifications to the rules of offer and acceptance have been made to protect consumers by sections 18 and 41 of the Competition and Consumer Act 2010 (Cth) schedule 2 Australian Consumer Law (“ACL”) for example, invitations or offers to purchase cannot be misleading or deceptive.[2] Thus acceptance is a very important concept of contracts. Generally a valid contract has acceptance. The different types of contracts are: Formal Contracts and Simple Contracts. “A simple contract can be totally written, partly written and partly “oral” (verbal), or totally oral.”[2] But in this case a standard form of contract prevails between the two parties. A standard form of a contract is defined as: A standard form contract (sometimes referred to as an adhesion or boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more...
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...Business law and contracts Introduction There are quite a number of business entity that are lead and regulated by various laws.Theselawsensures that each business operates within its jurisdictions. In running a business, one has to deal with various types of contracts with other businesses or different individuals. Whatever types of businesses that one dealin, understanding of business contracts is an essential part of running a business and making sound agreements that can be defended in a court of law in the case that one party defaults on their original profit. Contracts governance by common law or the Uniform Commercial Code (UCC). A contract can be defined as an enforceable legal agreement undertaken by two or more parties, corporate or individuals that necessarily creates an obligation between the parties to do or not to undertake certain things (Brullote, n.d). In many countries, business and individual contracts are majorly guaranteed by two laws: the Uniform Commercial Code abbreviated as UCC and the common laws each having its distinct jurisdiction. To transact business properly, it is required that one understands both contracts (Brullote, n.d). Common laws contracts are those contracts that are controlled by a set of rules that are established by various states. These are traditionally basedlaws that are set by thelegislature and are always being changed to suit the various changes n business environments. Common law contracts are meant to guide various...
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...Business Law Contract and negligence Done by: Name.............................................................................. College Id....................................................................... TABLE OF CONTENTS Question 1.1................................................................................page 3 Question 1.2................................................................................Page 3 Question 1.3.................................................................................Page 4 Question 2.1.................................................................................Page 4-5 Question 2.2.....................................................................................Page 5 Question 2.3......................................................................................Page 5 Question 3.1.......................................................................................Page 6 Question 3.2......................................................................................Page 6-7 Question 3.3........................................................................................Page 7 Question 4.2.........................................................................................Page 7-8 Question 4.3.....................................................
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...CONTRACT REVIEW ASSIGNMENT Instructor: Barb Eccles Business Law 3051-FA Matthias Majerczyk Due Date: Tuesday, November-27-2012 BigCo Agreement for Exchange of Confidential Information 2) Most people who have positions in a corporation are employees under the legal entity. So, therefore Really Smart Guy is the Vice-President and an employee of BigCo Limited. BigCo can use confidential draft patent application and some confidential information to compete with III. This is according to paragraph 4, “BigCo can use III’s ideas, concepts, know-how and techniques for its own business activities to compete with III, only if III’s Information is retained in the memories of BigCo’s employees who have had access to the Information under the BigCo Confidentiality Agreement.” BigCo was also given a draft business plan. BigCo cannot use the business plan to compete with III according to paragraph 4, “nothing gives the BigCo the right to disclose, publish or disseminate the business plans of III” 3) BigCo can terminate its agreement with III by providing a one month’s written notice BigCo. III’s and BigCo’s obligations for disclosing information will extend beyond the termination and will remain in effect until fulfilled. The Survival clause is really weird and it conflicts with the Confidentiality Period on paragraph 3. How can you say that it will extend for two years following the initial date of disclosure, then the survival clause states that any terms of the agreement will extend...
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...scenario. Your report should be no longer than 3,000 words. 1 Differences Between Liability in Tort and Contractual Liability Contractual liability concentrates on what is in a contract and the obligations between the two or more parties of the contract. Both parties in contractual liability contracts are controlled by it and the terms stated in the contract cannot be broken. The terms of a contract must be fulfilled by both of the parties; otherwise consequences will follow if one party breaks the terms. Contractual liability contains conducting agreement and liability between businessperson and merchant. Tort law is used in situations where a person has done harm to another person. Liability varies significantly in tort law and contractual law in terms of issues of content. Contractual liability is based on agreement but tort law’s liability is not based on agreement. Also the way court provides compensations and how it deals with these two reflects on the difference between them. Contractual liability therefore concentrates on the contract and liability issues whereas tort of liability concentrates on what kind of harm or loss has the other party caused to the innocent party. In contractual liability both parties are aware and know well what they have agreed to when signing a contract. Usually only mistake or misunderstanding leads to breaking contractual liability. In tort of...
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...rather than imprisonment. This study focuses on figuring out the harmonies and dissimilarities of liability in tort and contractual liability along with elaborating the essence of liability in negligence and vicarious liability with the aim at depicting their applications in business contexts and daily situations. Besides, the study pursues litigations and statutes in the United Kingdom, the United State and Vietnam from the late seventeenth century until now. PART 1 THE PRINCIPLES OF LIABILITY IN NEGLIGENCE IN BUSINESS CONTEXTS 3.1 Contrast between liability in tort and contractual liability 3.1.1 The similarities and differences between liability in tort and contractual liability A tort is civil wrong for which precedents and legislative enactments imposes legal liability as personal injury, psychiatric harm, damage to property and economic loss in negligence, undermining reputations in defamation or the interference with the enjoyment of land in nuisance.(Allison, 1996) Contract law imposes obligations which the party has voluntarily agreed to assume. Tort should recompense for harm suffered rather than wrongdoer’s punishment that can be convicted by criminal law.(Baer, 1997) By contrast, contract law directs at forcing keeping promises. Besides, contractual liabilities are owed by contracting parties but tort liabilities are owed to groups of people.(Oldham, 2004) This can be a liability to the public at large, or to another individual because of the nature of the relationship...
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...ASPECTS OF CONTRACT AND NEGLIGENCE FOR BUSINESS Unit code 6 STUDENT NAME CALIN ZIMBRAN Student ID: p1002572 London 2013 Contents The essential elements of a valid contract in a business context 2 The impact of different types of contract 3 Terms in contracts 4 Elements of contract in given business scenarios 4 Law on terms in different contracts 5 Effect of different terms in given contracts 6 Liability in tort vs. contractual liability 6 Nature of liability in negligence 7 Vicarious liability 7 Elements of the tort of negligence and defences in different business situations 7 Elements of vicarious liability in given business situations 8 References: 8 The essential elements of a valid contract in a business context There are 4 essential elements necessary to form a valid and legally binding contract: 1. Agreement, which means offer and acceptance (notice that even though we put in the same category, they should be treated as two separate entities); 2. Consideration; 3. Intention (to create a legal relation); 4. Capacity. Even though we have 5 elements, which must all occur in order to generate a contract, the most relevant and the main indicator of a potential legally binding contract are the offer and the acceptance. This step can be long and difficult but once it comes to a conclusion, steps 2 to 4 can occur at the same time. The offer An offer expresses the strong will of a person making the offer (the offeror)...
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...Aspects of Contract and Negligence for Business *Unit abstract:- Introduction to the law of contract, with a particular emphasis on the formation and operation of business contract. Business contract shall be defined within the context of law of contract and business law . The former is narrower and the later is wider but all its components are subject to the essential elements of contract. Business law which is also known as mercantile law refers to laws governing and regulating trade , industry and agriculture . It includes laws relating to Contracts , Sale of Goods , Partnership , Companies , Negotiable Instruments , Insolvency , Carriage of Goods , Arbitration..etc. The difference between the law of Tort and the law of Contract is based on obligations and liabilities . In tort the obligations are imposed by law while in contract the obligation of the parties are created by their own free will and mutual consent. Key questions : 1.What are ...
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...INTERNATIONAL COLLEGE OF BUSINESS AND TECHNOLOGY BTEC HND DIPLOMA IN BUSINESS (MANAGEMENT & HUMAN RESOURCES) ASSIGNMENT COVER SHEET 2014 INTERNATIONAL COLLEGE OF BUSINESS AND TECHNOLOGY BTEC HND DIPLOMA IN BUSINESS (MANAGEMENT & HUMAN RESOURCES) ASSIGNMENT COVER SHEET 2014 UNIT TITLE & CODE | Y/601/0563_ Aspects of Contract and Negligence for Business | LEVEL | 5 | | | CREDITS | 15 | STUDENT NAME | | STUDENT ID | | ASSESSOR | Mr. H.M.K.Herath | IV by | Mr. Mafas Raheem | ASSESSMENT | Individual Assignment | Word Count | 4000 | ASSIGNMENTISSUE DATE | 11.06.2015 | ASSIGNMENT SUBMISSION DATE | To be informed | ASSIGNMENT DISCUSSION DATE(s) | | | ASSIGNMENT RESUBMISSION DATE | | | | | | | | | FINAL GRADE | ORIGINAL SUBMISSION | | RESUBMISSION | | ASSESSMENT CRITERIA TO BE ASSESSED IN THIS ASSIGNMENT (Identify all criteria to be assessed in this assignment) Achieved Pass Criteria | LO1 | LO2 | LO3 | LO4 | | 1.1 | 1.2 | 1.3 | 2.1 | 2.2 | 2.3 | 3.1 | 3.2 | 3.3 | 4.1 | 4.2 | Original Submission | | | | | | | | | | | | Re submission | | | | | | | | | | | | Grade Achieved | Merit Criteria | Distinction Criteria | | M1 | M2 | M3 | D1 | D2 | D3 | Original Submission | | | | | | | On resubmission | | | | | | | AUTHENTICITY STATEMENT I certify that the attached material is my original work. No other person’s work or ideas have been used without acknowledgement. Except where...
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...UK COLLEGE BUSINESS AND COMPUTING Module Booklet Course: EDEXCEL BTEC Group: Ed excel HND Group Module: Unit 5 – Aspects of Contract and Negligence for Business Module type: Module Code: Y/601/0563 Module Credit: 15 Teaching Period: (12+3 weeks) QCF Level: 5 Contact Hours: (15*3.75 = 56.25) Lecturers: 12 weeks Revision Clinic: 1 week Feedback and assignment guidance: 2 weeks Lecturer: Mr. Dalton Vincent Start date: 01/10 /2013 Day: Friday Time: 10.00 – 13.00 & 14.00 – 17.00 Room: LH 2 & LH 3 Term: Winter Term CONTENTS 1. INTRODUCTION, AIMS AND OBJECTIVES 2. MODULE OUTLINE AND TEACHING METHODS 3. READING AND COURSE PREPRATION 4. LECTURE WITH DETAILED COURSE PROGRAMME AND OBJECTIVES 5. ASSESSMENT DETAILS 6. INTRODUCTION The unit introduces the law of contract, with a particular emphasis on the formation and operation of business contracts. Learners are encouraged to explore the content of these agreements and then develop skills relating to the practical application of business contracts, including offer, acceptance, intention, consideration and capacity. Relevant case law examples will be covered. Learners will consider when liability in contract arises, the nature of the obligations on both sides of the contract, and the availability of remedies when a contract is not fulfilled in accordance with its terms. Additionally, the unit will enable...
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...2013 Aspects of Contract and Negligence for Business Aspects of Contract and Negligence for Business Table of Contents Introduction………………………………………………………………………………………4 Explain the importance of the essential elements require for the formation of a valid contract…………….5 Discuss the impact of different types of contract……………………………………………………………………………………5 Analyze terms in contracts with reference to their meaning and effect…………………………………………….…..6 Apply the elements of contract in given businesses scenarios……………………………………………………………….7 Apply the law on terms in different contracts……………………………………………………………………………………..…7 Evaluate the effect of different terms in given contracts……………………………………………………………………....8 Duty of care in the tort of negligence & Difference between liability in tort and contractual liability…….8 Explain the nature of liability in negligence……………………………………………………………………………………………9 The concept and elements of vicarious liability in business…………………………………………………………………..10 Apply the elements of the tort of negligence in business situations……………………………………………………..12 Apply the elements of vicarious liability in given business situations……………………………………………………12 Reference…………………………………………………………………………………………………………………………………………….13 Introduction The purpose of this report is to identify the aspects of Contract and Negligence for Business. Now days, the business environment is full of agreements between businesses and individuals. While oral agreements can be used...
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...For a contract to be valid it must have the following characteristics: 1. Offer and acceptance A contract is formed when an offer by one party is accepted by the other party. An offer must be distinguished from mere willingness to deal or negotiate. For example, X offers to make and sell to Y calendars featuring Australian paintings. Before any agreement is reached on size, quality, style or price, Y decides not to continue. At this stage, there is no legally binding contract between X and Y because there is no definite offer for Y to accept until the essential terms of the bargain have been decided. An offer need not be made to a specific person. It may be made to a person, a class of people, or to the whole world. An offer is a definite promise to be bound, provided the terms of the offer are accepted. This means that there must be acceptance of precisely what has been offered. For example, a used car dealer offers to sell B a Holden panel van for $1,000, without a roadworthy certificate. If B decides to buy the Holden panel van, but insists on a roadworthy certificate being provided, then B is not accepting the used car dealer's offer. Rather, B is making a counter offer. It is then up to the used car dealer to accept or reject the counter offer. A person can withdraw the offer that has been proposed before that offer is accepted. For withdrawal to be effective, the person who has proposed the offer must communicate to the other party that the offer has been withdrawn....
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