...basis in many businesses. The next primer you will prepare for your department's training series will acclimate your colleagues to the world of contracts. Prepare a 2–3-page, double-spaced document explaining the essential elements of a contract and the applicable remedies in the event of a breach. What is required for a valid offer? How can one accept an offer? What is the concept of consideration and what form(s) can consideration take in creating a contract? What factors must be considered in assessing the legal sufficiency of an offer, acceptance, and consideration in determining whether a contract is enforceable? In the event that a contract is formed and subsequently broken, what remedies are available to the non-breaching party under your state's law? Business plans are met through voluntary agreements amongst others. These voluntary agreements are also known as contracts. A contract focuses on holding a promise that is directed towards the future. Business cannot be successful unless people fulfill their promises. There also needs to be a system of punishment to those who break their promises. Making all contracts more of an obligation to complete, which allows business to continue today. Forming a contract involves a person, known as the offeror, who offers a promise to another person or party, known as the offeree. A contract could focus on a number of things, but whatever the subject, the main focus is in future performance. The science of management would fail...
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...basis in many businesses. The next primer you will prepare for your department's training series will acclimate your colleagues to the world of contracts. Prepare a 2–3-page, double-spaced document explaining the essential elements of a contract and the applicable remedies in the event of a breach. What is required for a valid offer? How can one accept an offer? What is the concept of consideration and what form(s) can consideration take in creating a contract? What factors must be considered in assessing the legal sufficiency of an offer, acceptance, and consideration in determining whether a contract is enforceable? In the event that a contract is formed and subsequently broken, what remedies are available to the non-breaching party under your state's law? Business plans are met through voluntary agreements amongst others. These voluntary agreements are also known as contracts. A contract focuses on holding a promise that is directed towards the future. Business cannot be successful unless people fulfill their promises. There also needs to be a system of punishment to those who break their promises. Making all contracts more of an obligation to complete, which allows business to continue today. Forming a contract involves a person, known as the offeror, who offers a promise to another person or party, known as the offeree. A contract could focus on a number of things, but whatever the subject, the main focus is in future performance. The science of management would fail...
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...Business Law Professor, John Becker May 17 2012 There are two elements of a contract, which are (1) an agreement; (2) legal obligation. To constitute a contract there must be an agreement. An agreement is composed of two elements, offer and acceptance. The party making the offer is known as the offeror, the party to whom the offer is made is known as the offeree. Thus, there are essentially to be two parties to an agreement. They both must be thinking of the same thing in the same sense. In other words, there must be consensus-ad-idem. All agreements are contracts if they are made by free consent of parties, competent to contract, for a lawful consideration and with a lawful object and are not hereby expressly declared to be void. Furthermore a contract is a legally enforceable promise or undertaking that something will or will not occur. There should be an intention on the part of the parties to the Law of Contracts agreement to create a legal relationship which may have elements in writing, though contracts can be made orally. A breach of contract occurs when a party who has signed a contract fails to live up to his responsibilities as specified in the contract. There is a range of legal remedies for breach of contract. For example, a person may be entitled to monetary compensation in the event that the other party fails to live up to the terms of the contract. A contract may also be canceled because of a breach or changed to include the terms the parties’ desire. In some cases...
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...explaining the essential elements of a contract and the applicable remedies in the event of a breach What is required for a valid offer? How can one accept an offer? What is the concept of consideration and what form(s) can consideration take in creating a contract? What factors must be considered in assessing the legal sufficiency of an offer, acceptance, and consideration in determining whether a contract is enforceable? In the event that a contract is formed and subsequently broken, what remedies are available to the non-breaching party under your state's law? explaining the essential elements of a contract and the applicable remedies in the event of a breach What are the 4 requirements of a valid contract? 1. Agreement 2. Consideration 3. Contractual Capacity 4. Legality What are the 3 elements that are necessary for an offer to be effective? 1. The offeror must have a serious intention to become bound by the offer 2. The terms of the offer must be reasonably certain or definite, so that the parties and the court can ascertain the terms of the contract 3. The offer must be communicated to the offeree What is an offer? a promise or commitment to do or refrain from doing some specified action in the future. What are the 3 exceptions to the consideration requirement? 1. Promises that induce detrimental reliance, under the doctrine of promissory estoppel 2. Promises to pay debts that are barred by a statute of limitations 3. Promises to make charitable...
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...Essential Elements of Contract A contract is agreement enforceable by law. Every contract is an agreement but every agreement is not necessarily a contract. An agreement becomes contract only when it possesses certain essential elements. The presence of these features in the agreement gives it legal enforceability. 1. Valid offer Any agreement between two or more parties begins with an offer. An offer is made when one person signifies to another his willingness to do or abstain from doing something in view of .... Rules of Valid Offer a) Offer may be expressed or implied. b) There must be two parties: offerer and offeree c) The terms of the offer must not be vague but certain. d) Offer must be distinguished from an invitation to make an offer. 2. Acceptance When the person to whom offer is made signifies his assent thereto , he accepts the offer. Rules of Valid Offer a) Only offeree can give the acceptance. b) Acceptance follows the offer. c) Acceptance must be unconditional. d) Acceptance has to be communicated in a mode prescribed by the offerer and within the time mentioned by the offerer. e) If no mode and time is prescribed, it has to be in a reasonable mode and within a reasonable time. 3. Consideration In a contract the promise to deliver goods/ services is countered by a promise to do something in return then a contract will come into existence. For example, to pay money in return of good/ services. The promised payment is the consideration for...
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... 1. ARTICLE 1458 2. ESSENTIAL ELEMENTS – ART 1319-1355 3. KINDS OF ARTICLE 1458 4. ARTICLE 1475 5. ARTICLE 1476 6. CHARACTERISTICS 7. ARTICLE 1868 8. DIFFERENCE CONTRACT OF SALE FROM CONTRACT / AGENCY TO SELL 9. REQUISITES CONCERNING OBJECT OF A CONTRACT OF SALE 10. WHEN AN OBJECT OF A CONTRACT OF SALE IS CONSIDERED “DETERMINATE?” 11. WHAT KINDS OF THINGS MAY BE OBJECTS OF A CONTRACT OF SALE? 12. WHAT IS CONTRACT FOR PIECE OF WORK? 13. CONTRACT OF BARTER 14. DISTINGUISH BETWEEN “CONTRACT OF SALE” FROM “CONTRACT OF BARTER” 15. WHEN IS PRICE CONSIDERED CERTAIN – ARTICLE 1469 / 1472 16. WHAT IS THE EFFECT IF THW PRICE IS FIXED BY ONE OF THE CONTRACTING PARTIES? 17. ARTICLE 1469, 1472,1473,1474 18. WHAT IS THE EFFECT OF “GROSS INADEQUENCY OF PRICE” IN A CONTRACT OF SALE? 19. • WHAT IS THE EFFECT OF “PRICE SIMULTATION” IN A CONTRACT OF SALE? 20. KINDS OF SIMULTATIONS 21. SALE BY AUCTION 22. WHAT ARE KINDS OF DELIVERY 23. DIFF. FORMS/KINDS OF CONSTRUCTIVE DELIVERY/OBLIGATION OF BUYER 24. WHAT IS “EARNEST MONEY” 25. ARTICLE 1483, 1484, 1489, 1490, 1491 26. ARTICLE 1493, 1494, 1495, 1497-1501 27. WHAT ARE THE KINDS 28. WHAT IS PUBLIC INSTRUMENT 29. WHAT ARE THE KINDS OF WARRANTIES 30. OBLIGATIONS OF BUYERS/ VENDEE 31. BREACH OF CONTRACT OF SALE/ OF GOOD 32. REMEDIES OF THE BUYER AS AGAINST THE SELLER IN CASE OF BREACH OF WARRANTIES 33. HOW IS CONTRACT OF SALE DISTINGUISHED? 34...
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...Contract of Sale. By the contract of sale one of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing and the other to pay therefore a price certain in money or its equivalent. |Contract of Sale |Contract to Sell | |Title over the property passes to the buyer upon delivery unless |Ownership is retained by the seller whether or not there is | |there is a contrary agreement |delivery. Ownership passes to the buyer only upon full payment of| | |the price | |Non-payment of the purchase price is a negative resolutory |The payment in full is a positive suspensive condition, meaning, | |condition, meaning the sale becomes ineffective upon the |if the purchase price is not paid, the obligation to deliver and | |happening of such condition |to transfer ownership on the part of the seller does not become | | |effective | |After delivery of the objective, the seller loses ownership over |Whether there is delivery or not, the seller retains the | |it. Unless, the contract is set aside, he cannot recover...
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...The Indian Contract Act, 1872 is the law relating to Contracts in India. It came into force on September 1, 1872 and is extended to the whole of India except to the state of Jammu and Kashmir. The Indian Contract Act, 1872 initially also dealt with Sale of Goods, Indemnity and Guarantee, Law of Bailment, Agency and Partnership. However, in 1930, a separate Act on the Sale of Goods was passed. The Indian Partnership Act was passed in 1932. Interpretation of The Indian Contract Act, 1872 1. When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal; 2. When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise; 3. The person making the proposal is called the "promisor", and the person accepting the proposal is called the "promisee"; 4. When, at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise; 5. Every promise and every set of promises, forming the consideration for each other, is an agreement; 6. Promises, which form the consideration or part, of the consideration for each other are called reciprocal promises; 7. An agreement...
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...1. Introduction 1.1 From the dawn of human civilization, we, human being are directly or indirectly dependent to each other. For our better living, we created family, then formed group/society, then country and international community. Each individual, each family, each group and each country are dependent on each other by some means. For the easy exchange of dependency, people introduced business. “Business is defined as the exchange of goods, services or money for mutual benefit or profit.” (Skinner and Ivanncevich, 1992, p.8) The organizations that involve in profit making activities are called business organizations. Business may be trade, commerce or industry. To make business organized, it must be governed by some rules and regulations which we call business laws. Each country has independent business laws. Business organizations must operate within the boundaries of laws and government regulations. 1.2 Laws have been developed not only to protect consumers but also to preserve competition. Government agencies enforce these laws at the federal, state, and local levels. Business firms that do not comply with the laws face fines and other penalties. 2. Aim The aim of this assignment is to give a general idea regarding the laws that affect business. 3. Scope In this assignment I have limited my focus on the laws of Bangladesh that affect business. However, I have also focused on some of the laws of USA, UK and India those affect business but not yet clearly...
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...* Chapter 20: The Formation of Sales and Lease Contracts - When we turn to contracts for the sale and lease of goods we move away from common law and into the area of statutory law. - UCC article 2: on sales, 2A: on leases - The goal of the UCC is to simplify and streamline commercial transactions, allowing parties to form contracts without observing the same degree of formality used in other types of contracts by making laws governing sales and lease contracts clearer, simpler and more readily applicable to the difficulties that can arise during such transactions. The Uniform Commercial Code (1949) Comprehensive Coverage of the UCC UCC: single most comprehensive codification of laws involved in total commercial transaction Views commercial transaction for sale and payment of goods as a whole Article 1: General Provisions Definitions and general principles applicable to commercial transactions, including an obligation to perform in “good faith” all contracts un the UCC Provides basic groundwork for the remaining articles A Single, Integrated Framework for Commercial Transactions UCC attempts to provide a consistent and integrated framework of rules to deal with all phases ordinarily arising in a commercial transaction Many sections from the different articles can apply to a single transaction Periodic Revisions of the UCC To clarify certain rules or establish new rules when changes in business customs have rendered existing UCC provisions inapplicable ...
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...www.studyguide.pk UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Advanced Level MARK SCHEME for the May/June 2009 question paper for the guidance of teachers 9084 LAW 9084/03 Paper 3, maximum raw mark 75 This mark scheme is published as an aid to teachers and candidates, to indicate the requirements of the examination. It shows the basis on which Examiners were instructed to award marks. It does not indicate the details of the discussions that took place at an Examiners’ meeting before marking began, which would have considered the acceptability of alternative answers. Mark schemes must be read in conjunction with the question papers and the report on the examination. • CIE will not enter into discussions or correspondence in connection with these mark schemes. CIE is publishing the mark schemes for the May/June 2009 question papers for most IGCSE, GCE Advanced Level and Advanced Subsidiary Level syllabuses and some Ordinary Level syllabuses. www.xtremepapers.net www.studyguide.pk Page 2 Mark Scheme: Teachers’ version GCE A LEVEL – May/June 2009 Syllabus 9084 Paper 03 Assessment Objectives Candidates are expected to demonstrate: Knowledge and Understanding – recall, select, use and develop knowledge and understanding of legal principles and rules by means of example and citation Analysis, Evaluation and Application – analyse and evaluate legal materials, situations and issues and accurately apply appropriate principles and rules Communication and Presentation...
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...Aspects of Contract and Negligence for Business | Introduction The main purpose of the report is to recognize the aspects of Contract and Negligence for a Business. In these days, the business atmosphere is filled with agreements between industries and individuals. Whereas oral agreements may be used, maximum businesses use proper written contracts while engaging in actions. Written contracts deliver businesses and individuals with a lawful document affirming the prospects of both the parties and in what way negative situations might be resolved. Contracts are lawfully enforceable in court of regulation. Contracts often signify a instrument that companies practice to defense their capitals. Negligence has speedily developed to the basis of our system for reimbursing people for unintentional damage and grievances. It allows the benches toward compensations in tort in particular conditions where it is impossible to continue a contract. It has furthermore been used innovatively to compensate individuals for financial fatalities in business settings where no extra remedy was accessible. Executive summary The aim of this learning is to study the basic lawful values for which we can use in the applied aspects of business. Also from the case studies which is given is very helpful for practical day to day issues. This is focused on non-lower therefore we should give a clear picture of the concepts such as contracts, negligence torts, breach of condition etc. This is also...
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...Week 1- Law 122 : Why study law 1. Business decisions have legal consequences which affect profits and losses: * Some decisions impose liability, others create opportunities * Negative: dumping pollutants into environment * Positive: binding contractual party to promise 2. Risk mgmt. tool: Law sets the framework for risk, it gives you tools to manage the risk * Ex. Insurance, exclusion and limitation clauses, incorporation Dimensions of course 1. 2. Risk mgmt. 3. Legal reasoning: rules and analysis 4. Law/ moral dimensions What is law? * A set of principle and rules that courts will enforce * A way of thinking (or reasoning) about these principles and rules better description. Process determines legal reasoning * It is not just the result of a case that matters. The reasons for the result are where law happens. Law is bound up in the reasoning. So it is important to ask “why” and “how” not just “who won”. Law vs. Mortality Law: formally sanctioned, illegal behaviour Morality: informally sanctioned, moral behaviour 1. 2. Immoral but not illegal * Lying to friends 3. Immoral and illegal * murder 4. Moral but illegal Ethical perspective 1.1 pg.6 Can I watch someone drop without incurring legal liability? If I can legally do it,should i? Ethically is it okay? Ethical reasoning: * Focus on why something is ethically right or wrong...
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...CHAPTER 1 “LEGAL FOUNDATIONS” Administrative law is the body of law that governs the activities of administrative agencies of government. Clean hands doctrine a rule of law that a person coming to court with a lawsuit or petition for a court order must be free from unfair conduct (have "clean hands" or not have done anything wrong) in regard to the subject matter of his/her claim. Common law is based on precedent (legal principles developed in earlier case law) instead of statutory laws. It is the traditional law of an area or region created by judges when deciding individual disputes or cases. Constitutional law – a body of law dealing with the distribution and exercise of government power. Criminal Law versus Civil Law – Civil * between you and another citizen (no government involved); * disagreements between citizens were no crime has been committed (only e.g. injury); * designed to compensate parties (including businesses) for losses as a result of another conduct ; * e.g. speeding and parking violations; * don’t result in loss of freedom, though they can result in loss of privileges or fines. Criminal * between you and the government/law; * are a protection of society; * Congress and House of Representatives are involved; * When the individuals break the laws/are against the government; * actions that have been declared illegal; * they are prosecuted by the state (city, state or country); * normally punished with...
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...CIVIL LAW REVIEWER TABLE of CONTENTS OBLIGATIONS Table of Contents Chapter II. Nature and Effect of Obligations93 I. Kinds of Prestations ............................93 II. Breach of Obligation............................94 III. Fortuitous Event (Force Majeure) .......96 IV. Remedies to Creditors ........................96 V. Usurious Transactions and Rules on Interest .........................................................97 Chapter III. Different Kinds of Obligations ..98 I. Pure and Conditional Obligations .......98 II. Reciprocal Obligations ......................100 III. Obligations with a Period ..................100 IV. Alternative and Facultative Obligations 101 V. Joint and Solidary Obligations ..........103 Effects of Prejudicial and Beneficial Acts (Art.1212) ...................................................105 VI. Divisible and Indivisible Obligations..106 VII. Oblligations with a Penal Clause ..106 Chapter IV. Extinguishment of Obligations .......................................................................107 I. Payment or Performance ..................107 II. Loss or Impossibility..........................109 III. Condonation or Remission of the Debt 109 IV. Confusion or Merger of Rights ..........110 V. Compensation ...................................110 VI. Novation ............................................111 Charts: Payment & Performance ................114 90 OBLIGATIONS Chapter I. General Provisions...
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