...The Understanding of Contracts John Caul January 19, 2015 BUS311: Business Law I The Understanding Of Contracts An agreement between two parties, either between two legible businesses or two people or “parties” who have come to an mutual understanding. Agreements cannot become official unless handled in a manner when a contract is involved. A contract is “an agreement creating obligations enforceable by law…promises that the law will enforce.” (“Contracts”, 2014). However, which most realize, when it comes to money these agreements tend to make for a hazardous situations for all parties involved. In 2008, I experienced a tumultuous situation with my mother as I realized with a young son growing up faster than I expected, it was time for me to move out on my own. Thus, I began my search for my own apartment and live on my own for the first time in my life. I promptly realized living on my own was not easy and therefore, my best friend decided to make the move with me in an apartment. This started the beginning of many contacts that was initiated in this situation, as we entered into a simple contract, or “any oral or written contract that is not required to follow a specific form, or be signed, witnessed, or sealed.” (Rogers, 2012). Our agreement was simple, because I made more money than him working wise, if we found a one-bedroom apartment, I would essentially I would take the bedroom or if there was a two-bedroom apartment available...
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...Memorandum TO: Alexis Fairchild FROM: Marshall Petersen DATE: October 14, 2015 SUBJECT: Contract Breach The intent of this mediation memo is to explain the breach of contract by the Muscadine grape producer, with whom l had entered into an agreement with to supply Muscadine grapes for my business. The agreement was supposed to account for a fixed price schedule, and I will delve into the facts of the case to clarify the breach of contract. I will explain the legal issues of the contract breach, request possible restitution, and appeal to conditions under which we can arrange a settlement. Facts of the case Six months ago while attending a church service in Alabama with my wife, I met a grape producer/ supplier who taught a Sunday School class that we attended. In the course of getting to know one another, I shared with him that l owned a small health food product business. He also informed me of his high antioxidant qualities Muscadine grapes that his family company produced and sold. After conversing with him of my goal to develop my business, he inquired if I was interested in promoting either the grapes or the various products that they developed using their seeds. I informed him that I was interested, and a few days later he supplied some samples that my customers enjoyed prompting me to place more orders. The orders increased with time due to the demands of my regular clients who loved the products. I also began investing heavily in...
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...CHAPTERS 9 and10 Contracts Part One Chapter 9 Contracts Terms of contract = Private Law private law b/w two parties. Van be a stupid contract, a contract is a contract. Restatement of K’s – an encyclopedia of the laws put together but legal scholars - Definition of Contract – Promises that courts can enforce when breached, and that courts recognize duty Parties to a K - Offeror - makes an offer – ex) I will buy your pencil for $1 - Offeree - rejects or accepts ex) No or Yes I will sell it to you for $1 Sources of Contract Law genuine of consent, agreement, contractual capacity Objective Theory of Contracts deals with whether or not a normal person would think a contract was entered. Ex) I will buy your pencil for $1. Okay deal! THIS WORKS. Ex) I will buy your pencil for $1,000,000. Okay deal! A normal person would know that this was not a serious contract. E-contracts – still a developing area of the law (internet contracts), involves the use of an e-signature (how to determine if real), Ex. of what’s being developed) if you are in VA and you enter a contract with some one in GA, which state law would be used if it is breached?? Classification of K’s - Bilateral K’s “a promise for a promise,” two promises go back and forth. I promise to sell you this pencil, you promise to pay me $1. - Unilateral K’s “Promise for an action” (rewards), I will pay you $25 when you cut my grass. These contract can be withdrawn before the...
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...IN THE HIGH COURT OF SOUTH AFRICA (NORTH GAUTENG HIGH COURT, PRETORIA) CASE NO: In the Ex-Parte application of: BUSISANI MOSES MBOMVU APPLICANT (FOR HER ADMISSION AND ENROLMENT AS AN ATTORNEY) ________________________________________________________________________ AFFIDAVIT IN SUPPORT OF NOTICE OF MOTION ________________________________________________________________________ I, the undersigned, BUSISANI MOSES MBOMVU do hereby make oath and state that: 1. INTRODUCTION AND JURISDICTION 1. I am an adult male person and the Applicant in this matter, the facts contained herein are within my personal knowledge and are to the best of my knowledge and belief both true and correct, save where the contrary appears from the context. 2. I am residing at number 1214 Gija Street, Daveyton, 2015, Johannesburg, in the Gauteng Province, Republic of South Africa. 1.4 I am domiciled within the area of jurisdiction of the above Honourable Court. 1.5 In the affidavit, except where the context indicates otherwise, reference to “the Act” means the Attorneys Act, No. 53 of 1979, as amended. 1.6 I respectfully submit that this Honourable Court has jurisdiction to hear this application as I am domiciled within the jurisdiction of the above Honourable Court as contemplated by Section 19 of the Supreme Court Act 59 of 1959. 1. BIRTH AND CITIZENSHIP 2.1 I was born on the 22nd of December...
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...Employment contracts are entered usually before employment begins and offer protection for both employers and employees, although contracts usually favor the employer. Employment contracts often contain key advantages for the employer, such as establishing an employee's minimum employment length. If were to sign an agreement to not work for a competitor during the two year period while employed under a contract with a company or 2 years after employment within the same metropolitan area this is only enforceable if all elements within the contract are met. In order for a contract to be enforceable all elements must be met; the main two elements are concepts of offer and acceptance, but even in these circumstances it is hard to enforce a non-compete agreement. We will look into the elements of employment contract, the UCC, and when a non-compete agreement is unenforceable. Contract A Contract is a voluntarily agreement entered by two or more parties in order to create a legal obligation and bind the persons that are entering in contract. A contract is only considered to be valid if all elements are met within the contract. So, within a contract there are essential elements which include; offer, acceptance, legal consideration, capacity, and purpose. A contract may be written or oral; the nature of the contract depends on the mutual consent of both parties. Written contracts generally have a longer statute of limitations and are an overall safer contract to enter into because...
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...civil cases. We skipped Chapter 8 and went onto Chapter 9, which introduced contracts. We discussed the definition of a contract and the sources of contract law. Article 2 of the Uniform Commercial Code for sales of goods, common law for other contracts, and the United Nations’ Convention on the International Sales of Goods are the sources of contract law. The elements of a contract were introduced. These elements were agreement, consideration, capacity, and legality. We classified contracts as bilateral v unilateral, valid, void, voidable, enforceable v. unenforceable, express v. implied, executed v executory, and formal v. informal. These topics were the basis...
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...mainly direct as face to face or oral, but not through the signing of a written contract between businesses and partners. So, in some written contract have mistaken, that the firm should be noted and fixed to avoid unnecessary litigation in process cooperation with others organization. Examples, 2 written contract: No. DFG14140131, which was signed in 02/05/2014 about the company sale 52.084 kg Robusta coffee for Atlantic Vietnam foods, Ltd. and No. 131/04 HDMB about DakMan Vietnam, Ltd. buy 30 tons Robusta coffee of the firms that was signed in 12/04/2014. To help the manager of company understand more the contract in the business, I will introduce types of contracts, and essential elements of contract in UK law them analysis the two contracts were mistaken to she can realize problems and give the solution appropriate to resolve issues. II. The contracts. 1. Definition the contracts. The contracts is the agreement between two or more parties include one parties offer and one parties acceptances about anything and it is bound by the law ( Linda William. 2004 – 2009). Example, I offer selling my cell phone with brand is Nokia Lumina 520 with price is 1.500.000 VND and my friend is Hoang Anh accept buy this cell phone, at that time the contract buyingselling the cell phone between me and Hoang Anh was established. 2. Types of contracts and the impact of them. There are three kinds of contracts in UK law; they are face to face, written...
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...Discussion Board Forum 2: Contracts BUSI561 – Legal Issues in Business November 10, 2013 Analysis of the Situation Let me begin by assessing the current situation and relationship with Don. Don and I met because of our individual desires to walk with Christ. We developed our friendship that eventually evolved to a business relationship; we are both small business owners. Our business venture started under favorable circumstances consistent with implied duty of faith and fair dealings. According to Kubasek, Brennan, &Browne (2012), an implied contract is formed by conduct of involved parties rather than written or spoken words. That was exactly the case between us. Don would place routine orders and would generally pay all invoices due within 45-60 days. I continue to supply him with my product [Scuppernong grapes] at consistent prices. The situation appeared to be mutually beneficial. Just recently, my product started to gain popularity that resulted to increased demand far in excess of my ability to supply. A company in Connecticut presented an extremely advantageous offer. After contacting Don to inform him of the circumstances, I was informed that my 17-year-old son who is a part-time deliveryman signed a requirements contract on behalf of my company. Neither my son nor Don had mentioned the existence of the contract before. Identifying Present Issues Based on recent developments, my company is facing several pressing issues. I have one current and...
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...[1893] 1 Q.B. 256 Lindley , Bowen and A. L. Smith , L.JJ. 1892 Dec. 6, 7. Contract—Offer by Advertisement—Performance of Condition in Advertisement—Notification of Acceptance of Offer—Wager—Insurance— 8 & 9 Vict. c. 109 — 14 Geo. 3, c. 48, s. 2 . The defendants, the proprietors of a medical preparation called “The Carbolic Smoke Ball,” issued an advertisement in which they offered to pay 100l. to any person who contracted the influenza after having used one of their smoke balls in a specified manner and for a specified period. The plaintiff on the faith of the advertisement bought one of the balls, and used it in the manner and for the period specified, but nevertheless contracted the influenza:— Held, affirming the decision of Hawkins, J., that the above facts established a contract by the defendants to pay the plaintiff 100l. in the event which had happened; that such contract was neither a contract by way of wagering within 8 & 9 Vict. c. 109 , nor a policy within 14 Geo. 3, c. 48, s. 2 ; and that the plaintiff was entitled to recover. APPEAL from a decision of Hawkins, J. 1 The defendants, who were the proprietors and vendors of a medical preparation called “The Carbolic Smoke Ball,” inserted in the Pall Mall Gazette of November 13, 1891, and in other *257 newspapers, the following advertisement: “100l. reward will be paid by the Carbolic Smoke Ball Company to any person who contracts the increasing epidemic influenza, colds, or any disease caused by taking ...
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...ethnic conflict in Sri Lanka, militias made use of child soldiers to fight against the military. We quote from the narrative of Sukumar (male, 36 years) a Tamil refugee living in a camp in India, who was kidnapped as a child by a militia and trained to become a soldier, ‘My father used to work as a school teacher. He taught me to read and write. One day, I was at home, and my father had gone to work. I was 10 years old at that time. The people from a local militia came and kidnapped me. I was to be trained to become a child soldier. When my father came back and discovered what had happened, he broke down. He went to the people in the militia and begged them to let me go. They refused. He came there everyday for a week and cried, but the people in the militia showed no sympathy. So at the age of 10, I started participating in physical exercises that trained me for the military. I also learnt to use the gun. As a child I did not understand what was happening. Also, the sense of physical fatigue was easily overcome, and I got used to the drill. I stopped going to school. Whatever little I can read and write was due to what my father had taught me when I was very young.’ The kidnapping of the child is an act of colonising the body. In converting the child into a soldier, the body of the child is mechanised. The resistance has been reduced to the practice of management. Continuing the conflict needs resources. The child's body is a valuable resource for the militia. Resistance...
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...On ‘The Social Contract’ by Rousseau Hong Zhang In class I have discussed this book briefly. My previous discussion is based on how to frame and discuss possible problems like corruption based on Rousseau’s book. In this summary, I will analyze some of the key and interesting points either by this book or by the class discussion. This book is about political law, government and people. This book gives out bigger view of what a contract really means in different contents. It is one of the most powerful books in human history. Let me try to understand Rousseau's world as follows: • Legitimacy and Nature Law Rousseau starts this book by legitimacy. Unfortunately, we have very short life and no human being ever lives long enough to experience the historical changes of the society. Rousseau’s problem is a common problem to people who is born in a ready society with existing classes, governments and cultures. Back into the civilization history, there are too many examples of making power by force. Thus the first point Rousseau argue is that power is not right, unless it transfers obedience into duty, strength into right. Otherwise there is no need for a further discussion of the formation of the society: the strongest wins everything. Rather, Rousseau argues that right comes from social convention. But what types of social convention will prevent the strongest from being the absolute king of all others? Rousseau doesn’t answer this question directly. Instead...
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...Contract Analysis BUSI 561 – Spring D Emerald Jones I would continue doing business with Marshall as long as we come to an agreement on a new contract. This understanding will provide us clarity on this partnership we are going to continue to have while doing business. Marshall is a good person and I would like to see his company continue to flourish as well as his spirituality. However if Marshall does not agree with the terms of a new contract business between us will cease. There are risks involved with discontinuing business with Marshall as he may file a lawsuit against me for various reasons. If it comes to that some legal defense I may have include; covenants of good faith, minor’s capacity to contract and fraud in the execution of a contract. First I would like to explore covenants of Good faith. Going into this deal with Marshall it began based off covenants of good faith and fair dealings. Per what we verbally discussed I would supply Marshall with a scheduled quantity of product. Since making that verbal agreement, I have consistently supplied Marshall with the products we have agreed upon on time. However Marshall has been habitually late with payments and even though I could impose fees as stated per the invoices sent, I have not. By Marshall trying to force me into a contract this could potentially hinder the performance of my company. Due to the demand of my new contract this will cause several components to restructure within the company. As...
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...Business Entities Jessica Perez BUS 311 Business Law Instructor: Janet Fiorentino 12/1/2014 As the manager of Acme Fireworks, I need to gather information to help the owner determine whether or not he should continue to be a sole proprietorship or if he should switch to another business entity. I will help him do so by explaining each entity and how they relate to his business situation. I am the manager of Acme Fireworks, a fireworks retailer who sells fireworks, puts on ground display fireworks, and large aerial display fireworks. The company started in the owner’s garage two years ago and now has 15 employees that you manage. The company started as a sole proprietorship, and the owner has never changed the entity. The owner has informed me that the company has received inquiries from several large businesses wondering if the company could create several fireworks displays on a regular basis. The owner told the inquirers that the company could fill such display orders, and a price per display was agreed upon. It was discussed that most of the cost for a fireworks display is for skilled labor, insurance, and the actual service of setting off the fireworks. No other details were discussed. The owner is anticipating that new employees will need to be hired, but he is worried that if the large orders for fireworks displays do not continue, the company will not have the funds to pay the new employees. The owner is now considering changing the business entity, but he...
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...we say all contracts are agreements but not all agreements are contracts because an agreement may not be enforciable by law while a contract is beyond mere agreements SINCE A CONTRACT IS ENFORCIABLE BY LAW. this is because, in order for it to be termed "contract" it must have certain elements such as offer and acceptance, consideration, permissible subject matter, legal age and mental ability to enter into a contract and finally one must have an intention to form a contract. Capacity of the parties to enter into contractual agreement. Anyone can enter into a contract, except minors, certain felons and people of unsound mind. The contract must identify who the parties are; usually names are sufficient, but sometimes addresses or titles may be used. In sales agreements, for example, in addition to names, "seller" and "buyer" are sometimes used to further describe the parties. Consent. A valid contract also requires the parties' consent, which must be free, mutual and communicated to each other. Consent is not free when obtained through duress, menace, fraud, undue influence or mistake. Books have been written about the complexities of those factors. Obviously, a person who signs a contract because there's a gun pointed at his head hasn't consented to the agreement and can rescind it. All cases, of course, are not that clear-cut, and the law must applied to each individual case. Also, consent isn't mutual unless the parties agree on the same thing in the same sense. This is...
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...overseas that I was aware "grease payments" were made to the government, to get an expedited approval; however I was not aware that in the sense of ethics these "grease payments" were frowned upon by the US and considered unethical. I understand now that dealing with international companies these practices are seen as the standard or part of the culture; however, working for a domestic company makes me accountable at a different level. One company that interests me is General Growth Properties (Stock: GGP) traded on the New York Stock Exchange with assets located all over the world. Two TCO's that would make it harder to operate multi-nationally would be (D) Contract Law and (I) International Ethics. GGP is a company that deals with land and shopping mall development. Contract law makes it a bit difficult to operate internationally because GGP has involvement in both Brazil and Turkey. Dealing with different countries and different currencies I can foresee contracts being a bit difficult because the terms of the contract would require force majeure. Force majeure would be the contract inclusions of any sudden changes in the government or in the global political climate. Another factor that could make it more difficult GGP for to operate internationally would be international ethics. Per Jennings' article, "the level of [Brazil's] government corruption has led to a climate of murder and espionage. Many foreign firms elect not do to business in Brazil because of so much governmental...
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