Acknowledgement I would like to express my gratitude to all those who helped me to complete this report. I am deeply thanks to the support from Mr. Rashani Meegama whose helps me to get information and knowledge that needed to make this work successful. I am also grateful to all my fellow mates who supported in the success of this assignment in providing necessary details. I would also like to thank my mom, whose support was very important in achieving the glory and success of this assignment.
Words: 5143 - Pages: 21
Law Of Contract Definition and Nature A Contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty. According to Section 2(h) of the Indian Contact Act of 1872, A Contract is - “An Agreement enforceable by law” In other words, A contract is a binding legal agreement. Thus we can say: Agreement + Enforceability by law = Contract Formation of Contract PROPOSAL/OFFER [SECTION 2(a)]: A person is said to
Words: 4434 - Pages: 18
Abstract Big Time Toymaker (BTT) agreement with Cho for extension of exclusive distribution rights is being challenged due to a lack of written agreement. BTT reached an oral agreement which is not binding due to the stipulations in their original agreement, which states that all contracts must be in writing. Both parties have communicated the terms of the distribution agreements via email and fax, after a change in management at BTT, Cho’s verbal agreement fax, and email communications are being
Words: 861 - Pages: 4
game he named Strat. Big Time Toymaker and Chou entered into an agreement whereby Chou would receive $25,000 in exchange for exclusive negotiation rights for a 90-day period. The agreement stipulated that no distribution contract existed unless it was in writing. This paper will explain if Big Time Toymaker and Chou had an enforceable contract and any remedies they may use. Big Time Toymaker and Chou entered in a verbal contract when both parties negotiated the terms of BTT paying Chou $25,000
Words: 635 - Pages: 3
Valid Contract Unit 3 IP Penelope Manzo BUSN310-11-2B-06: International Legal and Ethical Issues in Business American Intercontinental University James Lange Valid Contract A valid contract is an agreement that is backed-up by the courts. The contract is valid if it meets all four elements, which includes: an agreement, valuable consideration, competent parties, and legal purpose. The agreement must be a compromise from both parties, and the intention of all terms of the contract must
Words: 1137 - Pages: 5
BUSI 2601 BUSINESS LAW Maven House Press Booking Publishing Agreement Analysis Nov 2, 2015 Yuxuan Tang Student ID 100949179 CONTENT Part I - Executive Summary 2 Part II – Objectives, Methodology, Ethic issues and Relationships 3 Part III – The Clauses 6 Part IV – The Notions and Principles 20 Part V – Recommendation and Lessons learned....................................................29 Part VI – Legal Corrective Measures
Words: 8607 - Pages: 35
gffghf All employees have an employment contract with their employer. A contract is an agreement that sets out an employee’s: * employment conditions * rights * responsibilities * duties These are called the ‘terms’ of the contract. Employees and employers must stick to a contract until it ends (eg by an employer or employee giving notice or an employee being dismissed) or until the terms are changed (usually by agreement between the employee and employer). If a person has an agreement
Words: 374 - Pages: 2
Elements of a Contract By Michael A. Petrat Business Law 206 Most people in our society are involved in contractual agreements of some kind. In most, if not all, aspects of law contracts can be found. Contracts are involved in family law, corporate law, employment law, litigation and real estate. Elements of a Contract: A contract is an agreement reached after sufficient consideration to do, or refrain from doing, some legal action. A contract is considered valid when two or more parties
Words: 3196 - Pages: 13
key components that compose a legally binding contract are the agreement and consideration. The agreement involves a meeting of the minds where the parties to a contract agree upon the terms of the contract. For the contract to be valid, this agreement must include some form of consideration, meaning that the contracting parties must receive something of value from the contract such as money. In order to meet consideration's requirements, a contract must fulfill three elements. First, there must
Words: 373 - Pages: 2
the aspects of contract and negligence for business. There are agreements and contract in every business in recent than before. Verbal agreements are usually no longer used by the businesses. Written agreement in the form of contract is ore preferable to all. But, the profitability of contract is incomplete if the regulations and aspects are unknown. Well acknowledgement of contract in business provides a legal documentation securing the expectations of the parties involved. Contracts work as a safety
Words: 2556 - Pages: 11
