Under English law a contract is defined as “an agreement made between two or more parties which is legally binding on them”. Jones, L., p.87. For a contract to be binding it must contain the elements of agreement, consideration, intention to create legal relations, compliance and the capacity to contract. A contract can be made verbally, by conduct or in writing. Contracts may also be bilateral or unilateral in nature. Agreement means there is a valid offer and acceptance
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polymerization, in which smaller molecules of vinyl chloride are chemically bonded together to form larger molecular chains and networks.” Pacific Oil's first major contract with the Reliant Corporation was in 1979. The contract between Pacific Oil and Reliant was a standard one for the industry and due to expire in December of 1982. The contract was negotiated by the purchasing managers in Europe then it was reported to the vice presidents in the states. In February 1982, Jean Fontaine marketing vice
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federal administrative law. The federal case law is to interpret anything outside of the U.S. Constitution. The federal law is also superior to all sources of state law. This is required by the Supremacy Clause of the U.S. Constitution. There are as well as state constitutions, state statues, state administrative law, state case law as well as local ordinances. All treaties are federal and so states are not permitted to sign treaties with any other country and local governments derive their power from
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Breach of contract is “the nonperformance of a contractual duty” (Miller & Jentz, 2010). Charlize Theron settled a $20 million breach of contract lawsuit against her, “when Swiss watchmaker Raymond Weil claimed that Theron had worn a Christian Dior watch during a press event in 2006, despite being paid ‘substantial funds’ to exclusively wear Raymond Weil timepieces during the time in question” (Pienciak, 2008). The Plaintiff, Raymond Weil, filed suit against Defendants, Charlize Theron and Denver
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1. What are the ethical issues in the scenario? The parties have genuinely agreed to the terms of the contract, therefore, the contract is enforceable. Even though the earnest money was not deposited yet, but there were an offer and acceptance. Salesperson accepted to grant Buyer an extension than willfully, Salesperson decide not to send out the paper to Buyer even after a second request. Consequently, Salesperson's action is a resolution of fraud so he could get a higher price than Buyer's offer
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Valid Contract 1. Offer and Acceptance. In order to create a valid contract, there must be a 'lawful offer' by one party and 'lawful acceptance' of the same by the other party. 2. Intention to Create Legal Relationship. In case, there is no such intention on the part of parties, there is no contract. Agreements of social or domestic nature do not contemplate legal relations. 3. Lawful Consideration:Consideration has been defined in various ways. According to Blackstone,"Consideration
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Big Time Toymakers makes board games all over the world. Chou came to BTT with a deal that if Chou would let BTT distribute their game STRAT. BTT offered that they would give him 25,000 in exclusive negotiation rights for a three month period. The deal between BTT and Chou began when the time frame was set. The obligations between the two were made and the price that would be given was also established through the emails. Formation of a Contract “A contract is formed when an offer by one party
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Kinds of defective contracts 1. Rescissible Contracts (Chap. 6) 2. Voidable Contracts (Chap. 7) 3. Unenforceable Contracts (Chap. 8) 4. Void or inexistent Contract (Chap. 9) Article 1380 Contracts validly agreed upon may be rescinded in the cases established by law. (1920) Rescissible Contracts – are those validly agreed upon because all the essential elements exist and, therefore, legally effective, but in the cases established by law, the remedy of rescission is granted in
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The Contract Creation and Management simulation presented two different business creation contract situation that displayed issues within business contracts (University of Phoenix, 2002). One contract creation presented was difficult to work around the legality because the contract was unclear and decision made seemed hard to reach. Another contract creation example displayed similar core components of issues within the contract and its management but solution were able to be rectify this contract
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Assignment #1 – Consensual Relationship Agreement Tammy Cochran Leadership and Organization -BUS 520 Dr. Reeley October 26, 2012 Abstract Consensual Relationship Agreements are common among many corporations or companies addressing workplace romance. In today's work place, romances and the related topics of sex and privacy have become important issues confronted by most employers. With more employees working longer days and spending so much time together on the job, romantic relationships
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