ELEMENTS OF A CONTRACT AND ENFORCEABILITY UNDER COMMON LAW AND UNIVERSAL COMMERCIAL CODE (UCC) Student Name: Michael Shepard Course Name and Number: Business 670: Legal Environment of Business Instructor: Dr. Leah Westerman Submission Date: April 20, 2015 Abstract This article will define the five elements needed to form an enforceable contract under common law and the Uniform Commercial Code (UCC). It will describe which types of contracts come under common law and under UCC.
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Essential Elements of a Contract A contract means a promise enforceable by law. Two or more parties are usually involved in a contract and can seek justice in the court if one party defaults by failing to execute their side of the bargain. Contracts make it possible for people to enter into agreements knowing that justice will prevail. Contracts are vital in everyday life and business since organizations and individuals now have the confidence to transact business with each other knowing that
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DECEMBER SUBMISSION |Unit Number and Title |Unit 5 Aspects of Contract and Negligence – Level 4 | |Assessment Title |Aspects of Contract & Negligence | |Course Title |HND Business
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CONTRACT NOTES NATURE OF A CONTRACT The very basic definition of a contract can be: A contract is a written or spoken agreement intended to be enforceable by law. It consists of 2 main parts: 1) Agreement 2) Its enforceability by Law 1) Agreement: Agreement = offer + acceptance In other words it is an accepted proposal 2) Enforceability by Law: An agreement to become a contract, it must give rise to a legal obligation or duty. An agreement in order
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essential elements required for there to be a valid contract Course : Diploma in Business Administration (International Business-DBID2 1501A) Module : Introduction to Business Law Name : FIN : Lecture : M. Lukshumayeh Due date: 18th June 2015 Table of Contents: 0 Introduction.......................................................................................1 1.1 what is a contract ？..............................................
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for exclusive negotiation rights for a 90-day period. This agreement stipulated that no distribution contract existed unless it was in writing. On day 87 of the agreement, the parties held a negotiation meeting and came to an oral agreement on the terms of the distribution agreement. Chou offered to draft the written distribution agreement and send to BTT. Before Chou could draft the contract, BTT’s manager sent Chou an e-mail with the subject line “Strat Deal” that outlined the key terms of the
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Contract Creation and Management Assignment Paper George Van Hoosier LAW 531 June 26, 2012 Dr. Beverly Spencer Contract Creation and Management The scenario presented is on contractual conflicts. In summary, a software development company and a hotel company entered into a business partnership to develop an electronic reservation system for the hotel company. The groundwork of the plan changed and obfuscated what was expected by both parties. These changes were not communicated well enough
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rescission of the contract by C-S will result in costly litigation. The contract went into effect eight months ago and it is critical that we secure the project and preserve the relationship with C-S for commercial reasons. Span System wants to secure C-S’s bigger e-CRM order and the chances of securing this order hinges on the performance of this contract. This dispute needs to be settled amicably before C-S pursues legal action (University of Phoenix, 2010). I reviewed the signed contract between Span
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INTRODUCTION 6 I. The element legal issues in business for a valid contract 7 1.1. The elements in formation of a Valid Contract 7 1.2. Types of Contract 12 1.3. Terms in contracts 17 II. The elements of a business contract in business situation 19 2.1. The elements of contract in the business case 19 2.2. The law on terms in the above two different contracts 20 2.3. The effect of different terms in the two contracts 22 CONCLUSION 24 REFERENT LISTS 25 APPENDIX 26
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are also importance which can be constitutions, statue, common law, administrative law, equity etc. In business world, we use different kinds of law & law of contracts is one of the most widely used business law which is basically used to understand future business related The Aspects of Contracts & Negligence for Businessissues in more predictable manner by people engage in contracts. Contract is basically a promise that gives the official commitment that the law will be enforced.Judicial activism
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