Acceptance in Making Business Contracts Dr. Md. Abdul Jalil Associate Professor of Law Department of Business Administration, Faculty of Economics and Management International Islamic University Malaysia (IIUM) E-mail: abduljalil@iiu.edu.my, abd_jalil2@yahoo.com Abstract Business firms and Business corporations enter into thousands of contracts everyday. Making a formal and written contract is very important for business corporations and firms although oral contracts are accepted and recognized by
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This paper will look at my present job, and the role of law and how it applies to my job. Function and Role of Law in Business The role of the law is to act as guidelines for how people are supposed to behave in a society. Laws have just as big of a role in the business world as they do in society. Laws instruct each business of how they must act in certain situations, they monitor fair wages, fair hiring practices, proper reporting of earnings, and hold businesses accountable for mistakes. The
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include the following: basics of common contract laws, cases involving procurement management decision, Federal Acquisition Regulation (FAR) regarding procurement management, Uniform Commercial Code (UCC) regarding procurement management, Statement of work (SOW), and project manager duties regarding procurement management. In order to discuss procurement management we need to first define what procurement management means in our society today. Procurement is the act of obtaining or buying goods and services
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PART A – STEVE & GARRY Ques (i) Issue: Can Charles make the firm liable to pay for the shares in Thereisnomoneyinthis? Rules relevant to the issue: Section Partnership Act 1895 (WA) Ques (ii) Issue: Can Dave claim against the firm for the cost of repair of the firm Issue: 1. Is there any breach of partnership agreement between Steve & Garry? 2. Is Garry liable for action of Steve in this case? 3. Is the firm or individual liable for the third party claim? 4. What is liability
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Chapter 3 Building permits Page 113 One purpose for requiring the issuance of building permits authorizing construction is to ensure that the issuing authority may ensure that the issuing authority may enforce the FBC and the Fire prevention code and thus provide for the safe construction, erection, alteration, repair and demolition of the building. Certain property such as schools federal, and state government faciliteies are not subject to permitting from local authorities State construction
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According to Section 2(b) Contracts Act, 1950, ‘contract’ can be defined as ‘an agreement enforceable by law. It can be understand that a contract is an agreement which is legally binding between parties. There are 5 basic elements constituting a contract such as offer, acceptance of the offer, intention to create legal relations, consideration, certainty and capacity. Abu who operates small business manufacturing engine oil filters. He placed an advertisement in a car trade magazine stating that
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256. It examines whether any person who act upon the required conditions of a contract is legally bounded by this unilateral offer. The significance of the case lies in the establishment of a precedent that an offer of contract can be unilateral and does not have to be made to a specific party. It also established that notification is not necessarily required in the acceptance of offers, and that once an individual meets the required conditions, the contract is activated. Facts The plaintiff
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Q1) The aforementioned question demands us to describe the reasons, whether there is a valid contract formed between Yatie and Tina or not. They both are business partners who live in different countries. According to the Section 2(h) of the Contracts Act of Malaysia, a Contract is an agreement enforceable by law. It is an agreement that binds the parties who enters into it and it can be enforced against one another. An agreement enforceable by law can be formed with certain elements present in
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Title VI SALES CHAPTER 1 - NATURE AND FORM OF THE CONTRACT Art. 1458. By the contract of sale one of the contracting parties obligates himself to transfer the ownership and to deliver a determinate thing, and the other to pay therefor a price certain in money or its equivalent. A contract of sale may be absolute or conditional. (1445a) Art. 1459. The thing must be licit and the vendor must have a right to transfer the ownership thereof at the time it is delivered. (n) Art. 1460. A thing
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Question 1-a The main contract requirements are: 1. the agreement of the parties 2. the consideration 3. the object, what we are dealing with? 4. form requirements, when that is required by law under pain of nullity The essential elements of the contract are, therefore, almost the same as the legal transaction, it is true, however, that some of these have the typical characteristics, we begin with the agreement. Agreement is the meeting of the wills of the parties, constitutes the equivalent
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