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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questions posed during employment legal encounters based on law requirements to indicate liability and ramifications associated based on the scenario. Legal Encounter 1 Cheeseman outlines that employment is subject to the common law of contracts (2010). Pat entered into an agreement with NewCorp for employment; acting on the premise that NewCorp would uphold all terms of the employment agreement, made major personal and financial changes to be available for employment at the assigned duty
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clients from Bake Chef Sdn. Bhd. and transfer the title of his house to his company, Cake Mart Sdn. Bhd. to evade the contract of selling his house to Ramos. In Sec 16(5) of Companies Act 1965, a company may sue and be sued in its own name. However, under the rule in “Foss vs. Harbottle”, a company should sue the other party under its own name if the company has a right under contract against the party. On the other hand, under the rule of “Jones vs. Lipman”, a court can set aside the separate legal
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mutuality of consideration for the agreement and that the contract was therefore void. Issue Under Virginia law is Vivian correct in stating that there was no mutuality of consideration in the agreement between her and Bernie? Applicable law In American Agriculture Chemical Co. v. Kennedy & Crawford, 103 Va., 176, 178 (1904), the contract for the sale of fertilizer stated that the seller: …reserved the right to cancel this contract at any time we may deem proper, but in the event of
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(second) states that “an offer which the offeror should reasonably expect to induce action or forbearance of a substantial character on the part of the offeree before acceptance and which does induce such action or forbearance is binding as an option contract to the extent necessary to avoid injustice” (University of California (CSUN), 2011). The dealership cannot be held liable for any hardships that a potential customer endure before they even reach the dealership. Tony did not promise to have or
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Contracts are enforceable agreements that involve at least two parties. There are four elements that are needed to make a contract valid. The first; the offer made by one part must be accepted by another party. Second; consideration which means that each party must either give or receive something of value. Third, each party must have the capacity to understand the terms and conditions. Forth; it is good to have contracts in writing although oral contracts can be upheld in court. The objective
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Student Name Instructor Name University Affiliation Date Abstract Consideration is the price that the promisor asks in exchange for their promise, that is, the price of a given promise. Consideration is not a significant part of a contract in a number of jurisdictions. Once parties have reached a binding agreement, that becomes sufficient. Nevertheless, the common law requires that for agreement to be binding, the person to whom a promise is made (promisee) must offer consideration
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regulate advertisements are the Federal Trade Commission (FTC) and the Lanham Act, and these are the ones whose can determinate the issue whether the customer has the right to claim the published advertisement since the fact that she drove many hours in uncomfortable conditions to the dealer expecting to buy the product advertised. The FTC is in charge to protect consumers from false or misleading advertising. The Lanham Act is a series of laws regulating trademark registration and protection. In this
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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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Case Summary In 2008, entrepreneurs Eric Rybka and Kyle Vaughn created Hottie Hawg’s Smokin’ BBQ after Rybka became impressed with Vaughn’s grilling techniques and meat preparation. When Rybka initially approached Vaughn about a partnership, there were no numbers or facts given—just a casual suggestion that the two should become partners in a new catering business. Their partnership agreement was simple: Rybka would provide the technical knowledge and support of the operation, while Vaughn would
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