Law 101 Part 1 Ben and Carl are proposing to start their own business and need to know the most appropriate structure to use when setting up their business. There is clear intention from both parties to establish a business as shown by Ben and Carl’s confidence of “a good gap in the market” that will lead to “the business being a success”. The three structures available for business owners are sole trader, partnership or company. From the information provided in the scenario Ben and Carl can exclude
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law for a contract to be sufficient but need not be adequate. There are four major elements which is very important in contract laws. First element is offer, whereby there must be an offer offered by the offeror or by offeree to each other which is accepted by the parties and which consequently creates a binding contract; offer is also an expression of willingness to contract done with an intention of creating a binding contract in as soon as the offer is accepted. The nature of offer differs if
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Contract Law LAW OF CONTRACT Name: Institution: A contract can be simply defined as an agreement made by parties that is legally binding by its nature. It can also be defined as legally binding set of promises or promises (Lawrence & Elizabeth, 2007). A breach of any aspects of the agreement or a promise that constitutes a contract will lead to a subsequent remedy from the party that has been accused of the breach. The law of contract as shall be later discussed has provided
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essentials for a Valid Contract? Describe them in details. Essential of a Valid Contract All contracts are agreement but all agreements need not be contracts. The agreements that create legal obligation only are contracts. This validity of an enforced able agreement depends upon whether the agreement satisfies the essential requirements laid down in the acts. Section 10 lays down that ‘all the agreement are contracts if they are made by the free consent of the parties competent to contract for a lawful object
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Contract Laws Jerry Attric BUS311: Business Law I Instructor: November 10, 2013 Contract Laws Today in this economy and financially unstable period, it is vitally important for an individual, an entity or organization to understand contract laws prior to entering into any form of contract. When looking at the laws of business there are many categories and an extremely broad range of topics. The topic of contracts within business law is extremely fascinating and very important to understand
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Legal Aspect as per The Indian Contract t, 1872................................................................4 2.3 Auction Terminologies…………………………………….................................................................6 3. Tender………………..………………………………………………………………………………………………………………….......6 3.1 Legal Aspect as per The Indian Contract t, 1872................................................................6 3.1.1 Acceptance and withdrawal of tenders......
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Issue 1: was the Mega refrigeration unit an offer for $200 for the first three customers? Could Betty sue the shop for breaching the contract? Principle/s: Contract could happen anywhere and anytime. Contract is defined as an agreement between two or more legally capable parties and legally binding, which is two or more parties must do it (Pentony, Graw, Lennard, & Parker, 2009). There are seven elements of the contract, which are offer, acceptance, consideration, intention to be bound, mutuality
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2014 Nature and Classification of Contracts Definition of Contract- legally binding agreement. Duties and Obligations- each party has both. Parties to a Contract- promiser, promisee, after there has been an agreement. Privity of Contract- who can sue, who can enforce. A third party can enter the contract without knowing but can still sue under the contract if they were named in the contract. Classes of Contracts- 5 types. Quasi-Contracts- no binding contract has been agreed upon. Equity principles
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UNIT 05 ASPECTS OF CONTRACT AND NEGLIGENCE FOR BUSINESS ASPECTSA Table of Contents P1.1 THE ESSENTIAL ELEMENTS REQUIRED FOR THE FORMATION OF A VALID CONTRACT 2 Offer 3 Acceptance 4 Consideration 4 Capacity- Concept of Minor& Privity 5 Intent to create legal relation 6 P 1.2 DIFFERENT TYPES OF CONTRACT 7 P 1.3 DIFFERENCE BETWEEN CONDITIONS AND WARRANTIES 8 P 2.1ELEMENTS OF CONTRACT APPLIED FOR THE BELOW SCENARIOS 8 P 2.2 TERMS IN DIFFERENT CONTRACTS 9 P 2.3 THE EFFECTS
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Elements of a Contract BUS 670 August 25, 2015 Elements of a Contract Introduction A contract is a legal agreement between two entities that creates obligations by both parties that are enforceable by law. As Verkerke (2015) notes, individuals are often ill-informed of the legality of most common dealings in their lives. With a common ignorance of legal matters, it is essential that contracts contain the required elements to be legally binding and protect both parties involved. Additionally
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