Topic Two Contract Law: Formation of Contracts [A] Introduction Contract law concerns with regulation of the legal relationship of the parties to contracts. A contract is an agreement having legally binding effects on its parties. In other words, generally speaking, the party who broke the contract has to compensate the innocent party for his loss. How to form a contract? All the 4 following elements are needed for forming contracts: - a. Offer b. Acceptance c. Intention
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declaration of willingness to enter into negotiations, not like an offer as it has to be accepted so as to form a binding contract (a pre-offer communication). Situations that can be categorised as invitation to treat: * Display of items - A mere display and qutation of a price does not constitute an offer, it is an invitation to treat. Offer and acceptance takes palce at the cashier when a customer offers to buy and a cashier accepts the offer. * Advertisements – advertisements are invitations
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Table of contents Abstract 3 Introduction 4 ESSENTIAL ELEMENTS OF A VALID CONTRACT 5 Explain different types of business agreements and the importance of key elements require for the formation of a valid contract. 5 Apply the rules of offer and acceptance in the given scenario, also considering any impact of new technology. 5 Assess the importance of the rules of intention and consideration of parties to the agreement by applying. 7 Explain the importance of the contracting parties having
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------------------------------------------------- A REPORT ON ASPECTS OF CONTRACT AND NEGLIGENCE FOR EZ KOOKING ------------------------------------------------- ------------------------------------------------- TITLE PAGE ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- Prepared
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analysed in terms of offer and acceptance. One party, the offeror, makes an offer which once accepted by another party, the offeree, creates a binding contract. Key concepts that are needed to familiarise with in relation to offer and acceptance include the distinction between an offer and an invitation to treat – is needed to be able to identify specific examples of where an offer or an invitation to treat exists. If the maker of the statement clearly intends to be bound by acceptance of the stated
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[pic] LAC 4443 COMMERSIAL LAW INDIVIDUAL ASSIGNMENT ‘SHARIAH LAW OF CONTRACT’ |NAME |HANNA FAUZANA BINTI HAMDAN | |ID NUMBER |1110*** | |GROUP |TMC 2 | |LECTERUR’S
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Essentials of a valid contract. A contract is an agreement that can be enforceable by law. An agreement is an offer and its acceptance. An agreement which can be enforceable by law must have some essential elements. According to the constitution,All agreements are contracts if they are made by the free consent of the parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void. A contract must have the following elements
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Operations and Southwest's competitor, respectively. On June 26, 1999, Youngblood signed an employment contract with Southwest to work as a recruiter making $29.50 per hour. The contract contained a noncompetition agreement preventing Youngblood from working for a competitor of Southwest for one year within a 100-mile radius following termination of employment with Southwest. Prior to signing the contract, Youngblood talked to Peter Schwimmer, Southwest's owner and president, on the phone about the job
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Promise is not a contract 2. If it’s not a promise it is not enforceable 3. Go through the analysis 4. Void contract is one that is nullified because it no longer exist 5. Voidable contract can be done by one or both parties 6. Unilateral contract – one party makes a promise but the other party cannot promise they can only finish the act 7. Bilateral contract is a promise for a promise – enforceable promise 8. Option contract – can close offer at anytime unless
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Business I. The essential elements of a contract and the applicable remedies in the event of a breach. Four Essential Elements of a Contract An agreement must contain four essential elements to be regarded as a contract. If any one of them is missing, the agreement will not be legally binding. a. Offer There must be a definite, clearly stated offer to do something. For example: A quotation by sub-contractor to the main contractor and an offer to lease. An offer does not include ball park estimates
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