Aspects of Contracts and Negligence for Business 05-01 Kashka Lantion 24 August 2013 Mr. Jay G. Masangcay Table of Contents LO1: Understand the essential elements of a valid contract in a business context. 1 I. Explain the importance of the essential elements required for the formation of a valid contract 1 II. What is required for there to be considered to have a meeting of minds between the parties to a contract? 1 III. What are the requisites for a valid object of a contract? 2
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Contracts: A contract is an agreement that creates obligations that are enforceable by the law. A contract can either be written or spoken. There are elements to a contract that make it valid and binding. This is defined as a clear manifestation of willingness to enter an agreement made by another person with full understanding that their assent to the bargain is an invitation and is concluded. As to whether there was an offer in this case, yes there is an offer. When the salesman offered the buyers
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BUS 393 – Final Review Chapter 2 – TORTS: * Tort: (private wrong = not criminal) an act that causes harm such as physical harm, harm to property or reputation, & gives the right to sue and to seek remedies (damages to compensate for loss) * Intent: it is not the intent to injure or harm but whether you deliberately intended the conduct or act that caused the injury (damages greater if can prove intent – includes punitive damages) * Vicarious Liability: you did not intend the harm but
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Week Three Student Guide You explore the aspects of business contracts and these aspects’ application to business management. Discussion focuses on Internet contracts and international transactions. You conduct a simulation to evaluate contract performance requirements and solutions for if the contract is not upheld Contract Risk and Opportunities OBJECTIVE: Analyze legal issues arising from contract formation, performance, and remedies. Resources: Ch. 9–11, 16, 18, & 20 of Business
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App. 633, 286 S.W.2d 617 (1955). SM: The UCC is not involved in this case. The SM is regarding the offer and possibility of an acceptance of an employee’s resignation. F: Sedberry (D), through majority shareholder Mrs. Sedberry, entered into a contract with Akers (P) whereby Akers would serve as Chief Engineer for five years. Sedberry entered into a similar five year employment contract with Whitsitt (P). Akers and Whitsitt were to perform their duties at the Jay Bee Manufacturing Company
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1. Issue : The issue is whether if Peter enters into the contract with the sale person. The law of contract is a legally bind agreement with two or more contractual parties. It consists of 4 elements to make a valid contract; offer, acceptance, consideration, and intention to legal relation. This issue involves the element of offer. Applicable law: An offer occurs when the offeror is willing to enter the contract, as soon as it is accepted by the offeree. Revocation by the offeror, rejection
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* Youngblood signed a contract whether he reviewed it or not it is a legally binding contract. * Schwimmer may have thought they had an express contract prior to signing the paper contract due to the fact that he and Youngblood did verbally speak on the phone and in person about the job and offer in which Youngblood did accept. * The job acceptance too place over the phone verbally, later the contract was signed. * Youngblood is violating the contract by working for TDI Services
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Contracts in the Commonwealth of Puerto Rico LAW 421- Contemporary Business Law July 8, 2014 On week three of our course, we were ask to write a word paper on Contracts in the Commonwealth of Puerto Rico in which we will describe the contracts according with the following cases; * Muñiz v. COPAN, 113 D.P.R. 157 (1982) * Trinidad v. Chade, 153 D.P.R. 280 (2001) * Las Marías v. Municipio, 159 D.P.R. 868 (2003) First, we must define contract in order to understand what role they have
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explore whether a contract is formed, and if promissory estoppel would apply in this situation and the relevant terms attached to this contract. Using the common law of contract we can answer these questions, and Billy’s entitlements. a) Is there a contract? Before Billy can be sure he is entitled to anything we first must establish that Billy and Choy have entered into a legally binding contract. For a legal contract to be held, all essential elements of an offer, acceptance, consideration and
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legally binding contract exists, whether the subsequent consideration of $20 000 is good consideration, and whether the doctrine of promissory estoppel applies. Is there a contract? For B to be entitled to the extra $20 000 and a share of the property, it must be determined that a legally enforceable contract existed between C and B. To determine whether a contract exists, the following essential elements of a contract can be examined: intention to be legally bound, offer, acceptance, and consideration
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