Chap 9- Bilateral contract- a contract entered into by way of exchange of promises of the parties a promise for a promise. Unilateral -a contract in which the offerors offer can be accepted only by the performance of an act by the offeree a promise for an act. Implied in law contract (quasi)-an equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed. The doctrine is intended to prevent unjust
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BUSINESS LAW BLO1105 2014 Prepared by Darren Parker BLO1105 – Business Law ------------------------------------------------- Business Law Students’ Manual ------------------------------------------------- 2014 Edition This Manual contains materials essential for all students undertaking Business Law, including: * ------------------------------------------------- Course Guide for Business Law; * -------------------------------------------------
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1. The essentials of a contract state that there must be two or more parties as a contract cannot be formed by a single person and upheld in court. There must also be an offer and an acceptance, as well as something called “consensus in idem” which is the understanding that all parties agree on the content of the contract before it is finalised. The parties must also have the intention to be legally bound and must be in a legal capacity to enter into the contract. In this case I do not believe
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Chapter 6 Overview and Formation of Contracts McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Written versus Oral Contracts n While the word “contract” is often used to describe a written document, many contracts are not in writing and yet are enforceable. 6-2 Bilateral Contracts versus Unilateral Contracts n A bilateral contract involves two promises and two performances. A unilateral contract involves one promise, followed by
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The good aspects of relying on precedent to decide current cases is that people will know what can happen if it is same type of case. It will lead to same outcome to all, with no exceptions. The bad aspects of relying on precedent are that if there is a wrong precedent it will keep for a very long time, making it very rigid and with no exceptions. In the case I chose as a landmark in previous assignment: Gideon vs. Wainwright. Gideon was an indigent and he was not given a counsel appointed
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product. Long terms of payment on goods delivered can be a device to increase the volume of sales of the manufacturing company. TRADE ACCEPTANCE “A written order for a sum of money originating with a creditor and naming a debtor, customarily forwarded to a bank for a collection” It is a time draft drawn in the seller of goods on a buyer, in a trade acceptance the buyer is the acceptor. It is a bill of exchange for the amount of a purchase drawn by the seller on the purchaser, bearing the purchaser
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examined to determine if the elements of a legally binding contract exists. Whether there was an agreement and intention to create legal relations between the two will be used to determine whether Choy has breached a contract between the two. If a contract is found to exist, then the terms must be examined against the facts of the case and the aspects of consideration and promissory estoppel will be considered. a) Are the elements of a contract present in the initial agreement? To determine whether
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non-compete agreement would be unenforceable. Contracts of employment are generally given to prospective employees who have applied for a position or type of sub-contractor with a company. The employment contract will be the agreement between the company and employer to the prospective employees. The contract will spell out the rights to the employee, responsibilities, duties, conditions, and terms of that they will be governed. Contracts insure the company protects its business interest
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Contract Creation Law-531 Business Law October 31, 2011 Whitney Bell Contract Creation Span Systems is the leading banking software companies located in California. . Citizen-Schwarz AG (C-S) contacted Span Systems to develop s software program to assist with there transactions. C-S is a German bank, which the revenues increased to $20 billion. A one-year contract was signed by the two company’s estimation for the software would be $ 6 million dollars. If the project goes well, C-S
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Is the oral contract between Briggs and Sackett in violation and voidable under the Statute of Frauds? In Briggs v. Sackett, Briggs bought a home under mortgage but came upon unforeseeable financial instability. The Briggs then spoke with their in-laws, the Sacketts, about purchasing the home with the conditions that they pay the 3 months arrearages or the overdue balance on the loan and take over the expenses of the home (future payments, utilities, etc.). After hearing the offer, the Sacketts
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