interested in buying them." John: "Sold." | | | Student Answer: | | ( ) There is a contract and Mary is obligated to buy the tables. | | | | ( ) There is no contract because there was no agreed-upon price. | | | | (X) There is a contract and the UCC can provide a market price as the price for the contract. | | | | ( ) There is no contract because there is no offer or acceptance. | | | | ( ) none of the above. | | | | Points Received: | 0 of 5 | | Comments:
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Q1 THE ELEMENTS OF A VALID CONTRACT A contract may be defined as an agreement which legally binds the parties. The contracting parties need to meet a number of requirements that are prescribed by the law of contract. These requirements must be met before the agreement creates rights and duties that may be enforceable at law. These requirements are referred to as the elements of a valid contract and consist of the following: Offer A contract is formed when an offer by one party is accepted by
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Nick vs John This case involves an analysis of sufficiency of consideration regarding the performance of an existing contractual duty. There is no dispute with regard to the initial contract between the two parties; the key issue here is whether John can claim the bonus of $1000 from Nick. Provided the consideration has ‘something of value in the eye of the law’ to support the bargain, the courts will not concern themselves with its adequacy and the relative values exchanged. Therefore, it can
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BUSINESS LAW IN CROSSBORDER TRANSACTIONS Question 1 Common Law and Civil Law are two of the world’s legal systems. Common Law, which is also called Anglo-American law, has its roots in England and implicit in former English colonies like USA, Australia, most of Canada and Malaysia. On the other hand, Civil Law, which is also known as Continental European, is originated from Western Europe and divided into four groups. The first one is French civil law, which can also be found in Belgium, Spain
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Project 1 BUSN210 Phillippa Webb 11/20/15 A contract is a legally binding agreement between competent parties and can be written, spoken or implied. A contract is valid and enforceable when the following things exist, an offer, the acceptance of the offer, it must be legal, consideration and it must be fair for all involved. Contracts can be written, verbally or even implied, however the best type of contract is written. Ever heard the saying get it in writing, that is because when things
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QUESTION 1a) Interpretation is the elucidating of any form of communication. This can help give meaning to words. Common law principles are sometimes elucidated by judges in the settlement of cases. In interpreting legislation there are rules one needs to adhere to, to construe the meaning of words. In courts the starting for the interpretation of statues is the Literal Rule. All words in a statue which are given their ordinary and natural meaning, the Literal Rule gives it. Even if the outcome
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Reasons to Discharge Contracts | Contracts are a means to an end, not an end in themselves. They represent a promise to do something or to refrain from doing something. When both parties to a contract fulfill their promises, the contract has served its purpose and is terminated or discharged.However, if one or more of the parties to a contract are unable to perform what they promised and there is no legal excuse for this inability to perform, there is a breach of the contract. There are five valid
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to the plaintiff’s claim that the school had failed to evaluate his application and those of other applications according to the school’s academic entrance standard that was printed on the school’s bulletin. The plaintiff alleged that the school acceptance of a first year class applicant was based on non-academics criteria such as applicant’s relationships to the schools faculty members, to its board members and the ability of a applicants or his family to pledge or make payment of large sums of money
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milling facilities, so trafficking transactions conducted mainly direct as face to face or oral, but not through the signing of a written contract between businesses and partners. So, in some written contract have mistaken, that the firm should be noted and fixed to avoid unnecessary litigation in process cooperation with others organization. Examples, 2 written contract: No. DFG14140131, which was signed in 02/05/2014 about the company sale 52.084 kg Robusta coffee for Atlantic Vietnam foods, Ltd. and
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TO REAL ESTATE PURCHASE CONTRACT THIS IS AN [ ] ADDENDUM [ ] COUNTEROFFER to that REAL ESTATE PURCHASE CONTRACT (the "REPC") with an Offer Reference Date of 05/01/2015 including all prior addenda and counteroffers, between Julia Guerrero and Greg Poulson as Buyer, and as Seller, regarding the Property located at 1778 W Kenadi View Way (# 8), Riverton, UT 84065 . The following terms are hereby incorporated as part of the REPC: 1. Seller's Response time for offer through addendum 2 shall
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