Case 1 Issue This problem addresses the issue of agreement, whether there is a valid contract or the offer may be terminated. In order to the contract being valid and enforceable, there is a need for the conduct of an offer and an acceptance. Rule For an offer to be valid, it contains some rules, including lapse of time. When an offer is made, it does not last forever. An offer stated to open for a specific period, lapse if the there is no acceptance within that time. If there is no set time for
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in commercial and industrial enterprises. Course Contents Module I: Indian Contract Act, 1872 Nature and kinds of Contracts, Concepts related to offer, Acceptance and Consideration, Principles Governing Capacity of Parties and Free Consent, Legality of Objects, Performance and Discharge of Contract, Breach of Contract and its Remedies,Special contracts of Bailment and Pledge, Indemnity and Guaratnee, Contract of Agency. Module II: Sale of Goods Act, 1930 Sale and Agreement to Sell, Hire
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Contract Creation and Management The simulation begins in the middle of a major dispute between a software-developing company, Span Systems, and one of its customers, Citizen-Schwartz AG (C-S), a large German bank. The two companies are in dispute over the quality and timeliness of deliverables. There have been major bugs found by C-S during testing and are worried about Span not fulfilling the one-year contract, which is worth $6 million. Span's main concern is securing a larger contract with e-CRM
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1. Is the arrangement a multiple element arrangement? If so, what elements of the arrangement would qualify for, and be accounted as, separate units of accounting? • Yes, it is a multiple element arrangement since it is a sales arrangement that involves delivery of multiple products and services over extended period of time. • The following would quality for separate units of accounting: a. Equipment b. Installation c. Maintenance & Support 2. If the arrangement consists of more than one
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colleagues to the world of contracts. Prepare a 2–3-page, double-spaced document explaining the essential elements of a contract and the applicable remedies in the event of a breach. What is required for a valid offer? How can one accept an offer? What is the concept of consideration and what form(s) can consideration take in creating a contract? What factors must be considered in assessing the legal sufficiency of an offer, acceptance, and consideration in determining whether a contract is enforceable? In
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sue and ask for an indemnity from Elite Accountants. Here, we can clearly recognized that there is no intention, agreement and consideration between Ezy Bank and Elite, thus no contract is made. So the relevant area of law is negligent misstatement. To conclude whether Elite Accountants was negligent to Ezy Bank, three elements of negligence should be considered: * That Elite Accountants owed Ezy Bank a duty of care * That Elite Accountants breached a duty of care. * That it was Elite's
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Manini Manufacturing 1. Is the arrangement a multiple element arrangement? If so, what elements of the arrangement would qualify for, and be accounted as, separate units of accounting? • Yes, it is a multiple element arrangement since it is a sales arrangement that involves delivery of multiple products and services over extended period of time. • The following would quality for separate units of accounting: a. Equipment b. Installation c. Maintenance & Support
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Task 1 “A contract may be defined as an agreement which legally binds the parties”. There are some key elements which are essential to form a valid and enforceable contract by the law. 1. Agreement First of all, a contract must contain an agreement. An agreement is made of an offer and the acceptance of that offer. An offer is defined as “a definite promise to be bound on specific terms”. The person who makes an offer is the offeror and the person to whom the offer is made is referred as
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colleagues to the world of contracts. Prepare a 2–3-page, double-spaced document explaining the essential elements of a contract and the applicable remedies in the event of a breach. What is required for a valid offer? How can one accept an offer? What is the concept of consideration and what form(s) can consideration take in creating a contract? What factors must be considered in assessing the legal sufficiency of an offer, acceptance, and consideration in determining whether a contract is enforceable? In
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How is an offer terminated? Offer is one of the essential elements of a contract, which is a legally binding agreement made between two or more parties, other essential elements include Acceptance, Consideration, intention and Capacity. In the absence of any of these elements the contract will be void. An offer is a definite promise or proposal to be bound on specific terms and it has to be definite not vague. An offer may be made orally, in writing or by conduct. An offer may be made either
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