Question 1-a The main contract requirements are: 1. the agreement of the parties 2. the consideration 3. the object, what we are dealing with? 4. form requirements, when that is required by law under pain of nullity The essential elements of the contract are, therefore, almost the same as the legal transaction, it is true, however, that some of these have the typical characteristics, we begin with the agreement. Agreement is the meeting of the wills of the parties, constitutes the equivalent
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Week 6 : Contracts and E-Commerce - Quiz Top of Form Time Remaining: | | Question 1. 1. (TCO 6) Explain the basic requirements that must be met for a contract to be enforceable. (Points : 10) | Question 2. 2. (TCO 7) Define emancipation, and list a few possible reasons for its occurrence. (Points : 5) | Question 3. 3. (TCO 7) When Samantha’s grandmother died, her mother asked her to help clean out her grandmother’s home. The books and clothing
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of offer by post is effective or not as against Mr. James. Section 2(h) of the Contract Act 1950 defines that contract is an agreement enforceable by law. In order for an agreement to be enforceable by law, it must consist of six essential elements which are offer, acceptance, consideration, intention to create legal relation, capacity and certainty. The revocation of proposal is define in Section5(1) Contracts Act as a proposal may be revoked at any time before the communication of its acceptance
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purchasing for VUL, purchased 2,700 March 2016 light sweet crude oil contracts traded on the CME’s NYMEX exchange to partially hedge the company’s anticipated February 2016 jet fuel consumption of 116 million gallons. The weighted average price of crude oil futures contracts purchased on the NYMEX during December 14 – 18, 2015, was $38.18 per barrel. Your boss has presented you with the plan for liquidating the 2,700 crude oil futures contracts during February 2016. In fact, you have been provided with a
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a problem where if the large orders stop, we might not have the funds to continue to pay extra help. In this paper I will determine which contract the owner and the other business will need. I will also need to determine if the contract is governed under the common law or the Uniform Commercial Code (UCC). Conduct to see if all the five essentials elements are met in the contact. Develop different employee types and relationships while discussing the advantages and disadvantages of each related
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Course: Name Valid Contract Yours Name Professor’s Name [optional] University Elements for a Valid Contract to exist A valid contract does not need to be legally valid, it can be written in simple English and fulfill the needs of all the parties involved in that contract. Although, a contract may not be legal but it should be a written contract so that future issues can be settled on the basis of the written agreement signed by the parties (Rousseau, 1993). For a contract to be legally valid
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Determine if the contracts with the businesses will be governed by common law or the Uniform Commercial Code (UCC), and explain why. I will define what it is to be governed by common law. I will also discuss what it is to be governed by the Uniform Commercial Code (UCC), and why. I will explain how each will affect the business and compare the two. I will point out which one would be best for the company and why. Analyze whether the owner formed a contract with the businesses, and
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-SANMATI RAONKA, Symbiosis Law School, PUNE Contract is an agreement in which two parties wilfully enters into which binds them in a civil obligation. Therefore in order to enter into a contract the parties must agree to the same fact in the same manner. Their decision should not be waivered by any factors like fraud, coercion, misinterpretation or mistake. If any of the previously mentioned factors affect the decision of the parties entering into a contract then consent is said to be not given freely
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Memorandum to Ms. Starz To: Ms. Starz From Date: November 16, 2013 Subject: Legal Contract between Claire Dawn and Leonardo deCapo I have found that there is in fact a legal binding contract between Claire Dawn as the Offeror and Leonardo deCapo as the Offeree (Spagnola,nd). On February 13, 2008 Claire Dawn presented a written offer to sell her 1965 Corvette Stingray to Leonardo deCapo for $25,995.00 plus the cost of the title transfer. The Mutuality of Obligation, or the requirement
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Element of contract The objectives of element of contract are to explain the requirement of a valid offer and acceptance which lead to the formation of a contract provided other essential elements, In other word intention to create legal relations and ,in most cases, consideration are also present. problem also arise in connection with the need for writing in some cases and the capacity of the parties. That it decides that where an offer is in the form of a promise for an act, the performance of
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