valid contract A contract that complies with all the essentials of a contract and is binding and enforceable on all parties Definition of 'Void Contract' A formal agreement that is illegitimate and unenforceable from the moment it is created. A void contract could be considered void for a number of reasons. Common causes of a void contract are contract terms that are illegal or become illegal due to changes in law; one party to the contract lacks the capacity to enter into a contract because he
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nominate contract whereby one of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing and the other to pay therefor a price certain in money or its equivalent. Delivery and payment in a contract of sale are so interrelated and intertwined with each other that without delivery of the goods there is no corresponding obligation to pay. The two complement each other. It is clear that the two elements cannot be dissociated, for the contract of purchase
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Issue- Did an offer exists, which the plaintiff accepted? Rule of Law- Invitation to treat. An invitation to treat is not an offer in itself but is an invitation to others to make an offer. Discussion- according to the case, Tom placed an advertisement in the Motor Sports Magazine. Advertising to the public at large. The advertisement stated that the car was for sale, not that the seller would sell to all comers. Chris however saw the offer and was interested in taking the offer stated
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Review introduction to contracts A contract is a promise that the law will enforce. Contracts are intended to make business matters more predictable. Analyzing a contract generally involves inquiring into some or all of these issues: 1. What is the subject of the agreement? • If the contract is for the sale of goods, UCC Article 2 governs. • If the contract is for services, employment, or real estate, the common law governs. 2. Did the parties intend to contract? • If the parties formally
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LA TROBE UNIVERSITY SCHOOL OF LAW BUSINESS LAW (LST2BSL) Information –class test Date: Monday 11 May at 10.am Duration: 60 minutes with 10 minutes reading time. The class test consists of 20 questions worth 1 mark each. The class test is open book but you may only bring the prescribed (or similar) text and lecture slides into the class room. The mark is 20% of the overall mark for the subject. Topics to be covered: 1. Separation of powers
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Unit 6 Specific Performance Elizabeth A. Combs LS 311: Business Law I-01 Kaplan University Professor Toni Starcher February 14, 2012 Unit 6 Specific Performance “The equitable remedy of Specific Performance calls for the performance of the act promised in the contract. This remedy is often attractive to a nonbreaching party because it provides the exact bargain promised in the contract,” (Miller & Jentz, 2008). With this being said, we can now take a look at our assignment scenarios
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established a consulting company (fully consistent with government ethics laws and rules, of course) with the primary focus of advising potential government contractors and subcontractors. Mr. Johnny Jones, of The Johnny Jones Flooring and Construction Company has approached you with a question. Jones and his company are potential subcontractors (they, obviously, specialize in flooring) on a federal construction contract worth a little over two million dollars ($ 2,000,000.00) recently awarded
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and went onto Chapter 9, which introduced contracts. We discussed the definition of a contract and the sources of contract law. Article 2 of the Uniform Commercial Code for sales of goods, common law for other contracts, and the United Nations’ Convention on the International Sales of Goods are the sources of contract law. The elements of a contract were introduced. These elements were agreement, consideration, capacity, and legality. We classified contracts as bilateral v unilateral, valid, void,
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have certain laws on how a buyer remedy or seller remedy can be put into a contract. First we have the buyer which has certain remedies available to him or her if a seller wrongfully refuses to either give title to the real estate or otherwise defaults on an agreement of sale between the parties, unless there is a provision in the agreement that limits the seller’s remedies. Before buyer can do anything, there must be a non-conforming tender (breach of warranty or other breach of contract, such as late
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location. In the end Foodmart Inc. was not pleased with the work Masterpiece Construction provided and later found out that the work was sub-contracted out to a third party vendor. This in return resulted in Foodmart suing masterpiece for a breach of contract. Who wins? In the case of Foodmart vs. Masterpiece, Foodmart wins. Although, Masterpiece argued commercial impracticability, the first element of the commercial impracticability states “Something unexpected must have occurred"(Cohen Seglias
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