Billy Joel decided he wanted to learn to play the violin for his next set of concerts. He called a violin salesman in New York and asked if he had any for sale. The salesman stated he had a Stradivarius and a Guarnerius (two famous brands of violins) and offered to sell them to Billy for $80,000 and $24,000, respectively. Billy agreed, over the phone, to purchase the violins from the salesman and told him he would be in town the next week to pick them up. Billy didn't show up for two months, and
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Part I: Principles of Contractual Obligation The Promise Principle and its Rivals A. Grounds for Enforcing Promises 1. FORMALITY Creation of a contract (§17): The formation of a contract requires a bargain in which there is a manifestation of mutual assent (offer and acceptance) to the exchange and consideration. a. When charitable promises are made without consideration or reliance there must be formality (evidence that the parties intended to be legally bound). (Deleo) i. Oral vs. Written ii
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In contract law consideration is concerned with the bargain of the contract. A contract is based on an exchange of promises. Each party to a contract must be both a promisor and apromisee. They must each receive a benefit and each suffer a detriment. This benefit or detriment is referred to as consideration. Consideration must be something of value in the eyes of the law - (Thomas v Thomas) (1842) 2 QB 851. Rules of consideration There are various rules governing the law of consideration:
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Business Law Written Assignment 3 Case Study 1 Parks, a 7-foot, 265-pound center for the San Diego Slick, objected when his contract was assigned from the ABC Corporation to the XYZ Corporation, the team’s new owner. The change of owners did not cause a change in the composition of the team although a new coach was hired. Parks’s compensation and his responsibilities remained the same. Was this contract assignable? Facts of the Case: 1) Parks contract was assigned from the ABC Corporation
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Notes for November 7, 2014 Bus Law Review on Sunday 1 pm Practice test and study guides √ out When performance is impossible * Objective impossibility -key person is incapacitated -subject matter is destroyed -change in law makes it illegal * Commercial impracticability Ex. Farmer, crop is destroyed, cant make delivery, so the court rules is that your perfom is discharge. * Frustration of purpose Ex. Hire you to teach marial arts.. I have an accident.. my first lesson
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Business Law Marty Finucane Summer 2013 You Be the Judge – 2 SUBJECT: The Marley Cooling Tower Company v. Caldwell Energy & Environmental, Inc., 280 F. Supp. 2d 651 United States District Court for the Western District of Kentucky, 2003 A. Facts From the case notes, Caldwell manufactures and installs cooling systems for power plants. There was an agreement between Caldwell and Duke/Fluor Daniel to install one of their systems in South Carolina. Part of the
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entered in with Winkel for the profit-sharing bonus, but law says that it should be honored. Outlined in MONT CODE ANN § 28-2-1602: Montana Code - Section 28-2-1602: How written contract may be altered by parties: a contract in writing may be altered by a contract in writing or by an executed oral agreement. An oral agreement altering a written agreement is not an executed oral agreement within the statute authorizing modification of written contracts by an executed oral agreement unless its terms have
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ASSIGNMENT 1 On the 25 May 2014, Jack Lumber Limited (JLL) entered into a contract with lightwood Industries (LI) to sell lumber planks 10 feet long at $100 each for the next two years to LI (end 25th May 2016). LL has another contract with Deadbeat Homes to build kitchen cupboards at Deadbeat's housing Site in Paramin for which the lumber plank are used. JLL delivered over 1000 planks during 2014 and was paid the contract price by LI. However, in January 2015 JLL announce a potential increase in
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atrocious, but I couldn't be bothered to fix it. • Good luck! Hopefully some of this is helpful. I. Introduction • This is mostly a common law course, since the SGA merely codifies as closely as possible the existent common law. • US has replaced the SGA with the UCC, which is comprehensive and covers all of commercial law. • The BC SGA also includes some material that is covered in the "Factors Act" in other jurisdictions • BC has the oldest version of the SGA in
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and a principle of existence is identified at the time of contracts. The legal capacity principle at the time the act was carried out and at the time of ratification is identified. It appears to have no reason why AL never explained the involvement of Chris. Chris has fulfilled his duties as an agent and the amendment will not be enforceable in court if Al makes a contract with Ben for Chris to be ratified, If Ben is not happy to contract with Chris. Ben has a right of liability, his liability
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