elements of valid contract in the common law tradition, how different from civil law. 1) The parties must intend to be legally bound. Family members may make promises without intend to be contractually bound to them 2) A contract must contain an offer and acceptance of that offer. A counter offer also requires acceptance. 3) The parties must have legal capacity of contract. 4) The contract must be for a legal purpose and legal in nature. * If contract sign by duress (undue
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is that it is an unforeseen event which occurs and makes the contract impossible to perform as well as the fact that neither party is at fault nor is it a way to escape a contract or obligation so therefore is not a vitiating factor either. There are several ways where contract may be frustrated this is where for instance impossibility of performance occur due to a frustrating event, so when a it is impossible to carry out the contract as it can be destroyed or inaccessible so due to its existence
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Breach of Contract & Remedies 1 Breach of contract Nature of breach A breach of contract occurs where a party to a contract fails to perform, precisely and exactly, his obligations under the contract. This can take various forms for example, the failure to supply goods or perform a service as agreed. Breach of contract may be either actual or anticipatory. Actual breach occurs where one party refuses to form his side of the bargain on the due date or performs incompletely. For example: Poussard
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Chapter 10Homework 1. This would indeed be a contract called an implied-in-fact contract. This is a contract that is implied from the conduct of the parties. Unlike other contracts, the contract was created through the conduct of the parties, not through words. This is what Miller and McCleskey have done. The parties both agreed through their conduct that it was alright for Miller to take the candy bar, which he will pay at a later date. 2. Nursing Services will probably be able to recover
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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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Business I. The essential elements of a contract and the applicable remedies in the event of a breach. Four Essential Elements of a Contract An agreement must contain four essential elements to be regarded as a contract. If any one of them is missing, the agreement will not be legally binding. a. Offer There must be a definite, clearly stated offer to do something. For example: A quotation by sub-contractor to the main contractor and an offer to lease. An offer does not include ball park
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Better Practice Contract Management Framework Better practice element Comment: What is required and why Governance Agencies’ contract management delegations are clear and consistent with general financial delegations Define oversight, financial and management controls. • Agencies’ general financial delegations should take precedence over contract management delegations, such as signing the contract. • Contract management delegations should escalate based on the risks
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on average, every 20 seconds of every business day, for a contract (Stanberry, 2009, preface). In order for a business to become part of selling to that enormous market it must first understand the laws, rules, and regulations that govern acquisitions and procurement for the federal government. Discuss the importance of fixed price contract in creating effective, efficient, and accountable acquisition planning: Under a Fixed price Contract. FAR 16.201, the government agrees to pay a specific price
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CHAPTER 13 QUESTIONS 1. If a contract states no time frame for performance, when must it be performed? Performance must ordinarily be rendered within a reasonable time. 2. What is the effect of a tender of performance? If a contract calls for the performance of an act at a specified time, a tender of performance will discharge the obligation of the one making the tender so long as the tender conforms to the agreement. 3. What must a debtor do to make a valid tender of payment? The debtor
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promises in ad to pay 100 pounds to any person who contracts flu after using smoke ball. • Carlill (plaintiff) uses ball but contracts flu + relies on ad. Issue: Was there a binding contract between the parties? - A contract requires notification of acceptance – Did Mrs Carlill notify Carbolic of the acceptance of the offer? - Did Mrs Carlill provide consideration in exchange for the 100 pounds reward? Def argument is: There was no binding contract – the words of the ad did not amount to a promise
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