What is contract? Restatement 2nd of contracts a contract is a promise or a set of promises for the berach of which the law gives s remedy, ror the performance of which the law in some way recognizes as a duty. A contract is subject to legal enformcent. Promisuar and a promisee A bilateral contract it can be both promisaur and promisee. A contract is a statement that there are future obligation on one party or the other. If paid all cash it’s a mere transaction and not a contract. It needs
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is complete, however, it is questionable when the completion of the acceptance of communication take place either at 11.00 a.m. when Betty left message or at 4.30 p.m when Usop get the message from Betty that showed by Fatimah. Is there is valid contract between Betty and Usop? In situation between
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clients from Bake Chef Sdn. Bhd. and transfer the title of his house to his company, Cake Mart Sdn. Bhd. to evade the contract of selling his house to Ramos. In Sec 16(5) of Companies Act 1965, a company may sue and be sued in its own name. However, under the rule in “Foss vs. Harbottle”, a company should sue the other party under its own name if the company has a right under contract against the party. On the other hand, under the rule of “Jones vs. Lipman”, a court can set aside the separate legal
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A Contract is a legal binding with the presence of (Offer, Acceptance, Intention and consideration) four essential elements. Essential Elements are as under; 1. Offer(proposal) It is starting point from where an agreement gets life formally which ultimately may take the shape of a legally binding contract. Offer means the formal expression of intention or willingness of one party to another to do or to refrain from doing an act in order to obtaining the assent of the other party to such act
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awarded damages and costs. Bench Win, which only later discovered that the plaintiffs were squatters, pleaded that the consideration for the compensation agreement was illegal and the contract were void. Issues Whether the contact void and unenforceable? Whether plaintiffs use of premises as consideration for contract unlawful? Decision The court dismissing the claims with costs.The compensation agreement between the plaintiffs and Bench Win were void and unenforceable on the ground of illegality
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What should the price of a gallon of fuel oil represent to a customer? What do you get for that price? “Purchase decisions are based on how consumers perceive prices and what they consider the current actual price to be—not on the marketer’s stated price” states Kotler (2012). He further goes on to explain that customers may have a lower price threshold at which prices means inferior or unacceptable quality, while a high price threshold at which prices are refused determine that the product is not
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checks o not current supplier • Westbank provides free checks at a cost of $8M per year • Current situation – 50% split suppliers, last 5 years o Supplier A prints and mails 50% checks, renewed contract 8 months ago o Supplier B prints and mails 50% checks, contract expires in 4 months o Each 2 year contract, good quality and service o Costs studied one year ago, determined pricing was fair BASIC ISSUES; (note - tie to elements from textbook) 1. Purchasing for a service organization. 2. The
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Question 1: Ian brings a claim for breach of contract against Ben. Discuss whether Ian and Ben formed an enforceable contract and whether Ian is likely to succeed with his claim An enforceable contract can be described as an agreement that can be enforced by the courts. However there are certain essential elements of a valid and enforceable contract. For this purpose, it is required that one party should make an offer and the other party should accept the offer. Similarly there should be a meeting
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that he would be enforcing the contract and she would not be getting her deposit back per the term of the contract. In an attempt to get her deposit back Vivian sues Bernie claiming that her sole pep up of receiving the deposit back if Bernie had been the one to br individually the contract was not sufficient under the mutuality rule and at that placefore the contract is voi d. The purpose of this memo is to clarify through Virginia type legal philosophy if this contract lacked mutual con rampration
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Technology has now become a new and efficient way for companies and organizations to communicate and coordinate workflow and task to their employees in remote locations. There are a lot of advantages that Statoil will benefit from as a result of the IT Step initiative. Options 1 The first option I would suggest is to begin communicating with employees the opportunity of gaining additional skills via the IT Step initiative. Providing a survey or questionnaire would be a great tool that will provide
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