trouble make sure that you follow the four rules of a contract. There are many customers that can also imply an advertisement a certain way, make sure to be very clear on your advertising as well as what your company is offering. A contract is an agreement between parties, with terms and conditions that describe the agreement that constitutes a legal obligation. A valid contract typically requires the following four elements; a meeting of the minds between the parties
Words: 645 - Pages: 3
practicing under the corporate name Family Health Care. P.C., entered into a written employment contract to hire Dennis Winkel. The contract provided for an annual salary, insurance benefits and other employment benefits. Another doctor, Dr. Quan, also practiced with Dr. Vranich. About nine months later, when Dr. Quan left the practice, Vranich and Winkel entered into an oral modification of their written contract whereby Winkel was to receive a higher salary and a profit sharing bonus. During the next
Words: 1780 - Pages: 8
legislation in specialized area. * Four essential 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
Words: 813 - Pages: 4
Contract Creation and Management Assignment Paper George Van Hoosier LAW 531 June 26, 2012 Dr. Beverly Spencer Contract Creation and Management The scenario presented is on contractual conflicts. In summary, a software development company and a hotel company entered into a business partnership to develop an electronic reservation system for the hotel company. The groundwork of the plan changed and obfuscated what was expected by both parties. These changes were not communicated well enough
Words: 963 - Pages: 4
4 Reflection “A contract is promise enforceable by law to either do something or refrain from doing something” (Melvin (2011). We deal with contracts or agreements on a daily basis, it happens everywhere. There are four elements of a contract. First is the agreement, which includes two parts: offer and acceptance, this indicates mutual assent, the second one is consideration, which indicates the values that must be bargained for between the parties. The third element is capacity, requiring
Words: 407 - Pages: 2
the procedures for dispute resolution. 1.1 VARIATION. This is when parties by mutual agreement modify or alter the terms of a contract. It involves definite alteration as a matter of contract or contractual obligation of parties in mutual agreement and must be supported by consideration in some cases. Variations clause must be indicated in the original contract and must be in writing. Variations take place when there is a change in the original terms especially, the scope of work, design, material
Words: 3586 - Pages: 15
action. What potential causes of action could you foresee him bringing in court? Possible causes for Big Bank legal action: Misrepresentation “Data processing systems were the fastest around” “Systems Inc. never missed a deadline” When one party to a contract is not given full or accurate information by the other party about the contract subject matter, misrepresentation occurs. In the case of misrepresentation in the formation of a contract, the law allows a rescission of the contract. Rescission
Words: 1377 - Pages: 6
Contents 1a. Explain the different types of business agreement and the importance of the key elements required for the formation of a valid contract 9 1b. Analyse the scenario from the perspective of the law of contract. Apply the rules of offer and acceptance in a given scenario, also considering any impact of new technology 11 1c. Assess the importance of the rules of intention and consideration of the parties to the agreement 12 1d. Explain the importance of the contracting parties having
Words: 3964 - Pages: 16
UK COLLEGE BUSINESS AND COMPUTING Module Booklet Course: EDEXCEL BTEC Group: Ed excel HND Group Module: Unit 5 – Aspects of Contract and Negligence for Business Module type: Module Code: Y/601/0563 Module Credit: 15 Teaching Period: (12+3 weeks) QCF Level: 5 Contact Hours: (15*3.75 = 56.25) Lecturers: 12 weeks Revision Clinic: 1 week Feedback and assignment guidance: 2 weeks Lecturer: Mr. Dalton Vincent
Words: 5678 - Pages: 23
Aspects of Contract and Negligence for Business TASK 1: BE ABLE TO UNDERSTAND THE ESSENTIAL ELEMENTS OF A VALID CONTRACT IN CAM’S COLLEGE 1. Explain the importance of the essential elements required for the formation of a valid contract. A contract is much more than an agreement between two people. There must be an offer and acceptance, intention to create a legally binding agreement, a price paid (not necessarily money), a legal capacity to enter a contract of your own free will, and proper
Words: 7547 - Pages: 31
