For a contract to be legally binding all of the following elements must be present. If one or more is absent the contract will be considered invalid or void. The first element of the contract is Offer and Acceptance. For a contract to be considered valid one party (the offer) must make an offer to another party (the offeree). Before an offer is accepted it must be communicated to the offeree. A offer is immediately made into a contract when the offeree accepts the offeror’s tender. An offer can be
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Business Law 110 Capacity and Legality Question and Problems 1. In the United States the idea of an “age of majority” for granted; the only question is whether it should be 18‚ 19‚ or 21. Though in Great Britain there is no age at which a young person acquires the legal capacity to enter into a contract. British courts will not enforce contracts with immature minors. However‚ they make the decision of whether a person is too immature to enter into contract on a case-by-case basis. If the
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Production Capacity It is highly imperative that management must formulate a strategic plan for operations before any production is carried out. This is basically important in avoiding possible hindrances and excess in capacity. Under capacity may force the firm to cancel production schedules or excess can be fatal due to a broadened fixed cost. Both really would be a financial burden to the firm. Some procedural strategy can be adopted to minimize ill effects of capacity-related problems
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The Importance of Having Computer Skills By: Laura Aguilar Computer skills are an absolute necessity in the modern workplace. Of course there are other skills which one needs in a balanced education. However: computer skills should be the base‚ upon which any modern education is built. According to the “Journal of Education for Businesses” “A skill is an underlying ability that can be refined through practice (Shipp‚ Lamb‚ & Mokwa‚ 1993). Most employers require basic computer knowledge
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Identification card number : Group : Lecturer’s name: The issue in this case deals with invatition to treat ‚ offer ‚ counter-offer ‚ conditional acceptance and acceptance . It also deals with the elements of valid contract. General rule for a binding contract is an offer and an acceptance of the proposal. There must be effective communication to the proposer. It is very important to differeciate a proposal from an invitation to treat. Invitation to treat is a stage of negotiation and inviting
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The ELA Reading Agreements artifact I uploaded to demonstrate my proficiency of Standard 2 is a document created as a result of a literacy vision that was created during the 2014-2015 school year and revised in December 2015. Myself along with the Heritage Literacy Leadership Team guided the staff through the process of developing a vision of what literacy instruction should look like at Heritage to ensure we are supporting all students in attaining high achievement. Through this process we decided
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Currently‚ the 672‚000 tax paying residents of D.C. do not have a voice in congress. Do you think that’s fair? Having no vote on federal decisions that impact your life? According to mayor Muriel Bowser‚ “D.C. residents pays billions of dollars each and every year [...] yet we have no vote in the house.” There is a reason why D.C.’s license plates says “taxation without representation.” Residents are forced to shell out for federal taxes but yet have no member of congress there to fight on their
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is a legally binding agreement. Stated another way‚ "a contract is a promise or a set of promises for the breach of which the law gives a remedy‚ or the performance of which the law in some way recognizes as a duty." (Restatement‚ Contracts‚ 2d) study hint. The essence of a contract is that (1) by mutual agreement (2) parties create obligations that can be legally enforced. 2. ELEMENTS OF A CONTRACT Elements of a valid contract are: (1) an agreement; (2) competent parties; (3) genuine
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A contract is a legally binding agreement or relationship that exists between two or more parties to do‚ or abstain from performing certain acts. A contract can also be defined as a legally binding exchange of promises between two or more parties that the law will enforce. For a contract to be formed an offer made must be backed with an acceptance of which there must be consideration. Both parties involved must intend to create legal relation on a lawful matter which must be entered into freely and
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Government Contracting Corruption‚ what is it and why does it seem to flourish in the world of business and in particular government contracting? Corruption as defined by Webster’s dictionary is a lack of integrity or honesty (especially susceptibility to bribery); use of a position of trust for dishonest gain (“corruption‚” 2010). All over the world there are stories of corruption from money laundering‚ unfair awarding of contracts‚ bribery‚ and even espionage. Procurement and contracting seem to
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