1.0 Contracts and its Elements 1.1 Essentials of a Contract Contracts form part of our daily life e.g. lease of house‚ sale/purchase of cars‚ etc. However‚ there are elements essential to form a contract. These are: 1.1.1 Offer/Invitation MacMillan & Stone (2004) described offer as “an expression of willingness to contract on certain terms. It must be made with the intention that it will become binding upon acceptance. There must be no further negotiations or discussions required.” This can be
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ILP II: The Incorporation of the Benchmarking Technique on Amazon BUSI 601 Liberty University 1 May 2015 Rationale Benchmarking encompasses evaluation of other company’s business processes and embracing them to improve performance‚ search for innovative ideas‚ and gain a competitive advantage. Benchmarking establishes a rational method for setting performance goals‚ and gaining market leadership and a broader‚ more accurate organizational management perspective. The process is according
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SUMMARY Since the incorporation of Puregold‚ it has never been subjected to nor has been involved in any bankruptcy‚ receivership or similar proceedings. It was recognized as Reader’s Digest Asia’s Most Trusted Brands in 2008. Also in the same year‚ it launched a new format called “Puregold Jr. Supermarket.” By mid-2009‚ it gained market leadership being the second largest hypermarket and supermarket retailer in the Philippines in terms of net sales. By 2010‚ it opened 62 stores‚ and launched
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A contract -is a legal agreement that occurs between two or more parties. It can be a written or spoken agreement that can concern employment‚ sales‚ or tenancy. Parties or members involved‚ enter voluntarily into this agreement. Every contracts involve two persons they are the: Offeror and Offeree. The offeror is the one who offers to enter into a contract and the Offeree is the one to whom the contract is being offered Elements of a contract: Agreement‚ Lawful object‚ consideration and contractual
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CONTRACTS CONTRACT a meeting of minds between 2 persons whereby one binds himself‚ with respect to the other‚ to give something or to render some service (ARTICLE 1305) GENERAL PROVISIONS (Arts. 1305-1317) Distinguish an ordinary Contract: a.) from a Contract of marriage b.) from an obligation c.) from an imperfect promise d.) from a pact e.) from a stipulation a.) from a Contract of marriage ORDINARY CONTRACT 1. The parties may be 2 or more persons of same or different genders
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Q&A 2 Certainty of terms and intention Introduction Contractual certainty If businessmen are often not overly-concerned with the niceties of offer and acceptance it follows that their contracts may not be all-embracing and complete in every respect. The parties may have reached an agreement in principle and then prefer to rely on experience from previous dealings‚ business practice and goodwill. The law’s overall policy is to uphold bargains wherever possible and although businessmen tend to
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there are requirements to form a valid contract other than offer and acceptance‚ that are‚ intention to create legal relation and consideration. What is consideration? It can be describe as being something which represent either some benefit to the person making a promise or some detriment to the person to whom the promise is made. The term consideration is given to the subject that is exchanged in a contract.1 It is a fundamental prerequisite in English contract law. 2 The courts has explained the
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CONTRACTS Stages in the life of a contract: 1. Preparation/Generation 2. Perfection/Birth 3. Consummation/Death Characteristics of Contracts: (ROMA) 1. Relativity (Art. 1311) 2. Obligatoriness & Consensuality (Art. 1315) 3. Mutuality (Art. 1308) 4. Autonomy (Art. 1306) Stipulation pour Autrui - stipulation in favor of a 3rd party. Requisites: 1. The stipulation must be part‚ not whole of the contract; 2. the contracting parties must have clearly and deliberately conferred
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1. Shipment or delivery The obligation of Seller to ship or deliver the goods specified on the face of this Contract (“Goods”) by the time or within the period specified on the face of this Contract shall be subject to the availability of the vessel or the vessel’s space. If‚ under the terms of this Contract‚ Buyer is to secure or arrange for the vessel or vessel’s space‚ Buyer shall secure or arrange for the necessary vessel or vessel’s space on berth terms basis and give Seller shipping
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contract law agreement: objective test of intention to agree offer must be matched by other’s acceptance requirement of certainty of agreement parties have intention to create legal relations enforce promise: consideration promise is contained in a deed promissory estoppel (claimant has relied on defendant’s promise) reliance theory: consistent with the harm principle (prevent harm on others) restitution interest
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