Business Law – Outcome 2 (Law of Contract) Identify and describe the essential elements of a contract There are 3 essential elements in a contract: * There must be an agreement on all material aspects (Consensus in idem) Both or all parties in a contract must have the same understanding of all terms within the contract. To reach and consensus in idem‚ any acceptance must meet one of the offers made. If a party makes changes to the original offer then this is considered a conditional offer
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This essay will discuss the Case study by firstly identifying four elements of contract‚ then justifying duties of Mr. Martin with applying the principles of pre-existing contractual duties. Finally a discussion about part payment of debt and promissory estoppel will be explained. Likewise‚ this essay will evaluate the knowledge of common law and agency relationship. QUESTION 1 a) Four essential elements of a contract should be Offer‚ Acceptance‚ Intention to create legal relations and Consideration
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10 bushels of peaches from Georgina‚ at a price of $5 per bushel. Delivery was to be in one month. One week after this contract was formed‚ unexpected cold weather destroyed most of the peach crop and prices doubled. Georgina asked Chen if he would agree to a price increase to $7 per bushel‚ to help her absorb some of her loss. Chen agreed. However‚ after the peaches were delivered‚ Chen refused to pay more than $5 per bushel. a. Chen must pay the higher price because the UCC does not require consideration
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In 2007‚ Business transformation became a crucial factor in driving change within organisations. European Firms have identified the need for change due to several growing external factors that have had a growing impact on the firm’s survival in the industry. As the forces of globalisation began to increase‚ barriers of trade reduced significantly causing firms to shift their focus on improving processes internally in order to sustain operations and become profitable. With the reduction of the barriers
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a contract made between my husband and me‚ to demonstrate a simple contract. This paper will also go into the factors that make a verbal contract lawful. MGM230-0903B-04_P2-IP Many factors make up a valid contract‚ or a promise in which the law will enforce. First there needs to be an agreement between the two or more parties involved‚ a bargain or exchange of service‚ money or exedra. One main factor is that the contract must be for a lawful purpose‚ as well as any party involved must be
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not contract terms. * Equity – seeks a remedy when there is no available remedy at law. Deals with fairness in justice‚ usually stemming from natural law. Injunctions‚ court orders‚ restraining order. Civil action. * Court of Law – “black letter law” you did or did not do something. * Legal action – action typically for money damages such as a tort or breach of contract action. Criminal charges. Sources of Contemporary Law * United States Constitution – supreme law of the land
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Running head: CONTRACTS Contracts‚ What Are They? How Do They Work Student Name BUS311 Business Law I Instructor: name Date Abstract In this paper‚ I will reflect on the operation of contracts. Business law shows how contracts may be classified in several ways depending on the manner in which they are created‚ expressed‚ or performed. I have learned a lot from this course and I will use that to help write this paper. In the following paper I will
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Running head: INTRODUCTION TO BUSINESS LAW AND ETHICS. Introduction to Business Law and Ethics Susana Silvestri Grand Canyon University BUS-340 October 17‚ 2010 Introduction to Business Law and Ethics Statutory interpretation was critical to the Supreme Court of Colorado’s resolution of a 2007 case‚ Pringle v. Valdez. Using an online source or sources‚ locate the Pringle decision. Then do the following: 1. Read Justice Bender’s majority opinion and prepare a case brief of
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to advise The William Smith Company with respect to its business development matters. In consideration of the mutual benefits contained in this document‚ the following will set forth our agreement: 1. Capital Edge shall be The William Smith Company’s business consultant throughout the Term (as defined below) and when reasonably requested by The William Smith Company during the Term‚ Capital Edge agrees to advise William Smith Company in connection with its business. Capital Edge shall only be required to provide reasonable advisory
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outstanding amount that is owed to him by J. This case touches on the fundamental concepts of contract law where H can only claim damages if the formation of a valid contract between the two parties is evident via the elements of a contract‚ including intention‚ agreement‚ consideration‚ legal capacity‚ genuine consent and legality of objects must be established. Once these elements are satisfied‚ the terms of the contract need to be evaluated to deem whether the contract between H and J is enforceable
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