Part A For a contract‚ it is necessary to decide what the parties have agreed‚ otherwise it is not possible to know whether the parties have done what they contracted to do. However‚ not all the statements made during negotiations are contractual terms. Therefore‚ here to discuss terms of the contract. Terms of the contract According to James (2010)‚ the terms of the contract are the specific details of the agreement‚ including each party’s rights and obligations. Broadly speaking‚ there are
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House sales contract This contract is made effective as of 8th of February‚ by and between Mrs. Appleby and Acme Insurance Co. 1. Purpose of Contract. Acme Insurance Co agrees to buy the Mrs. Appleby’s detached house which is located in 연희동‚ whose size is 50py. 2. Price of House sales. 3.1 The buyer agrees to buy‚ and the seller agrees to sell the detached house with the price of \650‚000‚000 which includes the price of newly moving house located in 아현동‚ sized 30py and \150
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Construction Contracts Introduction For this assignment the writer is going to discuss the nature and types of construction contracts and will explain the legal responsibilities of the various parties involved in the design and the construction process. Using different types of sources an explanation to the basic principles of contract law and how they apply. From doing this there will then be an explanation to what extent standard forms of contract are special types of contract. Contract that has
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DR AMBER v MAGGIE Selwyn Selikowitz Group No: 3613 Advice has been sought as to whether or not Dr. Amber has an enforceable contract with Furniture Comfort‚ and whether she is entitled by law to buy the couch at the discounted price. In order to address the issue‚ one needs to start by examining each of the four essential elements for contract formation: agreement‚ consideration‚ certainty and an intention to create legal relations.[1] 1. NEWSPAPER ADVERTISEMENT The newspaper advertisement
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THE SOCIAL CONTRACT THEORY The theory is as old as philosophy itself. It is of the view that persons’ moral and/ or political obligations are dependent upon a contract or agreement among them to form the society in which they live. The theory of a social contract is therefore a hypothesis explaining how society originates as well as the presumed relationships between its members‚ how they incur responsibilities and their rights. Early proponents of the social contract theory include; - Socrates
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Aspect of contract and business law Assignment 1: The requirements for a valid contract P1: Identify the legal criteria for offer and acceptance in a valid contract. In order for a contract to be legally binding‚ both parties must make an offer and an acceptance of that offer. An offer‚ by law it is generally presumed that in a commercial transaction‚ the contracting parties must have the intention to create a legally binding contract. This means that if they have signed a contract for business-related
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Management Consults Melanie Lee Art Marohl Kelly Scott Mckee Summer Hickey Rhonda Jensen Busn 460 Senior Project DeVry University Professor Mozinski 07/15/12 BUSN460 Team Contract Our team name is Strategic Management Consultants. Our goal is to work well together‚ complete each task as stated in this contract. If one of our team members fails to stick to this agreement our team will step up and meet or exceed each goal necessary to complete this task. Section I: Team Member Skill Inventory
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Contract costing is a type of a specific order costing: Contractor costing is generally used for the works of constructional nature such as civil engineering works etc.‚ Each contract is considered as a separate unit of cost and a separate account is kept for each individual contract. The special features of contract costing are as detailed below: Materials: The materials purchased directly or issued from the stores or transferred from other contracts are recorded on the debit side of the
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1.0 INTRODUCTION TO CONTRACT MANAGEMENT A contract is an agreement having a lawful object entered into voluntarily by two or more parties‚ each of whom intends to create one or more legal obligations between or among them. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchanges "consideration" to create "mutuality of obligation. i.e. 1. Offer and Acceptance 2. Competent Persons 3. Consideration 4. Mutual Obligation 5. Lawful
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M2014036 1 2 Contract Defined An agreement between two or more parties representing a promise to be performed for consideration 3 Necessary Parts of a Typical Construction Contract O Parties identified O Parties make promises that constitute an offer O Both parties sign the contract O Both parties receive consideration: O Contractor – payment for work done O Owner – use of the completed project O Parties of the contract must have the LEGAL AUTHORITY to negotiate a contract 4 Contractual
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