Contract Creation and Management Erica Ackerman University of Phoenix Online Business Law LAW 531 Laurie Wicker April 30‚ 2012 Contract Creation and Management Introduction A contract is a binding agreement between two or more mutual parties. When people enter into a contract‚ they must abide by every article of the contract or they are in danger of a lawsuit for breach of contract (Cheeseman‚ 2010). The author of this paper completed the contract creation and management simulation
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COMMERICAL LAW EXAM Agency Definition Agency may be defined as a relationship between the principal (P) and the agent (A) whereby A has the authority to create a legal relationship between P and the third party (T). The purpose of agency is that two people can enter a valid contract with one another without having to deal with each other personally. Instead‚ the contract or other transaction is brought about through A who when dealing with T acts or purports to act‚ on behalf of P. Authority
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LAW EXTENSION COMMITTEE WINTER COURSE 2005 CONTRACTS LECTURE NOTES WEEK FIVE PRIVITY OF CONTRACT 1. The Privity of Contract Doctrine The privity of contract doctrine dictates that only persons who are parties to a contract are entitled to take action to enforce it. A person who stands to gain a benefit from the contract (a third party beneficiary) is not entitled to take any enforcement action if he or she is denied the promised benefit. Example: A promises B‚ for consideration
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contract law The many doctrines of promissory estoppel If one concept in the early part of the contract law syllabus is difficult for the law student to digest‚ it is promissory estoppel‚ usually learned alongside the doctrine of consideration. This article tackles this tricky topic by dissecting promissory estoppel. by Adam Kramer‚ Lecturer in Law‚ University of Durham Promises are special in our society because there is a societal or moral convention that allows a promisor to be treated as
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(Plaintiff/Appellee) v.Gerry DiNardo(Defendant/Appellant) Facts: On December 3‚ 1990‚ Vanderbilt and DiNardo executed an employment contract hiring DiNardo to be Vanderbilt’s head football coach. On August 14‚ 1994‚ Paul Hoolahan‚ Vanderbilt’s Athletic Director‚ went to Bell Buckle‚ Tennessee‚ where the football team was practicing‚ to talk to DiNardo about a contract extension. In November 1994‚ Louisiana State University contacted Vanderbilt in hopes of speaking with DiNardo about becoming the head
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During the nineteenth century there was a development in commercial law through the common law and the process was achieved by codification of certain defined area. Sir Mackenzie Chalmers drafted the following acts Bills of Exchange Act 1882‚ The Sale of Goods Act 1893 and the Marine Insurance Act 1906 and out of these The Sale of Goods act was amended particularly by the Supply of Goods Act 1973 and then the law solidified the Act as Sale of Goods Act 1979 which came into existence on 1st
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Grocery‚ Inc. Paper It has been known for major companies to be in the light of the court for breach of contract. Depending on the stipulation of the contract most companies end up losing‚ but it is solely based on what the contract states. For example‚ in the matter of Grocery v. Masterpiece‚ (Specific performance‚ 2008) as a general rule‚ equity will not order acts that it cannot supervise. In many instances‚ specific performance is denied where courts would be unduly burdened with the task of
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the lack of a presence of a legal contract. The question lies upon whether Dark is entitled to pay the maintenance amount of $100 per week to Cindy as agreed upon. More specifically‚ the case addresses the issue of whether Dark is bound by a possibly existent contract that is‚ Cindy and Dark have agreed upon the consideration of payment of maintenance and their joint credit card account‚ respectively. Issue: Can Cindy sue Dark? Elements and Analysis of Contract According to the case‚ Dark and Cindy
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Contract A promise the law will enforce. Judicial Restraint The court takes a passive role and enforces what is already written in the contract‚ no matter if one party benefits over the other party. Judicial Activism The court takes an active interest in the contents of the contract and makes decisions based on what is "fair" and "right". Four Elements of a Contract (1) Agreement- offer is made by one party and accepted by another party.(2) Consideration- bargaining (3) Legality- has to
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Business Advisory Service Legal responsibilities for business owners Advise for new business owners about: * Legal status and risk involved * Contract Law * Consumer legislation Legal Status When starting up a business‚ one should decide which legal status to choose. Each legal status has its own different responsibilities and there are some risks involved. There are three types of legal status: sole trader‚ partnership and limited companies (Ltd & Plc). * Sole
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