The definition of a valid contract is that it complies with all of the legal requirements for a contract. There are several types of contracts. First is a unilateral contract, which is one that only one of the parties involved makes the promise. The other party involved would than act in return for the promise stated. A bilateral contract is when both partied make a promise. An implied contract is when there are surrounding circumstances along with facts, which show that a promise was created. A contract is not executed when all of the parties involved have fully completed their promise and contractual duties.…
Cyril made two contracts. The first was to have his house painted one month from the date of the written contract. The second was for his neighbor's 1957 Ford Thunderbird. Each contract was definite and clear in all respects. As to the house painting, Cyril inquired with the painter as to when the work could begin. The painter explained that he was extremely busy and was not sure if he could fulfill the contract. Cyril flew into a rage and immediately hired someone else who painted the house, but at a higher price. Cyril then sued the painter, claiming that there was an anticipatory repudiation of the contract by the painter.…
Answer: Contracts are extremely important in business because they form the very foundation upon which all modern business rests.…
A valid contract meets all the necessary fundamentals to establish a contract. A valid contract can be enforced by law. Below are the essential components:…
“All contracts are agreements, but not all agreements are contracts” (Luizzo, 2010, pg. 79). In business, contracts are used to employ people and to sell goods, and to sell services (Luizzo, 2010, pg. 79). For a contract to be enforceable legally it must contain certain elements. There must be an offer made to one party and acceptance by another party; there must be consideration; all involved must mutually agree; all parties must be competent; there must be proper…
Australia has not yet committed itself to a definitive principle of good faith in contract law. Unlike the legal systems in Europe and the United States, Australia does not demand an explicit legal prerequisite of good faith to form a contract.[1] Decisions in different jurisdictions have however considered the validity of the values identified in the doctrine of good faith within contract law, such as loyalty, honesty and cooperation. Good faith is valuable because it provides confidence in the formation of contracts between two parties. However there are conflicting views and criticisms of the doctrine of good faith.…
“Australia’s legal system is based on the English legal system.” To what extent is this statement correct? Discuss.…
Before goods are sent to the freight forwarder, the order is opened and checked for any missing quantities or flaws on the products. (customer can also require photos of their order)…
The second important concept in determining whether you have an enforceable contract is that of "acceptance. " Along with "offer" and "consideration, " "acceptance" is required in every contract between two or more parties in order for the contract to be legally valid.…
The respondent is unable to justify the violations of Section 8 and 10 of the canadian charter of rights and freedoms (charter) with regards to section 24 (2) of the charter. Section 24 (2) states that where in proceedings under section (1), a court concludes that evidence was obtained in a manner that did not infringe or deny any rights of freedoms guaranteed by the charter, the evidence shall not be excluded if it is established that, having regard to all the circumstances, the admission of it in the proceedings would bring the administration of justice into disrepute (charter).…
All contracts are agreement because there must be mutual understanding between two parties for a contract to be formed. All parties should agree and adhere to the terms and conditions of an offer.…
4. Zidisha does not charge any fee to create a member account or to apply for a loan. Zidisha deducts a new member registration fee from the disbursement of the first loan only after the first loan is funded, in accordance with the fee amounts specified in the Zidisha.org website. Interest rates are composed of a flat 5% fee to cover money transfer costs, plus the flat interest…
White, Kenneth. Ethics Issues Involving Contractors in the Federal Workplace. (2006). Retrieved October 19, 2011, from http://www.dod.mil/dodgc/…
As with any moral theory, one must apply it to real life to ascertain whether it works in practice or not. Contractualism therefore must be equally scrutinised. In the essay I will outline the basic Hobbesian argument, the Kantian argument and Scanlonian argument whilst refuting contractualism’s plausibility. Later I will compare the impartial contractualism moral theory with a consequentialist moral theory in order to strengthen my argument and establish the plausibility of contractualism.…
When creating a contract, a negotiator is not only doing so to reach an agreement between two or more parties, but to create an agreement that is durable; whereby parties of the contract are legally bound and committed to its promises .…