Sab/330 Week 1
SAB 330
Week 8
PUBLIC POLICIES AND ECONOMIC ORGANIZATIONS
1) Explain term of “consideration” The "consideration" requirement for creating a Common Law contract requires that both sides of the agreement give consideration. "Consideration" is the giving of bargained for legal value.
The "bargained for" requirement means only that the legal value given is that which the other party requested, i.e. that there has been some communication about who gives or does what for whom. There is seldom, if ever, a problem with that part.
The "legal value" part is somewhat more complex, and is usually the point of disagreements concerning consideration. "Legal value" does not mean that something has a particular market value or that the parties agree on its worth.
2) Give some example of …show more content…
4) Example of “formal” and “informal” contracts
Formal contracts are contracts that are required to be written to be enforceable or valid. Formal contracts are not considered legal contracts unless they are written with certain language as required by law. Types of formal contracts include contracts that require seals, negotiable instruments and recognizances.
An informal contract is any contract that does not require specific legal requirements to be deemed valid and enforceable. Informal contracts differ from formal contracts in that they do not have to be sealed, written, or witnessed. Informal contracts are commonly referred to as "social contracts." An informal contract should be avoided if you do not have complete trust in the person with whom you are entering into contract.
5) Legal Briefcase 1. In this case, Dodson is 16 years old, and he buys a truck with the money of his girlfriend ‘s grandmother to Shrader’s Auto . he paid $4,900. But 9 months later, the truck had mechanical issues. But Dodson, hadn’t the money to pay the reparation. So he had continue to use the truck until it became
Week 8
PUBLIC POLICIES AND ECONOMIC ORGANIZATIONS
1) Explain term of “consideration” The "consideration" requirement for creating a Common Law contract requires that both sides of the agreement give consideration. "Consideration" is the giving of bargained for legal value.
The "bargained for" requirement means only that the legal value given is that which the other party requested, i.e. that there has been some communication about who gives or does what for whom. There is seldom, if ever, a problem with that part.
The "legal value" part is somewhat more complex, and is usually the point of disagreements concerning consideration. "Legal value" does not mean that something has a particular market value or that the parties agree on its worth.
2) Give some example of …show more content…
4) Example of “formal” and “informal” contracts
Formal contracts are contracts that are required to be written to be enforceable or valid. Formal contracts are not considered legal contracts unless they are written with certain language as required by law. Types of formal contracts include contracts that require seals, negotiable instruments and recognizances.
An informal contract is any contract that does not require specific legal requirements to be deemed valid and enforceable. Informal contracts differ from formal contracts in that they do not have to be sealed, written, or witnessed. Informal contracts are commonly referred to as "social contracts." An informal contract should be avoided if you do not have complete trust in the person with whom you are entering into contract.
5) Legal Briefcase 1. In this case, Dodson is 16 years old, and he buys a truck with the money of his girlfriend ‘s grandmother to Shrader’s Auto . he paid $4,900. But 9 months later, the truck had mechanical issues. But Dodson, hadn’t the money to pay the reparation. So he had continue to use the truck until it became