Essential elements of Contracts BUS 670 Legal Environment Instructor: Mark Cohen 09/26/2011 Essential elements of Contracts All contracts share some common elements. A contract starts when an offer is made‚ certain requirements need to be satisfied to ensure the agreement is legal‚ in particular a capacity of parties to contract has to be proven‚ the legal purpose of the agreement and the satisfaction of consideration‚ before the offer is accepted. Contracts have common elements in their
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agreement (Natalie 2010‚ p.199). Good faith bargaining on the other hand‚ generally refers to duty of the parties to meet and negotiate at reasonable time with willingness to reach an agreement on matters within the scope of representation (Riley 2012‚ pp.22-29). According to Fair Work Act 2009 “To bargain collectively is the performance of the mutual obligation of the employer and the representative of the employees to meet at reasonable times and confer in good faith with respect to wages‚ hour and
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Assignment 1 – Understanding the legal requirements for a valid contract The essential elements for a contract‚ who apply in all cases‚ are: 1. Offer- made by offeror to the offeree ‚ it is very important to distinguish this from invitation to treat ( which invites offers to be made) 2. Acceptance – Offeree accepts the offer that has been made. Rolls Royce Car 3. Consideration- Something of value passes between the two parties e.g.: A
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GOOD FAITH IN INSURANCE LAW Good Faith: A study Good faith is required in a wide range of situations‚ including contracts and business dealings‚ as well as during mediation‚ arbitration orsettlement negotiations in a personal injury or similar tort case. The good faith requirement also appears in business law. The officers and directors of a corporation are obligated by their fiduciary duties to act in good faith when dealing on behalf of the corporation. Although the phrase “good faith” may mean
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agreement: 6 2. Requirement to form a valid contract: 9 Claim 1: 13 Claim 2: 15 Claim 3: 19 Task 2: Explain the differences among conditions‚ warranties and innominate terms with examples to illustrate: 22 Task 3: Law on standard form contracts: 24 Claim 4: 29 Conclusion 32 Reference 32 Introduction The knowledge of the law of contract is very importance when doing business. Law of contract is a part of Common law which focus on the formation and operation of a business contract. This
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survey of Jamuna Bank Limited in Dilkusha Branch. There is no previous report on customer satisfaction‚ that’s why decided to research on customer satisfaction. Customer satisfaction is the individual’s perception of the performance of the products or service in relation to his or her expectation (Leaon G. Schiffman) Basically Banking is service oriented business. In service oriented business customer satisfaction depend on good service quality‚ service recovery paradox‚ low price and how much easily
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Banks and Bank Systems‚ Volume 3‚ Issue 3‚ 2008 Atsede Woldie (United Kingdom)‚ Robert Hinson (Ghana)‚ Habib Iddrisu (United Kingdom)‚ Richard Boateng (United Kingdom) Internet banking: an initial look at Ghanaian bank consumer perceptions Abstract Internet banking is a tool in the service delivery arsenal for banks. This study focuses on client-bank relationship and on how Internet adoption may improve the qualitative relationship between banks and firms in Ghana and the business they
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A contract is a "promise" or an "agreement" that is enforced or recognized by the law‚ whether implied or expressed. There must be an agreement‚ which consists of an agreement‚ an intention to create legal relations‚ and consideration. A contract is said to come into existence when acceptance of an offer has been communicated to the offerer by the offeree. An offer is an expression of willingness to contract on certain terms‚ made with the intention that it shall become binding as soon as it is
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1. Zan Nesar alim Qaderi 18-011 2. Samia Israt Jerin 18-053 3. Fahmida Islam Jinia 18-069 4. Farid Molla 18-115 5. Sirazum Munira Haque 18-169 February 17‚ 2014 PallabiSiddiqua Assistant Professor Department of Finance University of Dhaka Subject: Submission of term paper on “Principle of Utmost Good Faith” Dear Madam‚ We are very happy to state that the report on “Principle of Utmost Good Faith” is completed and ready for your viewing
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discrimination between the banks no longer exist‚ the services of almost equivalent. The bank do more advanced technology will certainly capture the advantage. Most of the banks are using computers to automate the processing stage to optimize performance and limit manually. Banking industry is becoming more competitive. Customers today have more opportunities to reach more information. They have more options in choosing the bank for the transaction. This will cause more difficult for banks to attract and
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