her life. Barbara’s family was on the verge of being torn apart over the family’s largest asset‚ a bar called The Crowne Inn‚ located in Kansas City‚ Missouri. IV. Statement of the Problem Major Problem: Bruce had not lived up to the oral agreement that he had made in front of his parents and attorney about paying off the second mortgage of his parents‚ giving them $500 in cash per month‚ and paying their health insurance and medical bills for the rest of their lives. Minor Problem: In the
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and several types of laws regulate the activities of all businesses and everyone involved in the business‚ from owner to manager to employees. These include – • Tort law (which includes product liability)‚ • Laws governing contractual agreements‚ • Sales agreements‚ • Use of agents‚ • Property transactions‚ • Bankruptcy proceedings‚ and • Negotiable instruments. 3. Laws that affect business in Bangladesh It is important for all business owners to know and understand the laws that affect
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Definition of goods The contact of sale Agreement to sell Formation of the contract Terms of the contract Transfers of the property Transfer of the title Performance of the contract Remedies for breach 1.1 Definition of Goods Sale of Good Act 1957 defines the word goods as meaning ‘every kind of movable property other than actionable claims and money‚ and includes stock and shares‚ growing crops‚ grass and things attached to or forming part of the land which are agreed
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Chapter 12—NATURE AND CLASSES OF CONTRACTS: CONTRACTING ON THE INTERNET TRUE/FALSE 1. Quasi contracts are contracts. ANS: F MSC: AACSB Analytic 2. A contract is essentially an agreement that creates an obligation. ANS: T MSC: AACSB Analytic 3. Because transfer of value is essential to a valid contract‚ contracts cannot apply to the performance of personal services. ANS: F MSC: AACSB Analytic 4. Every contract has only two parties. ANS: F MSC: AACSB Analytic 5. A promisor
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term contract as "any agreement enforceable by law". There are two essentials of this act‚ agreement and enforceability. Section 2(e) defines agreement as "every promise and every set of promises‚ forming the consideration for each other." Again Section 2(b) defines promise in these words: "when the person to whom the proposal is made signifies his assent thereto‚ the proposal is said to be accepted. Proposal when accepted‚ becomes a promise." And other words Say Agreement is Sum of all contract
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offered to sell a set of legal encyclopedias to Antonio for $300.00. Antonio said that he would think about her offer and let her know his decision the next day. Norvel‚ who had overheard the conversation between Carrie and Antonio‚ said to Carrie‚ "I accept your offer‚" and Carrie gave Norvel the books. The next day‚ Antonio‚ who had no idea that Carrie had already sold the books to Norvel‚ told Carrie that he accepted her offer. We need to determine whether or not Carrie is obligated to sell her encyclopedias
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Lecturer’s Name MR. BRIAN OFFICIAL USE ONLY MARKER’S COMMENTS Marker’s Name Marks Awarded /100 ASSIGNMENT PRINCIPLES OF BUSINESS LAW BA 333 QUESTION 1 Allan put an advertisement in the local newspaper on 11 November to sell his sports car for $20‚000. The advertisement explained very clearly the condition of the sports car. On 12 November Benny called Allan and said he would be willing to pay $15‚000 for the car. Allan said that he would only accept $18‚000‚ and that
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Contract By definition under Sec 2(h) Contract Act 1950‚ “an agreement enforceable by law is a contract”. A contract is a promise or agreement between two or more parties that is enforced by law to be legally binding. It may involve a duty to do or refrain from doing something‚ and the failure to perform such duty is a breach of contract. The role of law in a contract is not to punish the breaching party but to provide remedies to restore the person wronged to the position they ought to occupy if
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enforced by law as a binding agreement‚ which is one of the cornerstones of our economic environment from early stage to the modern society. Several essential conditions constitute the process of forming a standard contract. In our present case‚ three parties were involved in relation of transaction. The seller is The Logomug‚ which manufacturing and selling mugs. One buyer is Sophie and another is Norfolk wildlife charity. The Logomug offered Sophie that they would sell 2000 at 70p each mug to her
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THE INDIAN CONTRACT ACT‚ 1872 ACT No. 9 OF 1872 1* [25th April‚ 1872.] Preamble.WHEREAS it is expedient to define and amend certain parts of the law relating to contracts ; It is hereby enacted as follows - PRELIMINARY 1. Short title. 1.Short title.-This Act may be called the Indian Contract Act‚1872. Extent‚ Commencements.-It extends to the whole of India 2*[except the State of Jammu and Kashmir]; and it shall come into force on the first day of September‚ 1872. 3* Nothing herein contained
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