assist Pat in buying a home. Dan told Pat that he would help Pat with the financing. After finding the home she wanted to buy for $250‚000‚ Dan and Pat orally agreed that Dan would purchase the home and "when you come up with the money‚ I (Dan) will sell it to you (Pat) for $250‚000 plus a fair commission to be determined." Dan purchased the home identified by Pat and the following week Pat moved in and began living in the house. During the first six months after moving in‚ Pat installed new carpeting
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opportunity to market and sell their products and services through this channel. Marketing and sales people saw an opportunity to explore wider markets and trade their products and services to consumers around the world. This led to buyers and sellers concluding transactions over the internet (online). Small businesses also came to the fore as costs were now greatly reduced. One didn’t need to have bricks and mortar to trade from. A small entrepreneur can set up a web page and use it to sell their goods and
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contract as “an agreement enforceable by law” Thus to make a contract there must be – (i) an agreement (ii) the agreement should be enforceable by law. All agreements are not enforceable by law and‚ therefore‚ all agreements are not contracts. Some agreements may be enforceable by law and others not. For example‚ an agreement to sell a radio set may be a contract‚ but an agreement to go to see a movie may be a mere agreement not enforceable by law. Thus‚ all agreements are not contracts
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management. The proper supply chain can shorten product lead times‚ increase sales‚ and grow market share. So‚ how important is the customer relationship in supply chain management? The entire purpose of inventory is to have product available to sell and make money. The issue is knowing when to have that inventory and knowing when a customer will need it. Sounds pretty easy doesn’t it? Well‚ it isn’t. There is nothing at all easy about inventory management. Purchase too much and hold it too long
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well as businesses with other businesses‚ to sell or transfers property‚ to provide and receive services and other rights and obligations created. To sale and purchase of goods is based on sale contract‚ the hiring of employees is based on employment contracts; the lease of property or house is based on a rental or lease contract; and so the list goes on. Business cannot exist without enforceable contracts. Although the terms ‘contract’ and ‘ agreement’ are often used to mean the same thing‚ actually
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Act‚ 1872‚ "A contract is “an agreement enforceable by law”. A contract therefore‚ is an agreement the object of which is to create a legal obligation i.e.‚ a duty enforceable by law. From the above definition‚ we find that a contract essentially consists of two elements: (1) An agreement and (2) Legal obligation i.e.‚ a duty enforceable by law. As per section 2 (e) "Every promise and every set of promises‚ forming the consideration for each other‚ is an agreement." Thus it is clear from this definition
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Stock futures Stock futures are agreement to buy or sell a specified stock i.e. Equity share of a specified company in the future at a specified price. An investor who is interested in purchasing a share may buy the share in stock exchanges for cash. These agreements are transacted through future exchange with the help of brokers. The terms of the agreement are specified and standardized by the exchange to facilitate funding. A stock future contract may be settled on the prescribed delivery date
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do. However‚ not all the statements made during negotiations are contractual terms. Therefore‚ here to discuss terms of the contract. Terms of the contract According to James (2010)‚ the terms of the contract are the specific details of the agreement‚ including each party’s rights and obligations. Broadly speaking‚ there are two types of contractual term: express terms and implied terms. Express terms of the contract Express terms are those obligations and liabilities which the parties
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DEPARTMENT EXAM TEST BANK SPRING 2011 True/False Indicate whether the sentence or statement is true or false. __F___ The Offeror Is The Party With The Power To Decide Whether To Create A Contract. __T___ An offer made as a joke‚ where a reasonable person would conclude that it was made as a joke‚ cannot result in a contract. __T___ The communication of an offer can be made by the offeror or the offeror ’s agent. __T___ Generally‚ advertisements‚ catalogs‚ price lists‚ etc. are not treated
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Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal 4. A price-fixing agreement that is reasonable does not violate antitrust law. ANSWER: F PAGES: Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal 5. A horizontal restraint is any agreement that in some way restrains competition between rival firms competing in the same market. answer: T PAGES: Section 2 TYPE: + BUSPROG: Analytic AICPA: BB-Legal 6. Any agreement that restricts output among competitors is a per se violation of Section
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