Chapter 9 Formation of Traditional and E-Contracts TRUE/FALSE QUESTIONS 1. Contract law does not distinguish between promises that create only moral obligations and promises that are legally binding. False. 2. In contract law‚ intent is determined by the personal or subjective intent‚ or belief‚ of a party. False‚ intent is determined by the objective theory of contracts 3. A bilateral contract comes into existence at the moment promises are exchanged. True‚ “promise for a promise” 4. If a voidable
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Faculty of Business BBL2614 Business Law Trimester 3‚ 2014-2015 Title: Case Study Lecture Group: AC03 Lecturer: Dr. Abbas Hardani Group members: Student ID Student Name 1. 1121115351 Ng Xin Ping 2. 1131119155 Ng Xin Jia 3. 1131119901 Ang Shing Yi 4. 1131119152 Low Cher Lian 5. 1131119172 Kystal Ann Zhi Ling Declaration by group leader (This section is to be filled in the student’s own handwriting.) I hereby declare that all group members’ names
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1. An exemption is a clause in a contract that exempts or removes liability from one or both parties in certain circumstances. Exemption clauses are used frequently in business organization contract. These clauses apportion risk between the parties concerned and the law upholds them‚ assuming the parties negotiated them while drafting the contract 2. The two ways in which exemption clauses can be incorporated in a contract are: (1) Incorporation by notice and (2) Incorporation by signature
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---- ------- Business Law Take-Home Final Essay When asked “what can Moon‚ Inc do to get its money from Bob Zimmerman?” I would address it by saying if Zimmerman doesn’t pay off what he owes then according to the mortgage contract Zimmerman would foreclose his house and Moon‚ Inc. would have the right to bid first. My reasoning is that initially the mortgage was taken out for the house and Zimmerman paid back loans toward the bank. If Zimmerman doesn’t pay then the house is foreclosed and the
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Business Law – Outcome 2 (Law of Contract) Identify and describe the essential elements of a contract There are 3 essential elements in a contract: * There must be an agreement on all material aspects (Consensus in idem) Both or all parties in a contract must have the same understanding of all terms within the contract. To reach and consensus in idem‚ any acceptance must meet one of the offers made. If a party makes changes to the original offer then this is considered a conditional offer
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1. Able entered into an oral contract with Baker for the sale of Able ’s car for $5‚000. Later Baker breached that contract. Able wants to sue to enforce the contract. Under the Statute of Frauds‚ who is the "party to be charged" in this case? a. Able. b. Baker. c. Both Able and Baker. d. Neither Able nor Baker‚ because this is a contract for the sale of goods. 2. Chen‚ a retail seller of fruit‚ entered into a contract for the purchase of 10 bushels of peaches from Georgina‚ at a price
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Business Law Can Big Bank’s president rescind the contract? Yes‚ but this is an involved process and both parties need to agree to modify it. This is because both parties had problems fulfilling their parts of the contract. Also‚ an organization (the Big Bank) can cannot eradicate the business contract‚ because since their party did something improper (that seems to be them whom input the data incorrectly). Under what circumstances can a contract be rescinded by either party? This can happen when
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Each city in Australian has a different character and habit reflecting the geographic situation and settling. For example‚ Melbourne is a city without beaches; therefore despite not having the sea‚ the coastal area in Melbourne is used as a port. The only good sandy beach is located at St.Kilda‚ about 20 km from the centre of Melbourne. So it can been seen that the beach culture in Melbourne is not as prominent. Their lifestyle‚ fashion and ways of life are therefore very different from coastal cities
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health‚ education and fresh food. * Australian Times‚
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Jessica Schmitt Business Law Chapter 15: 8. Sears‚ Roebuck and Co promised to give Forrer permanent employment‚ so he sold his farm at a loss to take the job. But shortly after beginning work‚ he was discharged by Sears who claimed the contract could be terminated at will. Forrer claimed that the promissory estoppel prevented Sears form terminating the contract. Under promissory estoppel a promisor may be prevented from asserting that their promise is unenforceable because the promise gave no consideration
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