CONTRACTS IN BUSINESS On the 10th of September an offer was distinguished between Huddersford Electronics Ltd (HE ltd) and Gem Computer Stores (GCS). The offer was an invitation to treat as there is an entitlement that an offer could accepted and therefore‚ a contract could be formed. An offer is formed as HE ltd posted an offer to sell 10 laptops to GCS‚ keeping the offer open until the 24th September. A statement is made by HE ltd who is giving information to GCS expressing an intention to sell
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1. Article 2 of the UCC mandates that the parties to a sales contract state in specific and unambiguous language the exact terms of the contract. Otherwise‚ courts will declare the contract unenforceable. True False 2. Law of sale of goods codified in the Art.2 of the UCC is modified to accommodate current practices of the merchants. True False 3. In mixed goods-services situations‚ courts determine whether the contract is for the sale of goods by determining whether the good or
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OUTLINE OF LECTURE IN LAW ON CONTRACTS (Defective Contracts) 1. Defective contracts a. Rescissible contract – valid until rescinded; b. Voidable contract – valid until annulled; c. Unenforceable contract – cannot be sued upon or enforced unless ratified; d. Void contract – no effect at all‚ cannot be ratified or validated 2. Rescission Rescission is the remedy granted by law to the contracting parties and sometimes even to third persons in order to recover indemnity
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of a Contract Angelique Gares BUS670 Legal Environment Professor Roger Amos May 24‚ 2010 . This paper is a study of the Element of a Contract detailing the essential elements that constitute a legal binding agreement. A contract can be defined as an agreement between two or more persons for example‚ individuals‚ organizations or government agencies and or business‚ to do‚ or to refrain from doing something in exchange for something of value. The text states “to qualify as a contract‚ a set
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of a Contract “A contract is an agreement that can be enforced in court. It is formed by two or more parties who agree to perform or to refrain from performing some act now or in the future.” (pg 208) Recently I was faced with a situation regarding a contract that was not in writing and I had to explain that as long as a verbal contract contains the four essential elements of a contract it is binding. We are so accustomed to seeing contracts in writing that many people assume that a contract must
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is this class about‚” I thought to myself when I first registered for the Intro to Acquisition and Contract Management Class. Once I attended the class‚ I quickly realized that Government contracting is a big deal‚ because this is how the Government procures their goods and services. The U.S. federal government is the leading consumer of goods and services in the world‚ awarding Billions in contracts every year. There are rules and regulations mandated by Congress that have to be followed when procuring
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Breach of Contract BUS311: Business Law Instructor Katheryne Rogers 3/18/2011 Breach of Contract Breach of contract can happen by a party intentionally breaching the contract or because of unexpected delays. In this paper I will discuss the contract my brother had with an in home appliance sales company. My brother and his wife purchased all of their appliances for their new home from an appliance company. The written agreement was that payment for the appliances was to be made upon delivery
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Construction Contracts 1. Name and briefly describe each of the two basic types of competitively bid construction contracts. Which type would be most likely used for building the piers to support a large suspension bridge. Why? Two basic types of competitively bid construction contracts are lump-sum and the unit-price contract. The lump-sum contract is when the contractor agrees to complete all work for a pre-determined price including profit and the contract. The unit-price contract is when the
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| |II. |Course Title |: |OBLIGATION AND CONTRACTS | |III. |Course Credit |: |3 units
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Contract A contract is a promise between two or more persons involving the exchange of some good or service. Some of the basic elements of a contract include: an offer and an acceptance; "capacity‚" or being of legal age and sound competence; "mutual assent‚" or agreement on the terms of a contract; and "consideration‚" or compensation for goods or services rendered. The element that distinguishes a contract from an informal agreements is that it is legally binding:the law provides
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