money. When goods are exchanged for goods‚ it is not a sale but a barter. There is‚ however‚ nothing to prevent the consideration from being partly in money and partly in goods. (Aldridge vs. Johnson‚ 1857) d. Transfer of General Property: There must be a transfer of general property as distinguished from special property in goods from the seller to the buyer. e. Essential Elements of a Valid Contract: All the essential elements of a valid contract must be present in the contract of sale.
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Case Study 15.1: TRANSACT INSURANCE CORPORATION Steven L. McShane‚ University of Western Australia‚ and Terrance Bogyo‚ WorkSafeBC TransAct Insurance Corporation (TIC) provides automobile insurance throughout the southeastern United States. Last year‚ a new president was hired by TIC’s board of directors to improve the company’s competitiveness and customer service. After spending several months assessing the situation‚ the new president introduced a strategic plan to strengthen TIC’s competitive
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Business Law is a subject that business and commerce students study in their course. Because they are not the students of Law therefore a question may arise in the mind of a student “Why I am studying business law?” but the answer is quite reasonable that a business student has to run some business in future‚ either his own or he may be a manager in some business owned by other individuals. In order to start and run the business smoothly he must know about the laws relating to his business issues
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Litonjua v. L&R Corporation December 9‚ 1999 Facts: Litonjua obtained loans from L&R Corporation secured by a mortgage. Without knowledge of L&R‚ Litonjua sold to PWHAS the parcels of land they had previously mortgaged to L & R Corporation. When Litonjua defaulted in the payment of their loans‚ L & R Corporation initiated extrajudicial foreclosure proceedings and L & R Corporation was the only bidder. When L & R Corporation presented its corresponding Certificate of Sale for registration‚ it
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Waller Business Law Writing Assignment 3 Spring 2014 3-19-14 Chapter 13: Nebraska Beef‚ Ltd. V. Wells Fargo Business Credit‚ Inc. Case Concept Review: 1. How did the court determine that the offer was sufficiently definite? The offer of the Wells Fargo Business Credit‚ Inc. was submitted to Nebraska Beef in the form of a letter. When Nebraska Beef engaged in accepting a line of credit from Wells Fargo
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No. 07-0268 __________________________________________________________ IN THE SUPREME COURT OF THE UNITED STATES _____________ ANDREA “ANDY” SOMMERVILLE‚ Petitioners-Appellants v. WLLIAM DENOLF Respondent-Appellee ------------------------------------------------- On Writ of Certiorari to the United States Court of Appeals for the Seventeenth Circuit _____________ BRIEF FOR RESPONDENT _____________ QUESTIONS PRESENTED FOR REVIEW 1) Whether the Gun Free School Zone
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is well known that ‘law’ being a dynamic concept‚ it changes with the evolution of society under different socio-economic and political conditions. The rapid changes in modern times have given rise to new problems and issues which are to be tackled by law through pragmatic approach in interpreting law. While doing so‚ the modern jurisprudence has to take into consideration the social ethos and changing patterns of the society which immensely widens its scope as a science of law.
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Case 1: In this case about 200 customers of Potter’s business were not notified of the termination of the agency and Aker who had been a sales agent for Potter for twenty years was also fired along with the termination of the company. Typically when there is a termination of an agency or a agency relationship the agent no longer represents the principal (Potter). However‚ if an agency is terminated the principal is under a duty of notification of the termination of the agency to the third parties
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Chapter 12 Legal Value * Promise to do something that one has no PRIOR legal duty to do. * A performance of an action that one is not obligated to do * Refraining from an action that one has a legal right to do (forbearance) Rescission- the opposite of forming a contract‚ and bring the parties to the positions they occupied before the contract was made Past consideration- no consideration or a promise to give another something of value in return for goods or services rendered and
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even though it was not a typical issue of support‚ their approach in their scope of review did not have to differ. If the parents had included a stipulation into their divorce agreement‚ as what occurred in Emrick v. Emrick ‚ the Court would likely have decided differently. In this case‚ there was no agreement but rather‚ at the time of the initial order by the trial court‚ the free will of the father to financially contribute to his son’s postsecondary
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