This essay will discuss the Case study by firstly identifying four elements of contract‚ then justifying duties of Mr. Martin with applying the principles of pre-existing contractual duties. Finally a discussion about part payment of debt and promissory estoppel will be explained. Likewise‚ this essay will evaluate the knowledge of common law and agency relationship. QUESTION 1 a) Four essential elements of a contract should be Offer‚ Acceptance‚ Intention to create legal relations and Consideration
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COURSE NAME: Bachelor of Business‚ Procurement and Supply Management (BBUS) MODULE: Business Law MODULE CODE: OD003 LEARNER NUMBER: s416711 DATE OF SUBMISSION: 14/02/14 WORD COUNT: 2012 TABLE OF CONTENTS Page Introduction 3 1. Intention to create legal relations – A fundamental issue 4 2. Social and Domestic agreements 5/6 3. Commercial and business relations 7 3.1 Honour clauses 7 3.2 Promotional puff and free gifts 7/8 3.3 Ex gratia payments and without prejudice
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PROPRIETORSHIP: The owner and the business are considered one. The owner takes all the risk and receives all the profits. It is easy and inexpensive to start up a sole proprietorship however a sole owner has trouble raising capital which could limit growth. • LIABILITY –If the business fails the owner is financially responsible and my lose everything. • INCOME TAXES – The proprietor and the business are taxed together. • LONGEVITY/CONTINUITY – The business dies with the sole proprietor. • CONTROL
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I. INTRODUCTION The sole proprietorship is the simplest form of “business association” we will examine. It is perhaps a bit odd to describe it as a form of “association” given that the “sole” proprietor will be the only “equity” investor and thus doesn’t “associate” with anyone else as a co-equity investor. However‚ there will almost invariably be “associations” that the sole proprietor will have in order to carry on the business. These can include associations with employees‚ agents‚ lenders (such
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AYN456 BUSINESS AND CORPORATIONS LAW ASSIGNMENT 1 THE LEGAL CONCEPT OF AGENCY Part A INTRODUCTION The legal concept of agency plays an essential role under commercial transactions. This essay will first explain the definition of agency and methods of creating agency relationship‚ then the benefits and drawbacks of agency will be illustrated. Finally‚ there are two examples presenting formal and informal agency relationship. THE LEGAL CONCEPT OF AGENCY An agency refers to a legal relationship
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Sole Proprietorship Sole proprietorship is the most common form of business in the United States. It is a relatively simple way for an individual to start a business since legal costs and business requirements are minimal‚ and the owner has complete control over the business. Though a sole proprietor is not responsible for any corporate tax payments‚ the owner is responsible for taxes incurred on the income generated from the business as part of his or her personal income tax payments‚ and personally
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When a business is conducted between a buyer and a seller via a representative‚ the legal relationship between the seller / the principal and the representative / the agent is governed by the Law of Agency. A fiduciary relationship created under the law of agency in which one person has a legal authority to act for another‚ can arise from1. 1. An oral or written expressed agreement‚ whereas agent is appointed by the principal for a particular task‚ 2. Ratification of an agent’s conduct
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partnership or simply partnership is an association of two or more people carrying on a business with the goal of earning a profit.A partnership is viewed as being one and the same as its owners.The standard general partnership is an organization established by individuals to pursue some business activity.Although the law is permissive in relation to the establishment of such enterprise there are particular way in which law impinges controls‚not just the operation of partnership‚but their very formation
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Legal Section The business will operate as a partnership because the number of people setting up the business will not exceed the permitted twenty. When operating as a partnership it is the partners’ responsibility to inform the general public as to who the partners (joint proprietors) are within the business unit. The main advantage that applies to ILM Trading is that a partnership ensures that there is greater scope for raising finance. Another advantage that arises out of a partnership as
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and Mable Bacon From: Allicia Hines Re: Business Formation of Potential Cardigan Home Store A partnership‚ sole proprietorship‚ and incorporation are three types of business ownership. (Miller 444) Sole proprietorships can be operated and owned by the same person. Then again‚ an entrepreneur may claim sole proprietorships; however they may acquire a supervisor to run the business daily routine. The sole proprietor tracks every profit made from the business and is responsible for any losses that may
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