“something for something” or the exchange of promises from each party-from the promisor to the promise-which turns the agreement into a contract. Contracts are the basis of the business and therefore understanding the law of contract is essential for persons wishing to engage in business. There would be no business without contracts. To make a contract legally enforceable six prerequisites should be followed. They are intention to create legal relations‚ agreement‚ consideration‚ legal capacity
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Introduction to Business Law- Assignment 1B Advise TLC Ltd. as to any possible action they may have for misrepresentation against answer Ltd. _____________________________________________________________________ Treitel in The Law of Contract (2003) defines a contract as: “An agreement giving rise to obligations which are enforced or recognised by law. The factor which distinguishes contractual from other legal obligations is that they are based on the agreement of the contracting
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Introduction: Contract law is come from a Latin phrase‚ which is pacta sunt servanda (pacts must be kept). Everyday‚ all of us make contracts. It can be a written contract if required‚ for example when buying a car. On the other hand‚ the most common of contracts can be and are made orally‚ like buying from the mini market. A contract intends to make a legal agreement between two or more people or businesses (called parties) that sets forth what the parties will or will not do. Thus‚ The law recognizes breach
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Harry (H) who is the father of James (J) is attempting to sue J for a breach in contract and is seeking damages of $30‚000 which he believes is the outstanding amount that is owed to him by J. This case touches on the fundamental concepts of contract law where H can only claim damages if the formation of a valid contract between the two parties is evident via the elements of a contract‚ including intention‚ agreement‚ consideration‚ legal capacity‚ genuine consent and legality of objects must be established
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question is whether Micky has a contract with Ureach Mobile Co. Section 11 of Contracts Act 1950 provides who are competent to contract‚ that is those who are of the age of majority according to the law to which she is subject‚ have sound mind‚ and not disqualified from contracting by any law to which he is subject (KrishnanL‚ RajooL‚ & VergisA.C‚2009). On the other hand‚ the Age of Majority Act 1971 states that the age of majority is 18 years and above‚ and anyone below that age would be regarded
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Addressing International Legal and Ethical Issues Contemporary Business Law/LAW 421 Monday‚ 18 February 2013 The issues involved in resolving legal disputes in international Transactions are the changes that are mad to international laws and regulations. The largest focus is the minimum wages. What is most discussed is China has a cheap labor force compared to America. This increases the profits for the company who outsources to cheaper labor cost. If the China manufacturing do not meet
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unlike any other known competitors. The business is currently experiencing legal issues and is in need of updating its policies and practices; the café has recently joined the small business federation and have been assigned with legal advisory for best practices on contractual and consumer matters. The Games Cafe needs to improve on how it regulates business operations by adapting suitable policies and practices in order to legally protect the business and help it to operate more effectively
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went to court to sue the bank for a breach of contract. The breach was as a result of the good faith covenant and fair dealing. Additionally‚ she felt that the mortgage transaction was an example of unfair practice of violations in business under the unfair competition law of the state of California concerning unjust conversion and enrichment. On the basis of the second amended complaint‚ the bank had maintained the activity of procuring costly replacement insurance when mortgagors made a default on
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the same consequences has taken place‚ where by a prominent member of the political party (Jonathan) threatened to persuade all Richard’s existing customers to award function tenders to Jonathan’s brother. This was a business threat to Richard‚ and due to fear of losing his business and model‚ Richard could have entered the agreement but not with his consent. Besides that‚ this case is also said to be induced by ‘undue influence’ (according to section 16 (1)‚ where the relations
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losing party would be subject to very harsh and unreasonable bc the contract was unenforced Categories of illegal agreements 1)that violate statutes (break laws or are directly assisting in broken laws) 2)violate public policy 3)unconscionable agreements and contracts of adhesion Noncompetition clauses 1) Clause must serve a legitimate business purpose 2) The restriction on competition must be reasonable in time‚ geographic area and scope.3) The clause should not impose any undue hardship.. -Very
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