Contract Elements Business Law is an interesting topic‚ especially when contracts are the subject of discussion. Contracts can obligate a party to perform a task‚ stop performing a task. They can be a guideline on a specific business sale or as simple as ordering something online. When things go wrong and contracts are claimed to be broken‚ the first thing we look into is whether it was a valid contract to begin with. For a contract to be considered valid there are 4 main elements it must contain
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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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CONTRACT – REMEDIES (Pg 183) Damages |Damages is the principal common law remedy for a breach of contract. It refers to the monetary compensation payable by the defaulting party. | |Assessment |Aim of unliquidated damages | | |The general principle of assessment is that the injured party is to be placed in the same financial position he
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Assessment 1: Individual Assignment Question 1 (a) Consideration is one of the four main elements to be present in order to have a legally binding contract. Consideration can be anything of value (such as an item) which each party must agree to exchange for the contract to be valid. For consideration to be sufficient‚ both parties have to have an agreement. If only one party agrees to it‚ then the agreement is not consider a legally binding contract. Something must be given or promise in exchange
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Lecture 1: The importance of Business Ethics * 1st part : Introduction Ethics in General: Ethics is simply how people try to live their lives according to a standard of what is good or bad. They apply these standards both in how they think and how the others behave. Two way relationship. Example : MY friend left his wife for someone else. How do you think ? Unethical‚ so I behave in a way to not to talk to him anymore. My friend considers what I did as unethical‚ we’ve been friend for
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Richard misses his plane from London to Paris. Ryan takes him there by car. As he gets out of the car‚ Richard promises to pay Ryan $1000 for his efforts Issue: Is there any consideration for the promise made by Richard? The Law: Every contract requires an offer‚ acceptance‚ and consideration. Consideration is the exchange of benefit and detriment‚ for example‚ the making of a promise in exchange for an act. If a party voluntarily acts and then the other party makes a promise‚ the act is
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Business Law assignment In early 2013‚ Beauty- a property developer and Stylish- their customer have a contract over a new house in the eastern sector of Singapore. The house was completed in late 2013. Stylish isn’t happy with the contract because blinds‚ curtains and other window coverings were not provided in the new house. In this research paper‚ we will advise and discuss about Stylish’s contractual rights in relation to the window coverings. Firstly‚ we need to see if this contract is valid
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an offer. According to section 13‚ "Tow or more persons are said to consent when they agree upon the same thing in the same thing in same sense." Thus‚ consent involves identity of minds in respect of the subject matter of the contract. In English Law‚ this is called ’consensus-ad-idem’. Contract act sec 14‚ is the which has been obtained by the free will of the parties. No pressure in the form of coercion fraud undue influence‚ mistake and misrepresentation in
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Charlie is going to rescind the contract. He demands return of his money and compensation for the loss of commission on several high profile sales of his business. He wants to rescind the contract because the package of software recommend by Carmine was obsolete‚ despite Carmine’s assurances. This problem is concerned with the contents of the contract which is term in the contract‚ the misrepresentation and unconscionable conduct. Charlie will claim that Carmine verbal assurances about the
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etc... Intellectual property can be created by you or you can pay someone to create it for you. Intellectual property is protected by trade secrets‚ patents‚ trademarks and copyright laws. Each of these laws covers a specific type of intellectual property. History of Intellectual Property Law Intellectual property law dates at least as far back as medieval Europe. In those times‚ “guilds‚” or associations of artisans in a particular industry‚ were granted authority by the governments to control the
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