Formation of Contract 2 Offer ............................................................................................................... 2 Acceptance ................................................................................................... 4 Certainty ........................................................................................................5 Consideration ............................................................................................... 6
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Contracts Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class‚ I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach
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Forms of breach of contract and the remedies that can be used. Table of contents: Introduction Contracts as a whole Forms of breach of contracts Remedies Introduction: As long as human kind can remember contracts has been in the existence. Goods were exchanged in order to survive. Therefore a contract can be described as an agreement between two (or more) people where one person offers to do something and another person accepts that offer. So when someone agrees to sell and
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Maritime Sales Contracts Contracts between vessel owners and charterers concerning the water transportation of goods are technically known in admiralty law as "contracts of affreightment". The charterer agrees to pay a freight charge for cargo space. The voyage‚ amount of cargo space‚ and time of delivery will all be covered by the contract. One common type of contract is the “voyage” charter. This type of charter usually concerns the hire of a vessel‘s entire cargo space for one or more specific
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a) The first contract should be between the Ramirez family and Majestic Developers‚ inc‚ as they are the parties involved. (b) The consideration on the Ramirez family side is their 250-acre farm and on Majestic Developers‚ inc the consideration is three million million dollars. (c) What should be included in the contract should be; the parties‚ (2) the price‚ (3) the subject matter of the contract‚ and (4) the time of performance of the contract‚ also the contract should address the small fence
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Contract law serves as your protection in every legal agreement you make in life. Contract law makes these agreements "enforceable"‚ which usually means that it gives the party the power to compensate and obtain money damages caused by the other party due to a breach of contract. The contract itself creates an obligation or duties to do and rules to follow by both parties if either of the party fails to follow the agreement‚ remedies can be provided by law if the contract is legal and has the essential
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The common law view of pre-registration contracts was that the company did not exist for legal purposes until it had been formally incorporated (registered). This common law view resulted in company’s being unable to enter a binding contract until they had been registered. However "given the delays which can be encountered in the registration process‚ the promoter of a company may wish to enter into contracts `for’ the company prior to its incorporation" . An example of this may be a promoter
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get a group contract agreed with a group of young people going on a weekend residential‚ and explain the importance of having such a contract in place. During this assignment I will talk about the steps I would take to get a group of young people on a residential weekend to sign an agreed working agreement contract‚ and highlight the importance and benefits of having the contract in place. In my assignment I am going to mention the advantages and disadvantages of having a contract and what should
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Hobbes and the Hypothetical Contract In dealing with the problem with political authority Thomas Hobbes proposes that state’s derive their power from a hypothetical social contract that is made between a government and its citizens. It attempts to solve the problem with political legitimacy and political obligation; the right to rule and the reason citizens obey those in power. Hobbes believes that the only way to get out of a wild and unjust “state of nature” is to collectively give up some of
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MEMORANDUM TO: Dr. Doe FROM: Francis Stein‚ President Giant Drug Company DATE: 10th September 2013 RE: Consultation regarding contract Validity FACTS 1. On May 1‚ Doe signed and sent Stein the following letter: I will accept a position as vice-president in charge of research for a period of four years at a salary of $500‚000 per year. 2. On May 3‚ Stein received Doe’s letter and called Doe and stated: “Your salary request is too high. Will you reduce it to $300
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