[Type the document title] [Type the document subtitle] [Pick the date] [Type the company name] Khan QUESTION On 1 October‚ Buyer saw a courier van with a FOR SALE sign that included a telephone number and a price of "$25‚000 cash." That night‚ Buyer called Seller. Buyer explained that he would have to borrow the money but could get it next week. Seller provided his address to Buyer and told Buyer‚ "If you want the van‚ mail me a cheque for $5000. Pay the balance by1 November." Later
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Question 1 Step 1 The legal issue is whether the element of agreement can be established to form a contract between Jordan and Will. Step 2 Making a contract requires three elements‚ which are agreement‚ intention to be legally bound and consideration (Do and Duperouzel‚ 2014). However‚ the element of agreement will be discussed here. An agreement is a meeting of the minds of both parties in which they comprehend what essential terms for the contract are. It is made of offer and acceptance. Offer
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– Harris v Nickerson Passenger who boards transport – Wilkie v London Mere statement of price IF they DECIDED to sell not an offer – Harvey v Facey Automatic vending machines and car parks are offers – Thornton v Shoe Lane Parking Options: Consideration must be provided to keep the offer open and offer cannot be withdrawn in period - Gilbert McCaul v Pitt Club Was the offer communicated? To be valid offer
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liver transplants. Issue(s): (a) Was Reed’s oral commitment and letter of intent to play hockey at UND conditioned on an obligation by UND to provide health care? (b) Was the release Reed signed before the race was not enforceable due to consideration. Holding(s): (a) Reed presents no evidence that his agreement to play hockey was conditioned on an obligation by UND to provide health care. Pursuant to the Letter of Intent‚ UND agreed to give Reed financial aid in exchange for his agreement
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Factory building is a factor which should receive serious considerations on the part of the management of every industrial enterprise‚ new or old‚ big or small. Once the plant location is decided upon‚ the management’s next important task is to raise a suitable buildings for the plant. A modern factory building is much more than a mere work-shed. It is required to provide protection for men‚ machines‚ materials‚ products or even the company’s secrets. It has to serve as a part of the production
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transferred to these accounts? LIQUIDATION ACCOUNT Assets taken over Contra assets Liabilities arising during the Liabilities assumed liquidation process Reserves Liquidation expenses Consideration received Balance to Shareholders Distribution SHAREHOLDERS’ EQUITY ACCOUNT Consideration paid to shareholders Share capital Balance Liquidation Account Exercises Exercise 14.21 ACQUISITION OF TWO BUSINESSES Required 1. Prepare the acquisition analysis for the acquisition transactions
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For example‚ if the offeror states that the acceptance must come via fax and no other method is allowed‚ it is the only form that can be accepted. In order for a binding contract to be created‚ there must be consideration in order for it to become legally sufficient. The consideration in contracts is when one party for a specific promise gives something of value from the other party stated in the contract.
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another …unless the assumption be adhered to‚ would operate to that other’s detriment. Contrast between object of estoppel & consideration. Consideration – mark off promises as breaches and use remedies. Estoppel aims to prevent unjust departures from justified assumption‚ substitute for consideration. * Protection of reliance: promises supported by consideration enforced by contracts. Estoppel goes one step further- promise and reliance! Thompson v Palmer Dixon J: departure considered unjust
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elements necessary to the formation of a valid‚ contract? • What are the various types of contracts? • What are the requirements of an offer? • How can an offer be accepted? • What are the elements of consideration? CHAPTER 7 Contracts: Nature‚ Classification‚ Agreement and Consideration © 2005 West Legal Studies in Business A Division of Thomson Learning © 2005 West Legal Studies in Business A Division of Thomson Learning Contracts Contracts • Function of Contracts
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of ways‚ cash‚ cash equivalents‚ or assets. 4million-acquisition costs. ASC 805 – 30-25-5 The consideration the acquirer transfers in exchange for the acquire includes any asset or liability resulting from a contingent consideration arrangement. 20million- contingent consideration. ASC 805-30-30-11 The portion of the fair-value based measure of the replacement award that is part of the consideration transferred in echange for the acquire equals the portion of the acquire award that is attributable
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