Jessica Schmitt Business Law Chapter 15: 8. Sears‚ Roebuck and Co promised to give Forrer permanent employment‚ so he sold his farm at a loss to take the job. But shortly after beginning work‚ he was discharged by Sears who claimed the contract could be terminated at will. Forrer claimed that the promissory estoppel prevented Sears form terminating the contract. Under promissory estoppel a promisor may be prevented from asserting that their promise is unenforceable because the promise gave no consideration
Premium Contract law Contract
AB1301 Business Law 2012/13 Semester 1 TABLE OF CONTENTS CHAPTER 3: OFFER AND ACCEPTANCE ........................................................................................... 1 3.1 Offer ........................................................................................................................................... 2 3.2 Acceptance ................................................................................................................................ 3 3.1 Electronic
Premium Contract Contract law
Business Law – Outcome 2 (Law of Contract) Identify and describe the essential elements of a contract There are 3 essential elements in a contract: * There must be an agreement on all material aspects (Consensus in idem) Both or all parties in a contract must have the same understanding of all terms within the contract. To reach and consensus in idem‚ any acceptance must meet one of the offers made. If a party makes changes to the original offer then this is considered a conditional offer
Premium Contract Breach of contract Contract law
Rick Marcello Prof. Frey Sport Law SPMG 336 Chapter 4 1. What are the benefits of using a worst case scenario approach in drafting contracts? The benefits of using a worst case scenario include protecting the interests of the organizations in case of a breach of contract. 2. Explain the concepts of agreements‚ consideration‚ capacity‚ and legality in formation of contracts. A) An agreement consists of an offer and acceptance. An offer to sell equipment for $300 is a communication of
Premium Contract Law Common law
of Consent Effects of Doctrines Discussed in This Chapter * Voidable: person whose consent was not real has the power to rescind (cancel) the contract * Necessity for Prompt and Unequivocal Rescission * Must act promptly and unequivocally to rescind a contract * Also avoid actions that suggest that she affirms or ratifies the contract * Send mixed messages‚ delaying the notification‚ etc. Misrepresentation and Fraud * Relationship between Misrepresentation and Fraud
Premium Contract law Tort Misrepresentation
AGENCY 1. Agency Relationship Cases Definition Principal authorizes Agent to enter into legal transactions (contract) with Third Party on Principal’s behalf Agency relationship between P and A A’s obligations to P: 1. Act according to terms of appointment and within scope of authority 2. Not liable to P or TP 3. Carries out duties with care and skill‚ keep true and proper accounts 4. Cannot conflict P’s interest / act for personal gains 5. Cannot delegate whole duty to others P’s
Premium Contract Contract law Breach of contract
essential elements of a valid contract which provides that all agreements are contract if they are made by the free consent of the parties….” (Tulsian‚ 1998‚ p.53) “Capacity is legal power to enter into binding obligations or to enjoy the privileges of a legal status.”(Sinha & Dheeraj‚ 1996‚ p. 30) “…misrepresentation is a falsely made statement of material fact not opinion (Bisset V Wilkinson) nor future intention made by one party to another before the formation of contract intended to induce one party
Premium Contract Contract law
1. Which of the following is not an essential element of a Contract of Sale? a. Consent b. Subject Matter c. Delivery d. Price 2. What is the effect when all the three (3) elements of a valid contract of sale are present but there is a defect or illegality constituting any of such elements? a. Contract is Void. b. Contract is Voidable. c. Contract is Unenforceable d. Contract is Rescissible. 3. It takes place upon the concurrence of the essential elements
Premium Contract Contract law
Due Process of Law In our government today we have due process of law. Due process of law simply means that we have protection against a chance deprivation of life‚ liberty or property. Within the due process law‚ if you are to be accused of something it has to be under fair and reasonable circumstances. If we are ever to be arrested of something‚ under due process it commands that we are taken to court and showed a cause. It is very important that we have due process in the law for the people
Premium Law Common law Contract
ANSWERS TO AICPA QUESTIONS CHAPTER 10 INTELLECTUAL PROPERTY RIGHTS AND THE INTERNET 1. (a) Computer software is covered under the general copyright laws and is therefore usually copyrightable as an expression of ideas. Answer (b) is incorrect because copyrights in general do not need a copyright notice for works published after March 1‚ 1989. Answer (c) is incorrect because a recent court ruled that programs in both source codes‚ which are human readable‚ and in machine readable object
Premium Contract Contract law