CONSIDERATION A. Legal Sufficiency 1. Adequacy 2. Unilateral Contracts 3. Bilateral Contracts 4. Illusory Promises a. Output and Requirement Contracts b. Exclusive Dealing Contracts c. Conditional Promises 5. Pre-existing Obligation a. Modification of a Pre-existing Contract b. Substituted Contracts c. Settlement of a Undisputed Debt d. Settlement of an Disputed Debt B. Bargained-For-Exchange 1. Past Consideration 2. Third Parties C. Contracts without Consideration 1. Promises to Perform Prior Unenforceable
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Without offer and acceptance there can be no contract and so it is essential that the law provides rules to identify what constitutes both an offer and an acceptance. An offer may be defined as a statement of willingness to contract on specified terms made with the intention that‚ if accepted‚ it shall become a binding contract. An offer may be express or implied from conduct. In many cases it is crucial to determine when and where a contract is actually formed and this too needs rules. In the vast
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Invitation letter Purpose This invitation letter was send by Kyoto University to Jeffrey A. Stern to invite Dr. Stern to Kyoto University as their Visiting Professor in July of 2006. Salutation Dear Dr. Stern Date 2006/06/16 Inside Address Center for Urological Research Sun Health Research Institute 10503 W Thunderbird Blvd Sun City‚ AZ 85351 Sender’s Address Department of Urology‚ Faculity of Medicine‚ Kyoto University 54 Kawahara-cho‚ Shogoin‚ Sakyo-ku‚ Kyoto 606-8507
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Dear Mr Kenneth Lam‚ Thank you for the invitation to the Chinese National Day. It will be a wonderful opportunity to meet you all. I am very much happy that sharing the happiness and being a speaker at an upcoming dinner at Government House. Globally speaking‚ China is known as one of the world’s fastest growing economies. Due to the fact that the potential of China has been currently realized‚ trading with China becomes a major trend in the world. Especially in terms of the I.T. industry because
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Should the Law Treat Kids and Adults Differently? By Jessica Reaves Thursday‚ May 17‚ 2001 Follow @TIME When a child kills‚ does he instantly become an adult? Or does he maintain some trappings of childhood‚ despite the gravity of his actions? These are the questions plaguing the American legal system today‚ as the violent acts of juvenile offenders continue to make headlines. Wednesday‚ 14-year-old Nathaniel Brazill was found guilty of second-degree murder for killing his English teacher
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Offer and acceptance | Contract law | Part of the common law series | Contract formation | Offer and acceptance · Mailbox rule Mirror image rule · Invitation to treat Firm offer · Consideration | Defenses against formation | Lack of capacity Duress · Undue influence Illusory promise · Statute of frauds Non est factum | Contract interpretation | Parol evidence rule Contract of adhesion Integration clause Contra proferentem | Excuses for non-performance | Mistake · Misrepresentation
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FORMATION OF A CONTRACT OFFER AND ACCEPTANCE For a contract to be valid‚ firstly there must be an AGREEMENT between the parties i.e. one party must make an OFFER which is UNCONDITIONALLY ACCEPTED by the other. OFFER What is an offer ? An offer is a promise that the person making the offer (known as the offeror) is prepared to be legally bound upon specified terms – he is making a statement of the terms on which he is prepared to be legally bound‚ for example A
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Business Law: Offer and Acceptance. For a simple contract to be valid one party must make an offer and the other party accept it. An offer is made where a person (the offerer) unequivocally expresses to another (the offeree) his willingness to make a binding agreement on the terms specified by him if they are accepted by the offeree’ (Card 2002). This offer could be made to a specific person‚ in which case it cannot be accepted by anyone other than that individual. On the other hand it could
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Business Advisory Service Legal responsibilities for business owners Advise for new business owners about: * Legal status and risk involved * Contract Law * Consumer legislation Legal Status When starting up a business‚ one should decide which legal status to choose. Each legal status has its own different responsibilities and there are some risks involved. There are three types of legal status: sole trader‚ partnership and limited companies (Ltd & Plc). * Sole
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Contract laws are governed by the common law and the Uniform Commercial Code. The difference is that common law usually governs transactions with real estate‚ services‚ intangible assets‚ insurance and employment while UCC governs contractual transactions of goods and tangible goods like a house. It’s very vital to understand their difference especially when dealing with contacts. ANALYSIS OF THE 3 CASES IN SUBMISSION 5-8 1. UCC laws will apply in Maria’s case‚ the laws states that a change to an
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