1.Offer 1. Offer means a proposal by a person in which he makes his willingness to enter into a legally binding contract for some conside¬ration. 2. An offer is made with the object of getting consent of the offeree. 3. An offer can be accepted by the offeree. 4. An offer when accepted becomes an agreement. Invitation to Offer 1. An Invitation to offer means an intention of a person to invite others with a view to enter into an agreement. 2. An invitation to offer on the other hand is made
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Business Scenarios and Case Problems 9-1. Contracts by Minors…Discuss Kalen’s liability in this situation. Kalen is a seventeen year old boy who rented an apartment for $500 a month‚ after consistently paying for rent for 4 months‚ he decides to return the key and not pay rent for the rest of the remaining months on the contract. I would think that this is classified as “disaffirmance”. Since he is seventeen‚ and a minor when he leaves the apartment‚ he is able to legally avoid his contractual obligation
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Formation of contract The green van Hubert’s initial e-mail is merely an invitation to treat‚ demonstrating only a willingness to negotiate rather than an intention to be bound by acceptance. The response from Philip to Hubert’s preliminary enquiry about the green van is‚ however‚ clearly an offer. There is intention to be bound by acceptance‚ demonstrated by the expression “when do you want it?”‚ combined with identification of the essential elements – the price (£30‚000) and the subjects (the
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business opportunity which causes her losing a considerable sum of money. The main issue in this question is whether Theresa able to sue for her damages. Law and Implication For there to be a valid contract between Theresa and AirMalaysia‚ there must be a proposal‚ acceptance and consideration. Proposal is defined in Section 2 (a) Contract Act 1950 as when one person signifies to another his willingness to do or to abstain from doing anything‚ with a view to obtaining the assent of that other
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Contract Performance Joseph Dorow Strayer University BUS 501 Government Acquisition Instructor: Dr. Vic Villarreal December 2012 Contract Performance Summarize the report‚ with particular attention to the issue of contract performance. I chose the report with a Lancer Clothing Corporation protest alleging “Workroom for designers does not have a commitment for the lining material supplier who is reputable‚ and that it lacks sufficient production capacity. Lancer also alleges that the principal
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Definition Bilateral Contract A bilateral contract is a legal agreement formed between two parties where both parties involved give mutual promises that they both are legally obligated to perform an act in exchange for the other party’s act in future. It means the promise of one party is consideration supporting the promise of the other party. Each party is both promisor and promisee. A bilateral contract specifies a duty to act in exchange for another party’s duty to act. It is also called "reciprocal"
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Many employers now require that employees‚ as a condition of being hired‚ sign employment contracts that contain non-compete or non-solicitation provisions. A non-compete provision prohibits the employee from starting a business in competition with their current employer (or perhaps also prohibiting the employee from going to work for a close competitor). A non-solicitation provision prohibits the employee from contacting the customers of the employer in hopes of taking their business away from the
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Contract Remedies BA265 Business Law II Terrance L. Williams Grantham University December 8‚ 2012 Contract Remedies In our case of National Drilling Company filing suit against Overland Transport‚ Inc. asking compensatory‚ consequential‚ and punitive damages‚ the recovery of National will be based on Quasi Contract. As one reads through the scenario‚ he or she may ask themselves a few questions. What were the exact terms of the contract between National Drilling and Overland Transport
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MERCANTILE LAW CA POOJA SHARMA PH NO: 09811599587 THE INDIAN CONTRACT ACT‚ 1872 CHAPTER 1- NATURE OF CONTRACT The law of contract is that branch of law which determines the circumstances in which promise made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some right and duties upon the contracting parties. Indian contract deals with the enforcement of these rights and duties upon
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INDIAN CONTTRACT ACT‚ 1872 The Law of contract is that branch of Law‚ which determines the circumstances in which promises made by parties to contract shall be legally binding on them. Every one of us enters into a number of contracts from morning until night. Examples: 1) Buying Milk early in the morning. 2) Boarding BEST Bus 3) Borrowing Money from Friend 4) To see movie. 5) Purchasing goods from shops. This how we enter into contracts though we are not conscious of
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