Contents Executive summery 3 Introduction 3 LO 1 A valid contract in a Business Context 3 1.1 The importance of the essential elements required for the formation of a valid contract 3 1.2 Impact of different types of contract 4 1.3 Analyze terms in contracts 5 LO 2 Elements of a contract in Business situations 6 2.1 Elements of contract in given business scenarios 6 2.2 Law on terms in different contracts 6 2.3 Effect of different terms in given contracts 7 LO 3 Negligence in Business Activities 7 3.1 Contrast
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ETHICS IN CONTRACTS Abstract: When creating a contract‚ a negotiator is not only doing so to reach an agreement between two or more parties‚ but to create an agreement that is durable; whereby parties of the contract are legally bound and committed to its promises . “A legally binding contract is defined as an exchange of promises or an agreement between parties that the law will enforce‚ and there is an underlying presumption for commercial agreements that parties intend to be legally
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CORRUPTION AND ITS REMEDIES Gangster "I’m thinking of getting back into crime‚ Luigi‚ - legitimate business is too corrupt" CORRUPTION: An act done with intent to give some advantage inconsistent with official duty and the rights of others. It includes bribery‚ but is more comprehensive; because an act may be corruptly done‚ though the advantage to be derived from it be not offered by another. Sometimes corruption is understood as something against law; such as‚ a contract by which the borrower
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A National Security Breach Citi mortgage‚ a subsidiary of Citi Bank has issued a national PR release. Citi Mortgage of Fenton‚ Missouri‚ has publicly notified the public as of May 20‚ 2006 several hundred mortgage applications filed by previous Citi Mortgage customers have been lost by The United Parcel Service package company of Earth City‚ Missouri. Citi mortgage member’s social security numbers‚ salary information‚ bank account identification numbers and the home address of clients and their
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The first step to establish negligence is to decide whether the defendant owe a duty of care to the plaintiff. The defendant is obliged to take reasonable care to its neighbor. Neighbors are persons who are so closely and directly affected by ma act that I ought reasonably to have them in contemplation as being so affected when I am directing my mind to the acts or omissions which are called in question: Donoghue v Stevenson. Thus‚ the damages occurred must be reasonably foreseeable. In this case
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Explain the importance of the essential elements required for the formation of a valid contract in the following situations: P1.1 1. Temporary daily wages Worker doing work and following instructions from the supervisor 2. Tenant staying in an apartment 3. Contractor working on project site 4. Customer in an Amusement Park 5. Buyer and Seller of Consumer Product like Body Lotion Guidelines: You need to specify the essentials of the contract like written terms‚ verbal‚ implied etc
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THE LAW OF CONTRACT IN GHANA (These notes have mainly been culled from Mrs. Christine Dowuona Hammond’s seminal work on the Law of Contracts.) INTRODUCTION Contracts are made by people every day‚ whether the parties recognise it or not. Each time one spends money on anything – a bus ticket‚ an airline ticket‚ a pair of shoes‚ a meal in a restaurant‚ laundry services‚ books‚ or signs a lease‚ etc. one concludes a valid and legally binding contract. Contracts may be oral or written;
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Introduction Numerous data breaches and computer intrusions have been disclosed by the nation’s largest data brokers‚ retailers‚ educational institutions‚ government agencies‚ health care entities‚ financial institutions‚ and Internet businesses. A data breach may occur when there is a loss or theft of‚ or other unauthorized access to‚ data containing sensitive personal information that results in the potential compromise of the confidentiality or integrity of data. Sensitive personal information generally
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Contracts Summary DAMAGES – REMEDIES FOR BREACH OF CONTRACT THE INTERESTS PROTECTED Fuller and Perdue‚ “The Reliance Interest in Contract Damages” There are three principle purposes in awarding contract damages: restitution interest – object is the prevention of unjust enrichment by the defaulting promisor at the expense of the promisee reliance interest – object is to put the plaintiff in a good position as he was before the promise was made expectation interest – object is to put the
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Q&A 2 Certainty of terms and intention Introduction Contractual certainty If businessmen are often not overly-concerned with the niceties of offer and acceptance it follows that their contracts may not be all-embracing and complete in every respect. The parties may have reached an agreement in principle and then prefer to rely on experience from previous dealings‚ business practice and goodwill. The law’s overall policy is to uphold bargains wherever possible and although businessmen tend to
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