A contract intends to formalize an agreement of two or more parties‚ in relation to a particular subject. Contracts can cover an extremely broad range of matters including the sale of goods or real property‚ the terms of employment or of an independent contractor relationship‚ the settlement of a dispute and ownership of intellectual property developed as part of work for hire. Essential Elements of a Contract * Clear certain and communicated agreement. Meaning that the parties are consensus
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Contracts II Outline Fall 2005 Professor Jean Powers Cited to Crandall & Whaley’s Contracts‚ 4th Edition I) Damages (227) A) Introduction (227) 1) General Rule – Contract damages should put the π in as good of a position as if the contract was fulfilled. 2) No action on a contract need be present for damages to be proper. An executory contract will suffice. B) Measuring Expectation Damages (229) 1) Expectation = Expected Value + Costs – Expenses Mitigated 2) Repair Theory – Damages should
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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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Nature and Classes of Contracts Deepinder Grewal July 17th‚ 2015 MAN 224 CollegeAmerica Fort Collins Dr. George Ackerman Nature and Classes of Contracts The provision that the law allows if a party to the contract fails or refuses to perform it is the breach of contract. A breach of contract is defined as failing of one or more parties to implement the obligations assumed under the contract (Ashcoft & Ashcoft‚ 2010). It can allow the other party to take an action against them
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Jason T. Smith Professor Batya Weinbaum LITR221 January 3‚ 2016 The Struggle Is Real It is very important to know your own personal limitations‚ likewise‚ it is important to know how your personal decisions can and will affect you and others around you. In the story‚ “Paul’s Case” Paul was dealing with a real struggle in life‚ his internal happiness or the happiness of those that surrounded him. Paul was about making himself happy; he was about doing what made him feel superior‚ and how he could
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Essential Elements of Contract Contract represents the instrument to enforce promises. Not all statements amount to enforceable promises or contracts. To enforce statements there are a number of elements which courts look for and these mainly include the presence of offer‚ its communication‚ its unconditional acceptance and communication of the acceptance. Once this has taken place then the element of consideration gives the badge of enforceability to the contract and the contract is then enforceable
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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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Acceptance 3 2.2 Consideration 4 2.3 Discharge of contract 5 2.3.1 Discharge by Breach 5 2.3.2 Discharge by Performance 5 2.4 Remedies 6 2.4.1 Unliquidated Remedies 6 2.4.2 Injunction Remedies 6 2.5 Intention to Create Legal Relations 7 2.6 Free Consent 8 3.0 Conclusion……………………………………………………………………...9 4.0 References…………………………………………………………………….10 1.0 Introduction Contract is a customary of procedures guiding the relationship‚
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Business Law | Contract Analysis | Westwood College | Eric Givens 2/12/2013 | Contract Analysis A contract is a legal document between two or more parties. There are several elements that are necessary in order to make a contract enforceable. The specifics of these various elements may differ from state to state‚ but all seven of the elements must be present in order for the contract to exist. As such‚ if one of these elements is missing‚ a contract can be voided and the parties
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