2015 Elements of a Contract Hillary Fullmer Eth/321 January 12‚ 2015 William Eshelman Elements of a Contract An agreement that is legally bound between two or more people is a considered a contract. There are three elements that make up a contract agreement‚ consideration‚ capacity‚ and legality. Agreement is the coming to terms with both parties involved by acceptance of the offer. Consideration is the return of the value promised for an action or non-action that is specified. Capacity is required
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15 of 63 DOCUMENTS: Carter on Contract/Part IV -- Parties to the Contract/Chapter 16 Capacity/3. MENTALLY DISABLED AND INTOXICATED PERSONS 3. MENTALLY DISABLED AND INTOXICATED PERSONS General principles: (1) A contract is voidable on the basis of mental incompetence arising from unsoundness of mind or intoxication if: (a) the defendant lacked capacity to contract; and (b) the plaintiff knew of the unsoundness of mind or intoxication. Lack of capacity to contract in relation to a transaction due
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Mcpherson Douglas Edmunds ETH/321 04/06/2015 Elements of a Contract Scenario 1. Jack has to decide whether to engage an attorney. What would you advise? I would advise jack not to engage an attorney in the case. First‚ the fact that the old woman who sold the china shows signs of Alzheimer is enough to nullify the contract. A person can only get into contract if they are understand the terms and are considered to be competent. A person engaging in a contract should be able to understand all the ramifications
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Production Capacity It is highly imperative that management must formulate a strategic plan for operations before any production is carried out. This is basically important in avoiding possible hindrances and excess in capacity. Under capacity may force the firm to cancel production schedules or excess can be fatal due to a broadened fixed cost. Both really would be a financial burden to the firm. Some procedural strategy can be adopted to minimize ill effects of capacity-related problems
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Assignment 1 – Understanding the legal requirements for a valid contract The essential elements for a contract‚ who apply in all cases‚ are: 1. Offer- made by offeror to the offeree ‚ it is very important to distinguish this from invitation to treat ( which invites offers to be made) 2. Acceptance – Offeree accepts the offer that has been made. Rolls Royce Car 3. Consideration- Something of value passes between the two parties e.g.: A
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AND CONTRACT LEGAL STUDIES Table of Contents Introduction 5 The Common Law 6 The Law of Contract 6 The Rules of Offer and Acceptance 7 Electronic Communications 9 Contracts between Parties of different Nationalities 11 Intention to create Legal Relationships 12 Form and Consideration 13 Capacity to Contract 15 Consent of the Parties 15 Legality of Object 16 Content and Interpretation of Contracts 17 Breach of Contract 18 Liquidated Damages 19 Equitable Remedies 24 Discharge of Contracts 24 Modification
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Copyright©Amity University Quantitative Applications in Management & Research Assignment – A Ques.1 Comment on “ Quantitative Techniques is a scientific and for enhancing creative and judicious capabilities of a decision maker” ‚ also state the different elements of Decision. Ques. 2 The raw data displayed here are the scores (out of 100 marks) of a market survey regarding the acceptability of a new product launch by a company for a random sample of 50 respondents 40 25 41 43 38 44 45 26 42 44 37 45 41
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the mentally ill to conclude contracts and consider why these rules exist. Introduction A contract is a legally binding agreement between two or more persons that is recognised by the courts. In order for an agreement to be legally binding there are certain criteria that have to be met. One of these criteria is capacity. The majority of us have the capacity to form a legally binding agreement‚ however certain categories of people are limited by law to make contracts the main categories are minors
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By use of examples‚ explain how an agreement recognized by the law of contract Law of contract is body of legal rules governing the conclusion and consequences of contract. Contract is an agreement based on consensus between legal subjects with contractual capacity. Which is legal‚ physically possible and complies with the prescribed formalities and which is reached with the intension of creating a legal obligation with resultant rights and duties? 1. Consideration It’s the price paid by
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1.1 Explain the importance of the essential elements required for the formation of a valid contract A valid contract is a contract that complies with all the essentials of a contract and is binding and enforceable on all parties (Investorwords‚ n.d). Essential elements of the contract: - Agreement = Offer + Acceptance - Consideration - Intention to create legal relations A. AGREEMENT = OFFER + ACCEPTANCE In order to create a valid contract‚ there must be a ’lawful offer’ by one party
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