|School of Business | | |LAW/531 Version 6 | |Business Law | | | Course Description This course prepares students to evaluate the legal risks associated with business activity. Students create proposals
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"agreement between parties‚ with terms and conditions that describe the agreement that constitutes a legal obligation" (All Business). A valid contract requires four elements and these are: a. Mutual agreement there must be a meeting of the minds between parties. There should be an offer and an acceptance. There should be an agreement to enter into the contract b. Consideration - meaning that "every party is conferring a benefit on the other party or himself sustaining a recognizable detriment‚
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Business and Consumer Law Final Exam Notes Chapter 5: An Introduction to Contracts Contract Law: A deliberate and complete agreement between two or more competent persons in writing supported by mutual consideration‚ to perform an act. It is enforceable in court. Agreement: composed of an offer to enter into a contract and acceptance of the contract. Complete: the agreement must be certain. Deliberate: both parties must want to enter into a contractual relationship. Voluntary: The agreement must
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Question 1 (a) Consideration is one of the four main elements to be present in order to have a legally binding contract. Consideration can be anything of value (such as an item) which each party must agree to exchange for the contract to be valid. For consideration to be sufficient‚ both parties have to have an agreement. If only one party agrees to it‚ then the agreement is not consider a legally binding contract. Something must be given or promise in exchange for the promise. Consideration must be sufficient
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PLAN First of all‚ I will introduce the origins of contract law in business law. Secondly‚ briefing the basic requirement of the formation of a contract such as offer because to understand an offer is the first step in the formation of a contract. As well‚ states others formation of the contract: an intention of the parties‚ acceptance‚ legality‚ capacity and consideration roughly. The supporting example of cases will be given. Furthermore‚ I will explain how to determine the formation of a contract
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with language warning that this intellectual property (“I.P.”) could not be exported. These books‚ originally published and sold in Asia for less money than charged purchasers in the U.S.A.‚ by various publishers‚ were then resold by Kirtsaeng’s business‚ Bluechristine99‚ through sales’ vehicles such as the internet resale function of eBay.com. It was a common practice for publishers to manufacture cheaper books offshore and to sell these products in international markets at a lower price point than
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Business Law Business Law: Unit�1 Review: 1.A law that restricts a fundamental right violates substantive due process unless it promotes a compelling or overriding state interest. TRUE 2. Owen claims that a Pennsylvania state statue infringes on his "substantive due process" rights. This claim focuses on: the content of the statute 3. A Rhode Island state statute imposes a prison term‚ without a trail‚ on all street vendors who operate in certain areas. A Court would likely hold this statute
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Business law and ethics Ref book: Commercial law and Industrial law
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Introduction In the Law of Contract the phrase “mistake” & “Misrepresentation” is applied when one or both parties of a contract act under a false or mistaken understanding. Mistake can be defined by Pendleton ‚ Vickery (1998)‚ [1] as; ➢ A misunderstanding regarding a fact‚ causing one or more parties to hold disagreeing beliefs about the foundation of a contract. Mistakes can be made in the form of a contracts subject matter or as a mistake of identity. There are 3 different types of mistake
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To discuss whether or not there are valid contracts made between Charles v. Alex and Betty v. Alex‚ the formation of the contract have to be discussed. To form a legally binding contract‚ the elements of offer and acceptance; present of consideration; intention to create legal relation; capacity; legality of object; compliance with formalities; and genuine consent must be present all together. In the case of Charles v. Alex‚ to determine whether or not Alex was entitled to sell the apartment
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