Intercontinental University BUSN310-10 Unit 3 Individual Project Deanna K. Wadley October 23‚ 2011 ABTRACT This paper will attempt to identify and explain the four elements of a valid contract‚ explain what the objective theory of contracts is and define and explain how the objective theory of contracts applies to the Unit 3 IP. This paper will also explain why I think the court held that there was not a valid contract in the scenario of the unit 3 IP as well as explain why advertisements are
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There are four elements to a valid contract. 1. At least two separate parties entering into an agreement: The agreement can be between two people‚ or one person and a company or between two companies. 2. The parties are qualified to agree to the terms and conditions in the contract: The parties must be of legal age and have an understanding of what the contract is and details it outlines. 3. Both parties are receiving consideration or value from the agreement: This is most commonly
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"A valid contract‚ in essence‚ is the agreement between its parties". Discuss this statement and‚ using both case law and legal principles‚ comment on the essential elements of a valid contract and the importance of each. To a certain extent this statement is true but it is only one element of a valid contract to explain please find following all elements and conditions within a valid contract. To Contract: Is to enter into a relationship or agreement between two or more parties that create in
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Essential elements of a valid contract Introduction: In this part of my assignment I will be detailing what the different elements of a valid contract are whilst also linking it in with my own contract. The contract I have decided to use is my mobile phone contract from Vodafone. The offer: In contract law the offer is where a person will accept the invitation‚ for example in my contract the offer would be when I offer to bind into their contract and purchase a mobile phone deal‚ and this
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Issues Lanettee Ludy BUS 310-1103A-05 Unit 3 IP August 4‚ 2011 Abstract This assignment will give a brief insight into the four elements of a valid contract as well as the objective theory of contracts. It will also explain how the objective theory of a contract applies to this case. I will try to explain why the court held that there was not a valid agreement between the company and the Seattle man. The four elements of a valid contract Contracts are used in today’s world as a major part
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Ans: Section 2(h) of the Indian Contract Act‚ 1872 defines a contract as an agreement enforceable by law. Section 2(e) defines agreement as "everypromise and every set of promises forming consideration for each other." Section2(b) defines promise in the word: "When the person to whom the proposal ismade signifies his assent thereto‚ the proposal is said to be accepted. A proposalwhen accepted becomes a promise." From the above definition of promise‚ it is obvious that an agreement
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The four basic elements of a valid contract are agreement‚ consideration‚ contractual capacity‚ lawful object. Objective theory of contracts is intent to enter into a contract. An example of this would be going to a car lot and say I will give you 5‚000 for this use car. This is a valid contract offer. I intend on purchasing the used car if the car lot is willing to sell the car for 5‚000. In the case of Pepsi vs. John Leonard objective theory doesn’t apply. Pepsi wasn’t truly offering the Harriet
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cNATIONAL ECONOMICS UNIVERSITY‚ HANOI BTEC HND IN BUSINESS AND MANAGEMENT ASSIGNMENT COVER SHEET | | |NAME OF STUDENT |Pham Thi Thuy Trang | |REGISTRATION NO. |1013103214 | |UNIT TITLE |Common Law
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Valid Contracts Victoria Glaser American Intercontinental University Abstract A contact is a legal binding agreement made between two parties. A contract is only enforceable if both parties involved in the contract have agreed to give or receive something of value. When going into an agreement or contract it is important to know the type of contract. This paper will explore the various types of contracts and the meaning of each. Express or implied contracts‚ unilateral
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Importance of essential elements required for formation of valid contract The contract law is a situation where law is related to business transactions. In the situations good are purchased‚ sold‚ as well as moved through the contract. The employees are hired‚ land are developed‚ sold‚ bought leased or financed under the contract. Most of the businesses are based under contracts. Generally‚ the contracts represent foundation of the most of the commercial activities and therefore contract law stands for one
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