TEAM CONTRACT - Group 7 I. Team Goal: Include a comment on each of the elements of SMART Specific – what‚ why‚ who‚ where and which in terms of the goal? ü We expect our team to become a cohesive and cooperative group by the end of the term. It will need devoted dedication from each member. It is critical to our success on overall performances because good teamwork allows us to work effectively and efficiently. The specific goal related to Mike’s Bick is to triple the shareholder’s value by
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OUTLINE OF LECTURE IN LAW ON CONTRACTS (Defective Contracts) 1. Defective contracts a. Rescissible contract – valid until rescinded; b. Voidable contract – valid until annulled; c. Unenforceable contract – cannot be sued upon or enforced unless ratified; d. Void contract – no effect at all‚ cannot be ratified or validated 2. Rescission Rescission is the remedy granted by law to the contracting parties and sometimes even to third persons in order to recover indemnity
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What is a contract? A business contract is a legally binding agreement between two or more parties to do or not to do certain things. For example‚ a business contract could be for the sale of goods or supply of services at a certain price. There are many different types of contracts including: the sale and purchase of a business agreement; partnership agreements; leases of business premises; leases of plant and equipment; and employment agreements. The process for creating a contract generally
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1. Voidable Contract: An agreement which is enforceable by law at the option of one or more of the parties thereto‚ but not at the option of the other or others‚ is a voidable contract. A contract is voidable when one of the parties to the contract has not exercised his free consent. One of the essential elements of a formation of a contract for example‚ free consent‚ is absent. All voidable contracts are those which are induced by coercion fraud or misrepresentation. The person whose consent is
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2.1 Definition of Proposal/Offer Section 2(a) of the Contract Acts 1950 provides that: “when one person signifies to another his willingness to do or to abstain from doing anything‚ with a view to obtain the assent of that other to the act or abstinence‚ he is said to make a proposal”. Eg: Ali advertised in Malay Mails that he will give a reward of RM100 to anyone who finds his pet. He signified his willingness to do an act‚ which is to pay a reward‚ upon certain terms‚ with a view of obtaining
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MEMORANDUM To: From: Re: Teri Firefighter FACTS: Teri is a firefighter who lives and works in Boston‚ Ma. She is selling her home and found a buyer named Jack. Teri received an offer from Jack for $300‚000. Teri accepts the offer and they sign a contract to that effect. After the contract is signed‚ Teri learns of a Boston rule that all firefighters must live within the Boston city limits. Teri decides not to move and contacts Jack to let him know she won’t be moving after all
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LAW OF CONTRACT NOTES INTRODUCTION. A contract is an agreement between two parties which is enforceable by law.An agreement is made when a person signifies his willingness to do or to abstain from doing anything with a view of obtaining the assent of the other party. Such act or abstinence is said to make a proposal.The person making the proposal is called the offeror and the person accepting the proposal is called the offeree TYPES OF CONTRACTS: Contracts may be classified into: -Written
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LAW ON OBLIGATIONS AND CONTRACTS* I. Introduction A. Law - from the Latin word “lex” which is derived from the verb “Ligare” meaning “to bind” - a rule of conduct‚ just and obligatory promulgated by legitimate authority for the common observance and benefit (as defined by Sanchez Roman‚ a Spanish Civilist) B. Sources of Law 1. Legislative- Congress 2. Constitution- supreme law of the land 3. Administrative or Executive Orders‚ Regulations and Rulings-
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Recognizing Contract Risk and Opportunities Alen Edilersky LAW/531 – Business Law Professor Rickard D’Ambrosio February 02‚ 2009 The contract is the special document demanding careful development‚ acceptance and the control over observance of its conditions. As a rule‚ contracts consist when planned mutual relations of participants have long-term character. This long term can concern both to the process of interaction‚ and to those consequences for participants who can come as a result
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Contract Remedies BA265 Business Law II Terrance L. Williams Grantham University December 8‚ 2012 Contract Remedies In our case of National Drilling Company filing suit against Overland Transport‚ Inc. asking compensatory‚ consequential‚ and punitive damages‚ the recovery of National will be based on Quasi Contract. As one reads through the scenario‚ he or she may ask themselves a few questions. What were the exact terms of the contract between National Drilling and Overland Transport
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