Fixed-Price Contract or Cost-Reimbursement Contract Willie Glover BUS 501 February 20‚ 2011 Dr. Nick Nayak Abstract Fixed-price contracts and cost-reimbursements are two different forms of contracts used by the federal government while determining contract pricing. Contracting officers may use either when contracting however there are several types of fixed-price contracts. Fixed-price type of contracts provide for a firm price or an adjustable price. Fixed-price contracts consist of firm-fixed-price
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grounds of void contract under Nepalese Contract Act by illustrating the cases. Any contract which is not enforceable by law is said to be void. A void contract is one which has no legal effect whatsoever owing to the fact that a transaction which is void. Even if they satisfy some of the conditions of a valid contract‚ they are not enforceable. In the eye of law such contract is no contract at all. There are some contracts which have been declared as void by section 13 of Nepalese Contract Act 2056.
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A Collateral contract A collateral contract is one where the parties to one contract enter into or promise to enter into another contract. Thus‚ the two contracts are connected and it maybe enforced even though it forms no constructive part of the original contract. According to Lord Denning MR in the case of Evans & Sons Ltd v Andrea Merzario Ltd [1976] 1 WLR 1078 a collateral contract is ‘When a person gives a promise‚ or an assurance to another‚ intending that he should act on it by entering
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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 of the crucial areas
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ont Contract Paper Michael Labbe University of Phoenix Business Law HRM 531 Donna Ross January 28‚ 2013 Contract Paper Contracts regardless if they are written or verbal have the same basic components. The four components are (1) Mutual assent‚ (2) Agreement‚ (3) Exchange‚ and (4) Non-violation of public law. If the key components of a contract are met they will be enforceable in a court of law. In modern society it is more commonplace for contracts to be written so all parties
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Elements of a Contract Bus 670 Legal Environment Abstract In order for a contract to be valid‚ it must meet certain standards. Contracts can be formed by two parties for multiple reasons‚ but must hold up to the same standards in court to be valid. The first element of the contract is the offer. The offer is very important because it is where the contract initializes‚ and is presented to the offeree by the offeror (Mallor et al.‚ 2010‚ p. 307). The second element is acceptance. In this
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Six Essential Elements of an Enforceable Contract In normal everyday life contracts are utilized for various situations and reasons. Some contracts are more binding as compared to others based on the six elements of offer‚ acceptance‚ consideration‚ the parties’ capacity to contract‚ the parties’ intent to contract and the object of the contract. This paper examines the above mentioned elements using a contract existing between a customer and a phone dealer. The phone dealer dealt with used but
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international contract is a contract that has a foreign element‚ that is to say that the contract is in contact with one or more order (s) legal (s) abroad (s). Specifically‚ the foreign element may be resident abroad‚ a party to the contract‚ nationality‚ place of contract conclusion‚ and many other possibilities. The commercial contract is a contract for a commercial transaction or a contract made by a trader for the purposes of his trade. Therefore an international commercial contract is the addition
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THERE ARE 7 ELEMENTS WHICH ARE REQUIRED FOR THERE TO BE A VALID CONTRACT. LIST AND DISCUSS THEM AND SAY WHAT HAPPENS IF ANY ONE OF THE ELEMENTS IS MISSING. All agreements are not contracts. A contract is a legally binding agreement between two or more parties. An agreement that is not enforceable by law is not considered a contract. There are many elements that are required for a contract valid‚ offer and acceptance‚ intention to create legal relationship‚ capacity of the parties‚ consent‚ consideration
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Discuss | Print | | | | Works Contract Composition Scheme - Restriction on input credit for certain input services MARCH 01‚ 2011By Santosh HatwarWORKS Contract (Composition Scheme for Payment of Service Tax Rules‚ 2007 provides that a service provider engaged in provision of ‘works contract service’ has an option to pay an amount of 4% of the gross amount charged for the works contract.For this purpose the ‘gross amount charged for the works contract’ means an amount which includes the value
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