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Requirements of a valid contract
Requirements of a valid contract
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Types of contracts and examples Did you know that contracts can be classified by how and when they were formed so each contract has a strict set of ways they can be called? The types of contracts are bilateral contracts, unilateral, formal, informal, express, implied, executed, executory, valid, voidable, unenforceable and void. The first type of contract we will explore is a bilateral contract the definition of this contract is a promise for a promise. This contract will come in to play as soon as a promise is made to do something. If someone says that they will do something and someone else agrees to do something that will be this a bilateral contract. let’s say james Inc. and Braxton’s family made a contract offering Braxton family 12 …show more content…
The definition of this contract is formed by the conduct of the parties. This contract is saying that to form an implied contract there is certain things that must be there. One of them is a plaintive furnish someone’s property, that plaintiff expected to be paid and the defendant knows then that is an implied contract. An example would go something like this, daisy hires a local boy named blue to come and babysit her children. Blue agree to babysit the kids. Blue thought that daisy will come and bring the kids to him, although daisy was for sure that blue would come to her house for the …show more content…
another example of capacity would be if a legally intoxicated person goes and signs a contract which says that they would give someone there identy for 100 dollars. That’s why I like this because the contract would be void because the drunk person is not mentally stable to understand what they are doing. Different types of remedies Did you know that there are 4 types of remedies of a breach contract they consist of compensatory, consequential, punitive, and nominal damages? The first thing that I am going to be talking about is compensatory the book defines this as something used to cover direct losses and cost. Basically, saying that you would only get what your loss and you will not be in a can get more of what was lost. This also serves as a protector so many people do not have a lot of charge added on to what they have already an example of this would-be jimmy got fired from his job because his boss changed his mind about him, jimmy sues the boss for compensation but the boss will only have to pay as much as jimmy was off and was looking
The four elements of a contract are the agreement, the consideration, contractual capacity, and a legal object. The oral agreement between Sam and the chain store satisfies the agreement element of a contract definition because when the chain store offered to sell Sam 's invention at their stores, Sam accepted by agreeing to ship 1000 units in exchange. The second element of a contract, the “consideration of each party,” is satisfied because Sam and the chain store have something to give the other (1000 units of the invention in exchange for the exclusive sales of the product at their stores). The third element is “contractual capacity,” which may or may not be fulfilled since we do not know Sam 's age or whether
Liability in restitution with disgorgement of profit is an alternative to liability for contract damages measured by injury to the promisee.” (2011)
In Contract Law, presumptions can become vague, misunderstood, misinterpreted and when used inappropriately can lead to ineffective judgments. To combat this and improve the process used to determine intention to create legal relations, The High Court of Australia has effectively re-characterised the role of presumptions, which has positively impacted other courts in the hierarchy. This began through the judgement made in Ermogenous v Greek Orthodox Community which positively changed the way judges dealt with both Contractual Presumptions and the Intention to create legal relations. This case inspired positive change which transpired through proceeding cases and judgements made by Australian courts.
Next, we determine the consideration of the deal. In a bilateral contract such as this, the consideration is a promise. Mr. Stevens promises to deliver his product to the store, who in turn makes a promise to
When parties enter into a bilateral contract, “an agreement in which the parties exchange promises for each to do something in the future,” each must hold true to his/her promise (Bilateral Contract, n.d.) When is a contract considered fully executed? What happens when one party fails to fully comply with clauses stated in a contract? What recovery is available for the non-breaching party, if fall-out occurs from improper actions of the other party immediately after execution, but before payment is made? These are some of the questions that will be answered in the following scenario and subsequent negotiation.
contract “refers to a contract drafted by one party in a position of power, leaving the weaker party
For example : person who shopping in supermarket and employee of the supermartket washed the floor ten minutes ago and floor is not dry,there is no sign to warn person that floor is wet,person slip on the floor and hurt leg and then he have to go to hospital, in spite of it he can not go to work for three week, in this situation he need to make a claim based on the principles of the law of tort. In this situation we have a person have physically hurt and he lost money,because of someone else’s
It can also be the promise to pay. For an enforceable contract, the consideration provided must be agreed upon by all parties. In the Jim and Laura case, there is no contract. For a contract to be present and enforceable, an offer must be made. The offer was made as the two parties discussed on purchasing the car and even the party being offered the car left with the car. This offer, however, lacks merit because the proposal was not specific. The two parties did not have a common mind on how to purchase the car. It can also be established that there was no contract mutuality of obligation was not existent (Kurtz & Boone, 2009. The buyers had not agreed to the terms. The terms as explained later by Stan were not the same that Jim and Laura heard in the first instance. Time of agreement is also not detailed. This element has not met at all and, therefore, there was no contract. Consideration plays a big role in law of contract. Businesses are very specific on what ensuring revenues are high all year round. As a result, consideration is critical because it has the ability to tilt profitability of a company. During contracting, considerations must be understood by all parties and agreed upon. In this case, Jim and Laura never agreed on any considerations. They in fact did not know whether there were considerations that were presented to them. This is enough to claim that there was no contract. For there to be a
The case presented is that of Sam Stevens who resides in an apartment. He has been working on an alarm system that makes barking sounds to scare off intruders, and has made a verbal agreement with a chain store to ship them 1,000 units. He had verbally told his landlord, Quinn, about his new invention and Quinn wished him luck. However, he recently received an eviction notice for the violation of his lease due to the fact that his new invention was too loud and interrupting the covenant of quiet of enjoyment of the neighbors and for conducting business from his apartment unit.
In today’s society, businesses are hiring more hourly workers to support their workload. Most of these hourly workers have to work more than one job because they cannot survive off eight dollars an hour. Because of this occurrence, employers are involving non compete agreements in their contracts with their employees. Non compete agreements state that the employee of one business cannot work for the business’ competition. Although this helps the business, there are issues when it comes to the low to average pay workers.
1.1 Explain at least four points of differentiations between contract and agreement with the help of examples.
HILLIARD, J. And O’SULLIVAN, J. (2012) The Law of Contract [Online] 5th Ed. Oxford: Oxford University Press. Available from - http://books.google.co.uk/ [Accessed: 2nd January 2014]
A contract is an agreement which has its specified terms and conditions between two or more parties in which there is a promise to do something in return for a benefit.
Describe tort law and the types of damages in a tort lawsuit. Provide two examples of tort damages in the business environment.
Occasionally there may be misunderstandings made by individuals/parties in differentiating between a simple contract and a speciality contract. From what is understood, a speciality contract may be; “illustrated by reference to gifts”, as stated by (Richards, 2009).