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Important To The Understanding Of Contract Law
361 words1. The importance of a contract law to the private market system is vital for our private enterprise economy. It helps make buyers and sellers willing to do business together. Contract laws allows private agreements to be legally enforceable. Contract laws provides enormous flexibility and precision in business dealings. It provides flexibility in that you can agree to literally anything that is not illegal or against public policy. It gives precision in that with careful thinking you can make a...
1,014 wordsThe first step to answering this question is to define what is meant by "express" and "implied" terms in the context of a contract. A contract contains a number of terms which, in effect, are the obligations of the contract. Express terms are statements actually made by one of the parties, either in writing or orally. They do not always make up the whole contract and there may be other terms which can be implied into it. The basic principle of implied terms is that a term will be implied where i...
Exclusive Concession Contracts
325 wordsWith inadequate education budgets across the nation, school systems are looking for additional sources of revenue and corporate America is looking to capture the "kids" market. Children and teenagers spend $74 billion a year and influence billions more in family spending. Almost every large corporation sponsors some type of in-school marketing program. These marketing programs include, but are not limited to, exclusive concession contracts. Nearly 40 percent of schools begin their day with curre...
Mr Smith To Construction Inc
6,823 wordsOnce completing college, William Smith, a resident of Boston, Massachusetts, wanted to establish a manufacturing company that develops racquets to improve the future of squash playing. With his experience in squash playing and a finance degree he figured he could develop a great corporation. In order to establish his corporation, he needed to find wealthy investors to fund and put trust into his future establishment. Mr. Smith receives legal advice throughout his expenditure. After making negoti...
Enforceable Agreement O The Party
2,447 wordsContract - An agreement that is enforceable in a court of law A contract is legally binding only when it contains certain factors: Capacity - The legal capability of entering into an agreement; some individuals, such as minors, and mentally incompetent or intoxicated persons, are not seen in law as having the capacity to enter into a contract. Legality - The purpose must be neither criminal nor against the public good. Consensus - There must be complete agreement, or consensus, among the partici...
Property To Gerard And Amounts To Fraud
838 wordsVENDOR & PURCHASER: PART ONE - SEMESTER 1, 2003 ASSIGNMENT ONE QUESTION ONE An agreement was formed between Gerard and Rodney in November 2000. Rodney was to purchase Gerard's house to restore it and lease the property for a term of two years. A special condition of the purchase is that Gerard may repurchase the property for the sale price and the cost of any renovations made by Rodney during the duration of which he is the registered proprietor of the property. A contract for the sale of land w...
School Context Under The Tort Of Negligence
1,608 wordsA tort is a legal term for "a wrong". The "tort law" is composed of state statutes and court decisions that gives one the right to sue someone who causes harm to them, whether it's a drunk driver, a corporation that manufactures a defective product, a credit card company that overcharges you, or a government bureaucrat that breaks the law or a school official such as a teacher or principal. The law of the state in which the school is located determines a school's legal responsibility for supervi...
Offer By 1 Person And An Acceptance
493 words(A) Consensus in idem Consensuses in idem, legal obligation and between parties are all important elements which need to exist for there to be a contract. Agreement Agreement is when 2 parties agree on the same thing. This is also known as CONSENSUS IN IDEM. This means Agreement to the same idea. The parties to the contract must be in full agreement as to what the contract is essentially about, where they are not; the contract is to be rendered void. There are many reasons why not all agreements...
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