A contract is a binding legal agreement that is enforceable in a court of law.…
“A contract is simply a legally binding agreement between parties to do or not do something.”(WebLocator, 2011) Many things in today’s society have terms, conditions, and disclaimers. If a person is entering into an agreement be it: new software, cell phone service, home security service, garbage pickup, a financial agreement; i.e. to purchase a house, a car, a boat, a new credit card, student loans, etc… all of these require a person to sign a contract, and all contracts have terms, conditions and disclaimers.…
The definition of a valid contract is that it complies with all of the legal requirements for a contract. There are several types of contracts. First is a unilateral contract, which is one that only one of the parties involved makes the promise. The other party involved would than act in return for the promise stated. A bilateral contract is when both partied make a promise. An implied contract is when there are surrounding circumstances along with facts, which show that a promise was created. A contract is not executed when all of the parties involved have fully completed their promise and contractual duties.…
A contract is a legally enforceable agreement that is created when two or more people agree to perform or to avoid performing certain acts that they have a legal right to do and that meet certain legal requirements (Liuzzo, 2013). An example of a contract exists between an assistant and the manger. That contact can be extended once the assistant becomes a partner and so forth. Contracts can be extended or changed as needed to reflect the contractual relationship.…
Situations that involve written and oral contracts between clients and contractors happen every day. Quite often, a price is agreed upon based on a completion date and the performance that happens along the way. One such situation that I have experienced was when my Dad decided to purchase a brand new townhouse in a downtown Cincinnati residential redevelopment project. A private contractor named Drees had won the rights from the city to be the only firm that could be used in the construction project and they are very popular there. A contract was signed between my parents and the developers that a new home would be built to their specifications and delivered within a six month period and upon that date they could move in. The focus of this analysis is to bring the contract under scrutiny that existed between Drees and my parents and how the contractor performed their duties.…
"A contract is created at law when there is a mutual exchange of promises upon reasonably understandable terms and conditions. A contract does not have to be reduced to writing in order to be enforceable" (asu) http://www.asu.edu/counsel/brief/contractbasics.html…
1. What is the definition of a contract? A contract is a Promise that the Law will enforce.…
A contract is an agreement between and offeror, and an offeree, that can be enforceable by a court of law or equity (Cheeseman, 2010). A contract consists of the following elements; agreement, consideration, contractual capacity, and lawful object. Understanding each of these elements is of the utmost importance to ensure that each party involved has a good understanding of what is expected from one another.…
The obligations of the parties, as assigned in the terms of the contract, are governed by the general law of contracts. The obligation of the seller is to furnish the goods, as agreed upon, the buyer to pay therefore. Thus, when the seller offers to turn the goods over to the buyer and when the buyer offers to pay for them, tender of performance occurs. The seller must make tender of delivery and the buyer must make tender of payment.…
In this case all of the statement are an oral contract. “It is much harder to tell a term from a representation”. (Business…
“All contracts are agreements, but not all agreements are contracts” (Luizzo, 2010, pg. 79). In business, contracts are used to employ people and to sell goods, and to sell services (Luizzo, 2010, pg. 79). For a contract to be enforceable legally it must contain certain elements. There must be an offer made to one party and acceptance by another party; there must be consideration; all involved must mutually agree; all parties must be competent; there must be proper…
A. Definition: Contract law is an enforcement of a single promise, not an agreement at whole.…
A contract is an agreement between two parties, each agreeing to do or forbear from doing something. A contract, if properly formed, is legally binding and all parties to a contract are required to perform their respective obligations under the contract, failing which legal action can be taken. A failure or refusal to perform one's obligations under the contract will be called a "breach" of the contract.…
References: Miller, Jentz. Business Law Today: Comprehensive, 9th Edition. South Western Educational Publishing, 01/2011. .…
Theresa booked a flight ticket with AirMalaysia to fly her from Kuala Lumpur to Melbourne on the 1st of December 2009. She has booked and paid the ticket in advance and the flight has confirmed. However, on the 1st of December 2009 the flight was cancelled and the airline was unable to give Theresa an alternative flight on same day. Consequently, Theresa was forced to put up a night in Kuala Lumpur. The next afternoon, she able to flew to Melbourne on another airline. Due to the cancellation of flight she arrived in Melbourne late and she had lost a business opportunity which causes her losing a considerable sum of money. The main issue in this question is whether Theresa able to sue for her damages.…