Essay Exam
What is a contract?
A Contract is legally recognized agreement, which is normally binding between 2 or more people.
What are the elements of contract?
Offer- One person involved in the contract assented to do or abstain from a chosen action in the future.
Consideration- There was something of worth that was promised in lieu of the specific action or no action. Consideration differentiates a contract from a gift. This would prevent any misunderstandings in the future.
Acceptance- The offer was accepted without question. The acceptance must reflect the terms of the offer down to the last letter. But, if the contract implies a sale of merchandise among merchants, then the acceptance will not have to reflect any of the terms of the contract except if: * The terms of the acceptance drastically changes the original contract; and or * If the offer is rebuffed in a substantial amount of time
Mutuality – The parties involved have a mutual understanding of the substance and terms of the contract.
Is a cashed personal check a contract? Yes, it is. A cashed check is a legally binding agreement between you and the payer who gave you the check. The payer filled out the check and listed you as the payee. That check is giving your bank permission to request the funds from the payer’s account. I have heard of people cheating people and putting a stop payment on a check because the person has upset them for some reason. But, that’s how people get in trouble with checks.
What is the difference between a bi lateral and unilateral contract?
A bilateral contract is differentiated from a unilateral contract, by a promise made by one party in exchange for the performance of some act by the other party. The party to a unilateral contract whose performance is desired is not required to act, but if he or she does, the party that made the agreement is bound to comply with the terms of the agreement. In a bilateral contract both parties are compelled by their exchange
A Contract is legally recognized agreement, which is normally binding between 2 or more people.
What are the elements of contract?
Offer- One person involved in the contract assented to do or abstain from a chosen action in the future.
Consideration- There was something of worth that was promised in lieu of the specific action or no action. Consideration differentiates a contract from a gift. This would prevent any misunderstandings in the future.
Acceptance- The offer was accepted without question. The acceptance must reflect the terms of the offer down to the last letter. But, if the contract implies a sale of merchandise among merchants, then the acceptance will not have to reflect any of the terms of the contract except if: * The terms of the acceptance drastically changes the original contract; and or * If the offer is rebuffed in a substantial amount of time
Mutuality – The parties involved have a mutual understanding of the substance and terms of the contract.
Is a cashed personal check a contract? Yes, it is. A cashed check is a legally binding agreement between you and the payer who gave you the check. The payer filled out the check and listed you as the payee. That check is giving your bank permission to request the funds from the payer’s account. I have heard of people cheating people and putting a stop payment on a check because the person has upset them for some reason. But, that’s how people get in trouble with checks.
What is the difference between a bi lateral and unilateral contract?
A bilateral contract is differentiated from a unilateral contract, by a promise made by one party in exchange for the performance of some act by the other party. The party to a unilateral contract whose performance is desired is not required to act, but if he or she does, the party that made the agreement is bound to comply with the terms of the agreement. In a bilateral contract both parties are compelled by their exchange