The nature of contracts is to enforce promises made by any given parties to an agreement but not all promises made are enforceable. There are fundamentals that make a promise or a contract enforceable. Some of these elements are, an acceptance, offer, the capacity to contract, must be legal, and consideration Carmichael, R. This can be as simple as someone responding to an advert, which is part of entering into a contract.
The nature of contracts is to enforce promises made by any given parties to an agreement but not all promises made are enforceable.
There are fundamentals that make a promise or a contract enforceable. Some of these elements are, an acceptance, offer, the capacity to contract, must be legal, and consideration Carmichael, R.
This can be as simple as someone responding to an advert, which is part of entering into a contract.
If I advertise to sell my business and one offers to buy it, the buyer anticipates and has the expectation of getting the business after he or she meets the specified requirements.
The seller will only give access to the business after receiving compensation and will transfer ownership after the buyer has fulfilled all the requirements.
If the terms of agreement are vague or not legal then the contract is not binding. This also applies to situations where there is provision of services.
For example, if a person hires a painter to paint his or her house then the painter expects to receive compensation after the work is completed and is satisfactory to the client. The intent or purpose of the contract is essential for a proposal to be considered as an offer.
This is a clear indication to both parties that the contract they are entering is solemn that is if the parties agree to enter into a contract Stone, In a given contract once the offer has been made, all parties that are part of the contract must accept the terms of agreement.
Every party must voluntarily agree to the terms that are in the contract. After the offer is made and has been accepted by all the parties there must be a consideration. Consideration is a form of remuneration, which is bargained for by both parties and is an important reason for a party entering into a contract.
It must be of value to both parties and is a form of exchange for the performance or promise of performance by the other party Carmichael, R. The objective of this paper is to have an overview on how the law of contract applies to various given situations as it is an important aspect of business law Question 1: Contract Law Introduction In contract law, a given promise is important to a binding legal agreement and it substitutes or represents a consideration since this is the inducement to enter into a promise.
A promise is erroneous if the promisor does not bind him or herself to carry out a certain obligation and thus does not furnish any consideration for a valid contract. However in given circumstances there are promises that are implied in fact which is an indirect promise that can be inferred from acts or expressions of the promisor.
In the occurrence that there is failure to fulfill a promise in a contract then that is considered to be a breach of contract in which the other party may sue for either damages or performance Stone, Background to the story Frank made a promise to take his friends for a treat on his birthday.
Frank could not make it because he was working late. However, his friends still went for the treat and they are now asking Frank to cater for the expenses. In the case of Frank, the agreement between him and his friends is not legally binding since it does not entail the ingredients that are vital in forming a contract.
These ingredients are; an offer has to be made, an acceptance, legality, consideration and the capacity to contract. The objective of this paper is to show that Frank is not liable to pay for the expenses his friends incurred and that the promise made is not contractual.Business law includes the law of governing contracts, sales, commercial paper, agency and employment law, business organizations, property, and bailments.
Other popular areas include insurance, wills and estate planning, and consumer and creditor protection. 1 Business Law Outline Lindenwood College Winter Kevin C.
Kaufhold, Adjunct IBA Business Law This introductory course is designed to familiarize the student with the subject matter of the legal. Business law essay samples online; Sample Essay On Democracy ; Jackie Robinson - sample paper Law essay beginners manual; Shipping industry essay example; Having an outline for an essay is the perfect way to be prepared for when you start writing the essay.
A good outline is structured and detailed. BUSINESS LAW Spring COURSE OUTLINE & SYLLABUS Course Title: Business Law Credit Hours: 3 Business law areas—contracts, sales, agency, business organizations, commercial paper, short answer, T/F, and essay questions.
EXAMS MAY NOT BE MADE UP. In the real world, your inability to complete work on time will likely leave you. The following outline is provided as an overview of and topical guide to commercial law: Commercial law – body of law that governs business and commercial transactions. It is often considered to be a branch of civil law and deals with issues of .
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