Business Law Problems

A contract is an official agreement between two parties. There are different types of contract, such as sale and purchase of a business agreement, partnership agreements, lease of business premises, lease of plant and equipment and employment agreements. The format can vary too. It can be face to face, written, or distance selling. The specifications of a contract involve offer and acceptance, the intention to create legal relations, lawful considerations, capacity and legal formalities such as terms and conditions.

10. Dan hires Eve to perform at Dan 's Club, but Eve later breaches the agreement to accept a higher-paying job at First Star Arena. Dan files a suit gainst Eve. The court will most likley: award damages to Dan.

A bilateral contract comes into existence at the moment promises are exchanged. True, “promise for a promise”

A contract is a legally obligatory promise or set of promises (Bagley, C. 2013). If this promise is broken, either party involved can be legally responsible and take the other party to court. There are four basic elements in the creation of a valid contract. The first consist of an agreement between the parties involved, by an presented offer and acceptance. The second states that the parties’ promises must be supported by something of worth, known as consideration. The third advises both parties must have the ability to enter into a contract. The fourth element states the contract must have a legal purpose (Bagley, C 2013).

A contract requires four elements to be valid. Essential elements in any contract include the following: agreement, consideration, legal ability, and a legal object (Kubasek, Browne, Herron, Dhooge, & Barkacs, 2016). The agreement includes the offer made to the other party who then agrees to enter into the contract. The consideration includes the exchange each party receives as a result of the contract. The legal ability is capacity one has to enter into a legal contract. The legal object is the legality of the contracted issue. These elements together create an effective, valid contract.

1. Identify the ethical, strategic, operational, and financial issues in this scenario and list them in priority order from most to least critical.

This is a clear expression of a party accepting agreement to the terms of the offer.

The ______ approach to business and society introduced in the text is a descriptive framework that integrates legal and societal considerations with mainstream theories of competitive advantage and social

A contract is an arrangement between two or more parties that creates rights and obligations to each party. The essential parts of a contract are as follows:

The four elements of a valid contract are offer and acceptance, meeting of the minds, consideration and competent parties. The contract must cover a legal purpose or objective as well (Binder, 2012). The objective theory of contracts holds that contract formation is dependent on what is communicated, rather than what is thought by one of the parties (Barnes, 2008).

A contract is an agreement made with an intention of legal rights and obligations which the law will enforce. It contains the agreement, consideration and intention. It also have some other things to consider, like capacity of parties, genuine consent or legality of object.

Mrs. Turner has decided to start her own business running a private day nursery. It is

Mutuality is the agreement of being a partnership with the offer that has been presented and accepted by both parties, along with the terms of the contract. When agreeing, thus both parties are legally bound to perform their side of the contract, if not they will be have broken their contract and are risking being sued. Contracts can be agreed upon by word and a handshake, but for a contract to hold up in court in certain states in must be in writing. The statute of limitations for oral contracts is four years. The statute of limitations for written contracts is six years.

Presently, there have been much development in computer technology; telecommunications, software and information technology areas that have resulted in the dynamic changing of the people’s living standards in an imaginable way. For instance, the ways people communicate is normally restricted because of existing constraints of geography and time. As such, this implies that information is often widely transmitted and received than ever before due to development in technology. Thusly, the business environment has become more flexible to accommodate the electronic contracts in terms of place, space, distance and payments. Generally, e-commerce is often associated with a form of business information, different products and services transmitted through computer networks. Therefore, with the rapid growth of e-commerce, there is a rapid advancement in the use of electronic contracts. However, the deployment of electronic contracts poses many challenges at three levels, which include conceptual, logical and implementation. Overall, this essay will examine the legal aspect of electronic contracts.

With the broad expansion of internet and its impact on individuals and entities that carries their business activity through electronic means is the development of what is called as Electronic Commerce. It has been envisaged that electronic commerce (E-commerce) provides benefits to Multi-National Enterprise, Small and medium size Enterprises and even individual people. So far as effectiveness of E-Commerce is concerned it is based on electronically made contracts known as Electronic Contracts. Accordingly, a new type of contract in international trade named electronic contract came into being. In simple terms, electronic contract is an agreement entered into by the parties through electronic means to ascertain the rights and