Company Maroon Ltd : An Inquiry From A Norwegian Company

Issues of this case: Could the offer acceptance by e-mail be capable of creating contractual relationships? Was there a breach of contract? The matter of the case is regulated by Contract Law.

It operates in more than 170 countries through its retail stores, online presence, independent distributors and licensees. The company capitalizes on its brand equity to drive its sales growth. However, high inventory and declined liquidity are a few causes for concern to the company. Emerging economies, especially Asian could open new growth avenues for the company driven by their accelerating economic activity. Growing counterfeit products market, intense competition and rising manpower cost could challenge the company’s profitable growth. (Global Data, 2012)

The principle of law is that for a valid contract to be formed there must be an agreement reached by both parties.

g. On December 31, 2012, the company completed the work on a contract for an out-of-province company for $7,900 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction.

Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class, I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach of contracts will be highlighted. Also, legal excuses for nonperformance or other grounds for discharge of contracts will be addressed. Finally, three types of common contracts personally and professionally encountered will be mentioned.

By studying the situation, I don't believe the 2 sides concerned ever had a deal. In the situation,

By studying the situation, I don't believe the 2 sides concerned ever had a deal. In the situation, the sides reached a deal just

Objective to build legal relationship: Not all agreements end up in binding contracts that are backed by the court of law. This is due to the fact that not all agreements are made under strict or formal

However, the following are the vital steps contained in each contract. Also, without them the contract would not be considered valid. First, an offer entails a statement by one party who is willing to make a contract under certain conditions keeping in mind that it shall be accepted. Second, acceptance gives a picture of the agreement to the terms offered. According to Rogers (2012), acceptance is considered valid when, (1) it is made by an individual to whom the offer was directed, (2) it is unequivocal, and (3) it is communicated to the offeror. Third, consideration encompasses the terms of the contracts between the parties. Therefore,

A contract comes into existence with the initiation of an offer made by one party, which in turn should be ‘accepted’ by the other party. The element of offer and acceptance thus initiate the legal process of the formation of a valid and binding contract. The significance of acceptance with respect to the contract laws stems from the fact that the proposed offer must be accepted by the promisee and forthwith be communicated to the promisor. Together offer and acceptance create a promise which can

The offer and acceptance model is flawed- only an agreement is necessary. In order to fully comprehend this statement, we must first establish what constitutes and offer and what constitutes acceptance. “An offer is a statement by one party of willingness to enter into a contract on stated terms, provided that these terms are, in turn, accepted by the party to whom the offer is addressed”. Acceptance is “…an unqualified expression of ascent to the terms proposed by the offeror”. The “Offer and acceptance model” is based on the court’s adopt the “mirror image” rule of contractual formation. Applying the definitions stated above, we can take this to mean that there must be a clear and unequivocal offer which must be matched by an equally

Simply there had been very little preparation and further there was no best alternative (BATNA), which are vital before any type of negotiations begin to avoid an unfavorable negotiation. This could have been rectified by utilizing “10 Point Plan Before Negotiation” and devoting an ample amount of time for preparation to items such as goals, interests, strategy, BATNA, research, tactics-actions and roleplaying. The end result is one that has looked at both sides of the negotiation and the issues. The BATNA would have answered critical questions before accepting any deal during a

A contract is an agreement between two or more parties that the law recognises and will enforce in necessary. Contracts are essential to commerce and business and are also a fundamental part of our daily lives.Businessess inter into contract individuals, other businesses and governments to by and sell goods, services and intellectual property. Contracts can be written, verbal, express or implied. now many of the contract we enter into are verbal, because of this, many people are often unaware they are entering into legally biding contracts. many of the common law principles upon which contract law is based were developed in the 19th centuty, one of the principles that People intering a contract should have the right to include in it whatever they wish to negotiate the best possible bargain, complete freedom to contract. However, as modern life become more complex, it has become evident that not everyone has full and free options when entering into a contract, practical exemple of this include our dependence on services such as plumpedwater supplies, electricity

Contractual agreements are supposed to be consensual, and freely entered into by the parties involved. Therefore, ‘before a court enforces a relationship as a contract, the courts must have a reasonably certain basis in fact to justify binding the parties to each other.’ (St. John’s Law Scholarship Repository, no date). Resolution of whether a contract was intended to be legally binding is not determined by what the parties themselves thought or intended. Rather, a more objective stance is taken by the courts. This is known as the objective theory of contract, and essentially enables ‘the courts to look at external evidence (what the parties said and did at the time)’ (Poole, 2006, p. 34), as to objectively indicate the parties’ intentions

Contractual agreement has always been viewed in terms of offer and acceptance. The universal principle to contract law has always been parties may get into an agreement in whichever way they deem fit and they are subject to certain terms as they choose. As far as legal requirements vital to their formation are binding contracts may be formed. Moreover a binding agreement may be manifested in terms of writing or in verbal form.