Standard Form Contracts

Given the financial magnitude of this particular negotiation, all parts of this negotiation and interaction with one another required a great deal of listening and efficiently speaking. The car salesman had to, and did, listen to what I was looking for as far as a vehicle to purchase and he was able

2) Repair Theory – Damages should put things in the state that they were specified in the contract (IE fix the land as per the contract)

Enforceable contract Peter v. Don. Peter will have an enforceable contract with Don if he can show that all the required elements of a contract are present. If there is a contract between the two then it will be governed by the common law requirements of an enforceable contract instead of the Uniformed Commercial Code, which would be used if their agreement had involved the sale of goods. In order for a contract to be formed between Peter and Don the two must react mutual consent Mutual consent can generally be formed through the form of an (A) offer and (B) acceptance. An additional requirement for both parties to show (C) consideration is also

Wally, business owner of Windy City Watches is located in downtown Chicago, IL. Business is booming and Wally needs to buy a large quantity of Rolek watches which sell for $50 apiece. He calls Randy Rolek, the wholesaler located in Milwaukee WI. They discuss terms on the phone for a while before coming to an agreement in which Wally offers to buy 100 watches for $25 each. Randy sends over an order form in which Wally states that he is agreeing to purchase watches from Randy for $25 each, but does not include the quantity in which he will buy. Randy sends 50 watches the following week with a note included stating that he has sent 50 watches and will send the other remaining 50 watches within a few days but includes the bill for the full

An offeror will have made an offer where it appears to a reasonable person in the position of the offeree that an offer was intended.

When consumers decide to purchase a product or service a car, a new refrigerator, or prescription drugs, the goal of the antitrust laws is to make sure their choices are not restricted unreasonably. Consumer choice is a powerful incentive for the sellers of any products to keep their prices low and their quality high. When the antitrust laws are vigorously enforced, businesses must respond to what consumers want. A business that ignores consumer wishes, by refusing either to keep prices competitive or to offer

Rule : : Contract formation requires mutual assent (offer and acceptance), consideration, and no viable defenses to contract formation.

A standard form contract is a contract made between 2 or more parities using their standard set of terms. A contract is a set of mutually agreed promises made between 2 or more parties with the intention of creating a legally binding agreement. It is important that the people involved in signing the contract know exactly what they are agreeing to.

Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three additional weeks to come up with the money. Bernie agrees but only if Vivian puts down a deposit. Vivian agrees and Bernie drafts an agreement stated the sale will must take place no later than March 31st. Vivian reads and signs the agreement and

Pat was very frustrated because she wanted to purchase a home but lacked the funds or credit to do so even though Pat was expecting shortly to receive a one-half million dollar final installment payment for some land she sold several years earlier. Dan knew that Pat was very interested in purchasing a home and approached Pat with a proposal to assist Pat in buying a home. Dan told Pat that he would help Pat with the financing. After finding the home she wanted to buy for $250,000, Dan and Pat orally agreed that Dan would purchase the home and "when you come up with the money, I (Dan) will sell it to you (Pat) for $250,000 plus a fair commission to be determined."

As a consumer, knowledge of the various market structures allows for the understanding of the motivations and decisions made by certain firms, and can assist in the making of calculated purchases. For instance, the student in the video hypothesized that gas prices were rising because multiple gas firms within an oligopoly were colluding and artificially raising prices. With this information, one can choose to take their purchase to another firm who does not appear to be colluding and purchase a substitute good for a cheaper price. If enough consumers are aware of the strategies utilized by firms within markets structures such as monopolies and oligopolies, action can be taken in order to prevent costs of goods from reaching levels that only benefit producers. The power that each consumer’s purchase holds is often underestimated, and if used wisely, can help to create a market that fosters innovation and rewards firms with fair prices.

The relevant rules are every simple contract must be supported by consideration, a promise to fulfil the terms of a contract is not always good consideration, and the rule that an agreement that is commercial in character can amount to a binding contract

In order for a contract to be formed, there are various requirements. These are offer, acceptance, consideration, and the intention to create legal relations. A contract may also be terminated.

For the reasons described above, Court’s insistence on high level of transparency is insufficient to guarantee protection for consumers and in fact may lessen it. However, the inclination that non-transparent terms are not unfair per se is supported. Consumers’ indifference to the existence of transparency might well be transposed to the lack of it. Since consumers suffer from the behavioural flaws described above, they cannot take full use of disclosure mechanisms. The proposition that transparency should not legitimize unfair terms is also welcomed, because in spite of accepting them, consumers might have not read or understood them.

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.