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- A Muslim trader should keep up his __________, _______and____________as these are considered as Islamic ethical behavior and imposes a great importance to it. Choose the most appropriate terms to fill the gap. a. lack of trust, promise and agreement b. customer, supplier and financiers c. trusts, promises and contracts d. profits, insurance and bank settlements1. X borrows money from a bank memorialized by a written loan agreement. Z orally promises the banker he will guarantee the loan. a) Z's promise is probably unenforceable in court, a collateral promise must be in writing. b) Z will have to pay the loan if X defaults. c) Collateral agreements need not be in writing to be enforceable in court. d) All of the aboveIn relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.
- The opportunity for either party to fix a problem before a contract is cancelled for cause is known as a ___________?Advanced) In some countries, there are restrictions on the length of a contract to rent an apartment. Suppose the restriction is that contracts must last for five years. In response, some people sign private agreements to rent for shorter durations, such as a year. What are the problems that might arise from signing these private agreements? What happens if there is a dispute? What role might reputations play in the enforcement of these private agreements?If a loan shark promises you $500 if you will rough up one of his nonpaying customers to encourage prompt repayment, what sort of contract is this? a.Valid b.Void c.Voidable d.Enforceable
- S1: Cost plus contract is a contract used on long term construction contracts in which the contractor agrees to a contract price that is fixed, either at the inception or at a fixed rate per unit of output, which in some cases may be subject to cost escalation clauses.S2: Variable contract is a construction contract in which the contractor is reimbursed for allowable or otherwise defined costs, plus a percentage of these costs or a fixed fee S1 True; S2 False Both are true Both are false S2 True; S1 FalseScenario 1: Receiving GiftsYou are the Director of Contracts at the Ministry of Energy. During theChristmas season, one of the Oil and Gas Companies sent a hamperof expensive goodies personally addressed to you at the office. Whatactions might you want to take? Consider the alternatives you have available to you and how they affect the stakeholders. What are the consequences, duties, rights, and principles, implications for personal integrity and character?Back in July 2012, the NHL opened negotiations for a new collective-bargaining agreement with an aggressive proposal to reduce players' percentage of hockey-related revenue from 57% to 43%, among other demands. After waiting a month, the NHLPA put forth an offer that separated player salaries from league revenue, slowing the growth of player salaries, and dividing revenues saved among financially struggling teams. Emotions escalated on both sides of the negotiation. The league lockout came after the September 15, 2012 expiration date of the parties' existing contract came and went. Weeks of cancelled games turned into months. Both parties were extraordinarily angry at one another. Meetings quickly escalated to shouting matches, and fear was it could turn physical. Given the highly emotional nature of the disputing parties what would you recommend doing? a) Bring in a third party, unrelated to either side, to be salient and visibly present in the room b) Ask them to (please)…
- Back in July 2012, the NHL opened negotiations for a new collective-bargaining agreement with an aggressive proposal to reduce players’ percentage of hockey-related revenue from 57% to 43%, among other demands. After waiting a month, the NHLPA put forth an offer that separated player salaries from league revenue, slowing the growth of player salaries, and dividing revenues saved among financially struggling teams. Emotions escalated on both sides of the negotiation. The league lockout came after the September 15, 2012 expiration date of the parties’ existing contract came and went. Weeks of cancelled games turned into months. Both parties were extraordinarily angry at one another. Meetings quickly escalated to shouting matches, and fear was it could turn physical. Given the highly emotional nature of the disputing parties what would you recommend doingDEFINITIONS Define or give the meaning of the following: Consent- Acceptance- Natural elements- Option contract Mistake of law DISCUSSIONS When is a contract voidable or annullable? Is it always required that he who alleges fraud or mistake in entering into a contract, must prove hiss allegation? Explain. Give the requisites in order that intimidation may vitiate or annul consent of a party to a contract. May fraud be commuted by a party to a contract though there is no mis interpretation on his part? Explain. Will the acceptance of a business advertisement of a thing for sale produce the perfection of a contract? Explain. PROBLEMS Explain or state briefly the rule or reason for your answer. In a contract containing an option period, when is the offerer not allowed to withdraw his offer even before acceptance by the offeree? When is the offerer allowed to withdraw his offer even after acceptance? S sold his house to B believing that B was C. Can S legally…Scenario 1: Receiving GiftsYou are the Director of Contracts at the Ministry of Energy. During theChristmas season, one of the Oil and Gas Companies sent a hamperof expensive goodies personally addressed to you at the office. Whatactions might you want to take? Consider the alternatives you have available to you and how they affect the stakeholders. What are the consequences, duties, rights, and principles, implications for personal integrity and character? Can you please include references for this answer?