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- Decide whether that sentence is true or false? The validity of the contract completely depends on the form of contract. Contract for the benefit of a third party is a contract which is concluded by three parties and the third party shall enjoy benefits from the performance of such obligations; Time of entry into civil contract shall be the time when the offeree‘s letter of acceptance was posted In cases where a third party refuses to enjoy its benefits from a contract for the benefits of a third party, the contract shall still take effect toward the contracting parties. When the individual entering into the contract dies, such contract shall terminate, unless otherwise agreed upon by parties. When the object of the contract does not longer exist, it does not lead to the termination of the contract, unless the object of the contract is a distinctive object. A pledge of property shall take effect as from the time at which the last party signs the document of pledge of…Under U.S. law, in international contracts, the parties can agree on how and where their disputes will be resolved and which law will apply, as long as the place and the law selected bear some relationship to the nature of the contract and its place of performance. True or False?’The dynamics of the Law of Contract as per the Code Civil is ,but, amyth’’. Assess the pertinence of such a statement in relation to the individual and a businessentity.
- Bill has been adjudicated by the court to be mentally incompetent. Any contract that bill would enter into would be void? True or falseMr Ali agrees to service all the air conditioners in a building that has 15 floors. He has completed the work till 12 floors only at the moment.a. The above example is an example of Executed contract. Answer as YES OR No?b. Give reason to support your answer in part aHow does a court determine the terms of a contract? Which of the following is correct?Courts are not permitted to examine anything other than a written document or express statements made by the parties themselvesThe courts may guess at what the parties intended, this is done on a reasonable man testThe courts will usually determine the terms of the contract to be those that other contractors would have hadA court will examine the statements of the parties, actions, and any written documents and any implied terms when determining the contents of a contract
- Levi offered to sell his car to Evan for $5,000 cash. Evan responded to Levi's offer by saying: "I will buy your car for $ 5,000. I will pay you $2, 500 now, and $2, 500 in one week's time." Have Levi and Evan formed a binding agreement? Explain.True false question. Can it be efficient for one trader to consume all units of the goods while the other trader consumes nothing? In other words, does this point lie on the contract curve?What happens when a contract is discharged? List the ways in which a contract can bedischarged.
- Question Recently, the owner of KFC Franchise decided to change how she compensated her top manager. Last year, the manager received a fixed salary of $50,000 and KFC made $110,000 in profits (excluding the manager’s compensation). She feared that her store’s performance was connected to the top manager shirking on the job and expected that changes to her top manager’s compensation structure would improve sales. Therefore, this year she decided to offer him a fixed salary of $40,000 plus 5 percent of the store’s profit. Since the change, the store is performing much better, and she forecasts profits this year to be $300,000 (again, excluding the manager’s compensation). Assuming the change of compensation is the reason for the increased profits, and the forecast is accurate, how much more money will the owner make (net of payment to her top manager) because of this change? Does the manager make more money under the new payment scheme?Suppose the marginal benefit of writing a contract is $100 and the marginal cost of that contract is $150. Based on this information, the optimal contract length should be:b)Rachel’s objective is to maximize the expected profit, subject to that Emma works for Racheland Emma puts effort. However, effort level is not observable. Hence, Rachel needs to writea contract based on the observables. Let’s say, Rachel pays Emma based on the outcome: xLwhen the profit is $0, xM when the profit is $2000, and xH when the profit is $3,000. ThenEmma has three options:(i) Not to work for Rachel(ii) Work for Rachel without effort(iii) Work for Rachel with effortFind Emma’s expected utility on each optionc)ssuming Rachel wants Emma to put effort, her objective essentially becomes to find thelowest contingent payment scheme that is just enough for Emma to work for Rachel, andgives an incentive for Emma to put effort. Formally, we can write this as:min 0.1xL + 0.3xM + 0.6xH ,subject to0.1√xL + 0.3√xM + 0.6√xH − 5 ≥ 15, (1)and0.1√xL + 0.3√xM + 0.6√xH − 5 ≥ 0.6√xL + 0.3√xM + 0.1√xH . (2)What is Constraint (1) called? What is Constraint (2) called?d) or your information, the…