...Team A Reflection Jimmy LaNonh, Diana Ogden, Alicia Ventura, Charlie Yi, James Williams LAW/421-Contemporary Business Law August 13, 2014 R. Garth Ferrell During week, 4 and 5 of Contemporary Business Law the class went more into depth of contracts including formation, breach or discharge, and the UCC. The team gained a better understanding of the elements of a binding contract and how the UCC is involved with contracts. The class discussion was mainly regarding contracts, the UCC code, and the differences. The concept for Diana that sometimes is difficult is deciding if both parties in a contract gave consideration. If that element is missing this constitutes the lack of a contractual agreement. However, under the UCC code for merchants this is not a required element. The other piece that can be difficult to discern is deciding when the date of the contract begins, which must also meet certain elements to be a legal accord. The oral or written information must include the parties, price, object, and time that both parties mutually agree, and if not clear, one party may believe something different from the other party. Additionally, businesses need to pay close attention to the acceptance portion in contacts because of the “mailbox rule” because if specific date requirements are not in the arrangement this could be a reason for a dispute. The Statue of Frauds portion was another area of discussion to decide when written agreements are a requirement such as in UCC for...
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...American Intercontinental University Contracts BUS 310-1101B-10 Instructor Dunn Latonya Vereeen ABSTRACT In the following paper will discuss the four essential elements of a valid contract. Also included is the objective theory of a contract and how it applies to the scenario that was given. Furthermore, an explanation will be given why the court in the scenario held that there was not a valid agreement. In further discussion explains if advertisements are considered offers. Last but not least, an explanation will be given on how the scenario case differs from a reward situation in which a unilateral contract is formed upon completion of the requested act. In order to know what a valid contract is one must know what a contract is. According to Legal Help Right Now (2008) a contract is legal binding agreement between two parties that states terms and conditions that will protect all parties of interest. A contract can be in writing, orally, inference or conduct, or a combination of all four (M R Curd Limited, 2004). Now that we are familiar with what a contract is, it is important to know what the four essential elements that forms the outline of a contract. These elements are an offer, acceptance, intention of consequences, and the consideration (Small Business, 2010).The first element of a contract is the offer. According to Smithies (2007) an offer is an expression of willingness to contract on a specific set of terms, made by the offeror with the intention that...
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...Commercial Transactions (Contracts) Unit 3-Individual Project Tiffany L. Wilson Abstract Contracts are very important when it comes to businesses. Contracts have to be legally and binding to cover all aspects in case there is ever any doubt. In large corporations they would often have to have the expertise of judges help because something especially in advertising could be interpreted to be something totally different. Commercial Transactions (Contracts) This case is very interesting and it brings up some valid points that must be pointed out in order to have a success of the business. In this case we will present the four elements of a valid contract and we will discuss how each of these steps is very important to the establishment of a business and its contractors. In dealing with commercial businesses there are many rules that we must follow in dealing with contracts to make sure we do not violate any rules and regulations. With this case we will discuss how in a similar case if things are not properly done it would hurt the business and could be found void if proven the contract is not a valid one. (Cheesenan, 2009) In this case we see that it has to be first defined in the four elements in developing a valid contract. Element one is the contract. A contract is simply defined as a contract between people that sets the term of each party to participate or not participate in particular things. This...
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...alleges was promised as part of an offer through advertisement. I will discuss the objective theory of contracts, the four essential elements of a valid contract and how they correlate to the case mentioned above. I will also bring light as to why this specific case did not succeed in court and how this case was different from any other case that used the same approach to customers through advertisements. When dealing with contracts there are 4 essential elements that make a contract valid. These 4 elements would start off with an offer, then Acceptance, intention of legal consequences, and then consideration. An offer means that clear, definite statement to do something must occur. Estimates, requests for proposals and letter of intentions do not count. With an offer of course comes an acceptance. An acceptance is when the offer brought to a person whether it’s a verbal or written agreement is accepted. Acceptance of the term in its exact form can also be done verbally or written. Any other new additions must be counter offered and be agreed within both parties. There is also the Intention of legal consequences. What this means is that both parties are aware that the contract and agreement they are both agreeing on is a legally binding contract and can be enforced by law enforcement. If both parties do not want the law involved they...
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... Subject: Contract Specifics based on Leonard vs. PepsiCo, 1999 Ref: Unit 3 IP PROJECT Date: August 6, 2011 Dist: Anytown, Anywhere Based on Leonard vs. PepsiCo, 1999, along with various readings and research done at AIU Online Library – I, Karen Kissel have evaluated and re-evaluated the various legal ramifications, along with the positives and the negatives that would be involved with the potential advertising campaign of auctioning off ANYTOWN ON EBay. Executive Summary (used in place of an Abstract) In this paper the author is going to explain the valid legal elements of contracts. She is going to define the objective theory of contracts. In this paper advertisements and there legalities will be touched upon and how they relate to the Leonard v. PepsiCo Case. All the essences of contracts have been outlined and surmised to determine whether or not Mayor Morse should follow through with his potential advertising campaign to sell Anytown on EBay. All the information presented in this paper is to advise, and enlighten by educating the Mayor of all things relevant to contracts and the various factors attached to them while comparing them to the PepsiCo case of 1999. The author has hopefully fulfilled the needs and requirements expected of her by the mayor and his associates. Some fine examples have also been given to illustrate various points of law. Contracts and the Elements...
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...LAW/421 Final Examination Study Guide This study guide will prepare you for the Final Examination you will complete in Week Five. It contains practice questions, which are related to each week’s objectives. In addition, refer to each week’s readings and your student guide as study references for the Final Examination. Week One: Introduction to Law Objective: Define the functions of law in society. 1. Precedent evolves from a. state and federal constitutions b. state and federal statutes c. the common law d. a combination of both state and federal statutes and common law Objective: Define the functions of law in society. 2. Once stare decisis and case precedent is established, a. it may be disregarded and overturned by a court if they deem such action appropriate b. it may not be disregarded by a court but may be overturned by state statute c. it may not be disregarded by a court or be overturned by state statute but may only be changed by amendment to the state's constitution d. it may not be disregarded or overturned once established and must be followed without exception Objective: Define the role of law in business. 3. In the cases of Heart of Atlanta Motel v. U.S. and Katzenbach v. McClung, the Supreme Court found illegal discrimination under the Civil Rights Act of 1964 by applying a. the Commerce Clause b. the Supremacy Clause c. the Necessary and Proper Clause d. the Equal Protection Clause Objective: Define the role...
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...American InterContinental University International Business Law 11/28/11 A valid contract is an agreement signed by both parties. Contract must meet the requirements of the state law. Contracts are used when doing business to sell, transfer property, services, and other rights. Sales contracts are for selling automobiles and goods as such, while employees are based on service contracts. The law of contracts prohibits the enforcement of contracts which are too good to be true. Business contract laws serves to prevent outlandish claims from possibly being enforced. This is known as the law of contracts known as the Objective Theory of Contracts, The Objective Theory prevents interpretations of any law of a contract from enforcing ridiculous outrageous claims that are in advertisements from an offer of a contract. The most famous of such was the 11995 Pepsi commercial which offered a Harrier jet as an award for pepsi points. The ad stated that the winner would receive a jet for 7 million points. The overall method was to drink the pepsi brand and redeem points from the bottle cap. The company also allowed points to be purchased for ten cents individually. Although The normal cost of a Harrier jet is $23 million dollars, John Leonard thought he saw a brilliant opportunity. This man borrowed money from family and friends and attempted to retrieve the...
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...immigrants be entitled to free education, heath care services, food stamps and an assortment of other social service benefits? Does it make sense to reward those who break the law? Individual assignment 1. 5 primary barriers and obstacles that cause us to breach our moral & ethical values 2. How do they cause you to breach your moral and ethical values - Things that cause us to do the wrong things (temptations) ex: how does self interest cause us to do the wrong things 3. What needs be done to over come those obstacles 4. Do this for each of the primary barriers Week 3 presentation: 10 points 1. Provide background on issue- extent of it taught in schools MARCELA Ex: polls, legislature, historical value 2. ID and discuss all arguments on either side of the question (broad implications of this issue) Do schools have the rights where do their rights begin and end JAMES What are the rights of the parents where do their rights begin and end JOE 3. Team conclusion- 4. Justify conclusion, why was one side more compelling than the other MIKE 20 min presentation * Construction (4 out of 10 points) * accuracy * COPY OF PPP 3 slides to each page NOTES Metaethics: understanding where do our ethical principles come from Normative: Study of ethical theories Applied ethics: examination of specific controversial ethical issues- practical application Ethics= search for the truth Ethics= what you do when no one is looking Ethics=...
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...Abstract This report will expound on contracts and agreements by explaining about offer and acceptance, along with agreement and enforceability at law and how it affects persons involved. One can be easily mislead if they are not aware of rights and obligations, misconception or misinterpretation can result in lawsuits. It will talk about advertisement and the perception of the viewers, as well as the legal obligations of the advertiser and customer. Deals Too Good to Be True In this report, we are looking at a case involving a Seattle man who took a soft-drink company to court to resolve a case of what he thought to be underhanded by a soft drink company. He was challenged in the commercial to achieve a goal and as a result of reaching that goal, he would be rewarded with an extravagant gift, a Harrier jet. As the goal is achieved by this man, the company that advertised states that it wasn't meant for someone to actually take up the offer therefore there won't be a payout for his effort and time. This caught the man "off guard" who truly thought the advertisement to be true and after his hard work to accomplish what they asked thought that the company should indeed give him the Harrier jet, a famous high-tech jump jet used by the U.S. Marines. The key legal factors present in the scenario are what are enforced by the Federal Trade Commission, the truth in advertising Act. The act is in place to keep out of the...
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...Marian Malone International Legal and Ethical Issues in Business October 25, 2015 Abstract What kind of statements are companies allowed to make in their advertising campaigns to get noticed by the general public? How much of this advertising is taken seriously by the general public? Will a company be held responsible to follow through for their statements made in an ad campaign? We will examine these questions in this paper. Circumstance In 1999, a Seattle man took a popular soft-drink company seriously when one of its commercials made an offer of a Harrier jet, the famous high-tech jump jet used by the U.S. Marines. In a TV commercial that aired in 1995, the company jokingly included the Harrier as one of the prizes that could be received with a mere 7 million company points. Although that sounds like a lot of points to get from drinking the soft drink company's products (roughly 190 drinks a day for 100 years), the company also allowed customers to purchase points for 10 cents each. The man did the math and discovered that the cost of the 7 million points needed for the jet was $700,000. He then put together a business plan, raised the $700,000 from friends and family, and submitted 15 points, the check, and an official order form along with a demand for the Harrier jet. The company wrote back, stating that the Harrier jet in the commercial was simply used to created humorous and entertaining advertisement...
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...explore the aspects of business contracts and these aspects’ application to business management. Discussion focuses on Internet contracts and international transactions. You conduct a simulation to evaluate contract performance requirements and solutions for if the contract is not upheld Contract Risk and Opportunities OBJECTIVE: Analyze legal issues arising from contract formation, performance, and remedies. Resources: Ch. 9–11, 16, 18, & 20 of Business Law: Legal Environment, Online Commerce, Business Ethics, and International Issues Content • Ch. 9: Nature of Traditional and E-Contracts o Introduction to Nature of Traditional and E-Contracts o Definition of a Contract o Sources of Contract Law o Objective Theory of Contracts o E-Commerce o Classifications of Contracts o Equity • Ch. 10: Agreement o Introduction to Agreement o Agreement o Offer o Special Offers o Termination of an Offer by Act of the Parties o Termination of an Offer by Operation of Law o Acceptance • Ch. 11: Consideration and Promissory Estoppel o Introduction to Consideration and Promissory Estoppel o Gift Promise o Contracts Lacking Consideration o Settlement of Claims o Equity: Promissory Estoppel • Ch. 16: Remedies for Breach of Traditional and E-Contracts o Introduction to Remedies for Breach of Traditional and E-Contracts o Performance and Breach ...
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...SEMESTER 1 (MONSOON) PER WEEK CORE COURSE 101 SUBJECTS Law of Tort including MV Accident And Consumer Protection Laws Criminal Law Paper – I (General Principles of Penal Law) Criminal Law Paper – II (Specific Offences) Law of Contract Special Contract Constitutional History of India Use of Law Journals and Legal Software LECTURES 4 OTHERS 1 TOTAL 5 CREDITS (SEM)29 5 CORE COURSE 102 CORE COURSE 103 CORE COURSE 104 CORE COURSE 105 FOUNDATION 106 F SOFT SKILL 107 K 4 4 4 4 1 1 1 1 1 1 1 1 5 5 5 5 2 2 5 5 5 5 2 2 1 Semester – I Monsoon Semester CORE COURSE 101 : LAW OF TORT INCLUDING MV ACCIDENT AND CONSUMER PROTECTION LAWS Objectives of the course : With rapid industrialization, tort action came to used against manufacturers and industrial unit for products injurious to human beings. Presently the emphasis is on extending the principles not only to acts, which are harmful, but also to failure to comply with standards that are continuously changing due to advancement in science and technology. Product liability is now assuming a new dimension in developed economics. In modern era of consumer concern of goods and services, the law of torts has an added significance with this forage into the emerging law of consumer protection. It operates in disputes relating to the quality of goods supplied and services rendered and in those areas relating to damage suffered by consumers. The law relating to consumer protection, lying scattered in myriad...
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...A contract is an agreement between parties, with terms and conditions that describe the agreement, that constitutes a legal obligation. Contracts provide the means for individuals and businesses to sell and otherwise transfer property, services, and other rights. The four elements of a valid contract are agreement, consideration, contractual capacity, and lawful object, in order for a contract to be enforceable all four of these requirements must be met. An agreement is when someone makes an offer and the offeree accepts. A consideration is a commitment made between both sides to perform a contract, this is most common when money is exchanged for goods or services. Contractual capacity is the legal ability to enter into a contract (Cheeseman,2009). Lawful object is required for a contract to be enforceable (Cheeseman, 2009). The objective theory of contracts holds that the intent to enter into an express or Implied-in-fact contract is judged by the reasonable person standard (Cheeseman, 2006). In the case of PepsiCo vs. Leonard there is no contract on the basis of the objective theory. As the judge ruled "an objective reasonable person would not have considered the commercial an offer" (Leonard vs. PepsiCo). Objective theory of contracts makes a proposal stating that would, a reasonable person in the position...
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...Commercial Transactions (Contracts) There are four elements of a valid contact and they are as follows. The first element is an agreement. An agreement can be between individuals, individuals and companies or companies and companies. The second element is consideration. With having consideration this is the most common when there is money exchanged for services that were provided or also goods that were exchanged. The third element is contractual capacity or where the parties are qualified to be able to agree to the terms. What is meant by this is that all parties are legal age and are able to understand all of the terms of the contract fully. Lastly the fourth element is the lawful object. By this element it means that contracts can’t be binding or even be considered if there have been illegal activities involved. What is meant by the objective theory of contracts is whether a reasonable person that is viewing the circumstances would be able to conclude that the parties that are involved intend to be legally bound with the contract. This theory does not apply to this case at all. With the judge stating that jets are so expensive that no person could have concluded that the jets were offered to the customers through the commercial. Therefore this was a deal that too good to be true. This was not a legal bound contract or an agreement between anyone that the jets were included. The reason the court held that there was no valid agreement is because that the customer...
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...Valid Contract Unit 3 IP Penelope Manzo BUSN310-11-2B-06: International Legal and Ethical Issues in Business American Intercontinental University James Lange Valid Contract A valid contract is an agreement that is backed-up by the courts. The contract is valid if it meets all four elements, which includes: an agreement, valuable consideration, competent parties, and legal purpose. The agreement must be a compromise from both parties, and the intention of all terms of the contract must be agreed upon from both parties. Before the contract can begin, both parties must make clear each intention, detailed, and both parties must have a clear understanding. The agreement must have an offer and an acceptance, which must include both parties. Next, a valuable consideration, in which each party are required to give up something of value or refrain from exercising a legal right in an agreement, such as the initial agreement. The third element, competent parties means all parties must possess the legal capacity to enter into the contract. This means the state jurisdiction must be met, all party members must be of legal age within the state, and must be of mental competence. Lastly, legal purpose, the contract must have a legal purpose and not contrary to the public policy. These four elements must be agreed upon and meet before a contract becomes valid. According to US Legal Definitions, Objective theory of contract is a “doctrine which states that a contract is not an...
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