...of a valid contract in the uk?Yahoo! Answers: Business & Finance. Four Essential Elements of a Contract www.smallbusiness.wa.gov.au/four-essential-ele... Traducerea acestei pagini An agreement must contain four essential ingredients to be regarded as a contract. ... For example: A quotation by sub-contractor to the main contractor and an offer ... Usually the consideration is the payment of money but it need not be; it can ... Elements of a Contract - Legal Dictionary - The Free Dictionary legal-dictionary.thefreedictionary.com/Element... Traducerea acestei pagini The courts must enforce a valid contract as it is made, unless there are grounds ... No legal benefit or detriment to any party was required, as the seal was a symbol ... consideration (see discussion below) for the promise made by the other. ... Ratification of a contract entails the same elements as formation of a new contract. main elements constituting a vaild contract - UK Essays www.ukessays.com › Essays › Law Traducerea acestei pagini For a valid contract, the basic elements that need to exist are: .... Legality, even where all the requirements of a valid contract discussed above the present, ... Contract - Wikipedia, the free encyclopedia en.wikipedia.org/wiki/Contract Traducerea acestei pagini Contract formation ... The elements of a contract are "offer" and "acceptance" by "competent ... In common law jurisdictions such as the United Kingdom and the United .... If the contract is not required...
Words: 563 - Pages: 3
...the Contract? Introduction Introduction Approximate Length: 1 hour 45 minutes Welcome to the What Is My Role in Managing the Contract? lesson. Upon completion of the lesson you will be able to answer these questions: What Is the COR's Role in Contract Administration? Why Should the COR Talk with the KO? What Makes Up a Contract? What Else Might I Encounter When Dealing with a Contract? Print Version For a printer friendly version of this lesson, select the icon on the left. To print a single page, select the 'Print' button at the top of the screen. Page 1 of 41 Review the lesson learning objectives. Recognize the basic information (period of performance, Performance Work Statement (PWS), contract value) found in a contract to include the uniform contract format. Identify methods of tracking contract obligations using Accounting Classification Requirements Number (ACRNS) and Contract Line Item Numbers (CLINs) in a contract. Recognize the COR’s role in tracking the contract schedule. Analyze contract schedule compliance, to include all Statement of Work (SOW) requirements and Contract Deliverable Requirements List (CDRL) deliverables. What Is My Role in Managing the Contract? Introduction Know Your Contract Page 2 of 41 Animated Vignette Alternative Note: The animated vignette does not employ the use of audio. Please select the Next button when the animated vignette is complete. What Is My Role in Managing the Contract? What Is the CORs Role in Contract Administration...
Words: 12645 - Pages: 51
...and a price per display was agreed upon. It was discussed that most of the cost for a fireworks display is for skilled labor, insurance, and the actual service of setting off the fireworks. No other details were discussed. The owner is anticipating that new employees will need to be hired, but he is worried that if the large orders for fireworks displays do not continue, the company will not have the funds to pay the new employees. The owner is now considering changing the business entity, but he does not know what entity to form or how to form it. The owner has asked me to do the following: * Determine if the contracts with the businesses will be governed by common law or the Uniform Commercial Code (UCC), and explain why. * Analyze whether the owner formed a contract with the businesses, and apply the five essential elements of an enforceable contract. * Explain the...
Words: 1327 - Pages: 6
...Law Date: July 16, 2014 Instructor: The purpose of this paper is to focus on the legal aspects of procurement management and how procurement management plays a significant role in the success and management of a project. The topics that will be covered include the following: basics of common contract laws, cases involving procurement management decision, Federal Acquisition Regulation (FAR) regarding procurement management, Uniform Commercial Code (UCC) regarding procurement management, Statement of work (SOW), and project manager duties regarding procurement management. In order to discuss procurement management we need to first define what procurement management means in our society today. Procurement is the act of obtaining or buying goods and services. “The process includes preparation and processing of a demand as well as the end receipt and approval of payment. It often involves: (1) purchase planning, (2) standards determination, (3) specifications development, (4) supplier research and selection, (5) value analysis, (6) financing, (7) price negotiation, (8) making the purchase, (9) supply contract administration, (10) inventory control and stores, and (11) disposal and other related functions. The process of procurement is often part of a company’s strategy because the ability to purchase certain materials will determine if...
Words: 2227 - Pages: 9
...The Basic Basement Co. 451 Route 33 Millstone, NJ 08535 Tel:877-777-0204 Fax:732-444-5996 License # 13VH05389400 Name Address Phone Alt. Phone Installation Includes: Square footage of basement: Framing: Perimeter Framing using 2x4 pressure treated plate and 2x4 wood studs installed 16 inches on center 552 83 Linear feet Insulation: R-13 insulation or Basement wall insulation on perimeter walls 527 Square feet Fire blocking and stopping: Thermofiber insulation, 1/2" sheetrock Doors and Trim: Doors will be masonite pre-hung doors. Door handles will be round and gold in color. Trim will be 3 1/4" base trim and 2.5" door trim. 1 0 0 0 0 Sheetrock: Six panel pre-hung door with knob Two panel pre-hung door with knob 72" Bi fold door 4'0" x 6"8"French door 5'0" x 6"8"French door Sheetrock will be taped, spackeled and ready for paint. Ceiling: 2x2 drop ceiling with reveal edge. 0 Sheet Rock ceiling (includes padding out if needed) yes Electric: The Basic Basement Co. makes every effort to meet the electrical code in you Twp. Our price guarantee covers you from unplanned additional electrical expenses that may arise if your township requires additional electrical items. Smoke/carbon monoxide detector requirements are not covered under our price guarantee. 0 0 0 0 0 1 0 0 0 48" Bi fold door 24" Bi fold door 2'6" x 6"8"French door 4'0" x 6'8" Double door 5'0" x 6'8" Double door 6'0" x 6'8" Double door 4'0" x 6'8" Sliding door 5'0" x 6'8" Sliding door 6'0"...
Words: 1339 - Pages: 6
...CONTRACT RESPECTING FINANCIAL SELF-SUFFICIENCY Principal Applicant (excluding live-in caregivers and persons authorized to apply for permanent residence in Canada on humanitarian grounds) INSTRUCTIONS Who must fill out this form The principal applicant (including a foreign student or foreign worker living temporarily in Québec) and his or her accompanying spouse or de facto spouse, if any, who applies for a Certificat de sélection du Québec (Quebec selection certificate) under the subclass of Skilled Workers, Entrepreneurs or Self-Employed Persons. If you are a live-in caregiver or if you are authorized by Citizenship and Immigration Canada to apply for permanent residence in Canada on humanitarian grounds, this form is not intended for you. You must instead fill out the form entitled Contract respecting financial self-sufficiency – Live-in caregiver and person authorized to apply for permanent residence in Canada on humanitarian grounds. What is the Contract respecting financial self-sufficiency The Contract respecting financial self-sufficiency is a legal act by which you undertake, for the entire term of the contract, to provide for your basic needs and, where applicable, those of your spouse or de facto spouse and your dependent children (including those who are Canadian citizens) who accompany you to Québec. The term of the contract is three months starting on the date of your arrival in Québec as a permanent resident. Basic needs include food, clothing, personal necessities...
Words: 1142 - Pages: 5
...The contract type (e.g., fixed-price, cost-reimbursement) is a key consideration in any decision-making because the type of contract may determine the financial impact of the decision. For example, the financial effect of schedule changes varies widely, depending on the type of contract. This article focuses on how the type and attributes of government contracts must be considered to support successful financial performance for both the government and the contractor. Such information will be helpful to new project managers and others responsible for contract performance, as well as to more experienced managers who may benefit from a review of the basics of government contracting. The Federal Acquisition Regulation (FAR) allows a wide variety of contract types, based on the financial arrangement. Broadly speaking, these include fixed-price, cost-reimbursement, time-and-materials (T&M), and letter contracts. The various forms of fixed-price contracts and cost-reimbursement contracts are shown in the sidebars on page 45. According to FAR 16.104, the federal government professes a preference for firm-fixed-price type contracts. Contracts also may be distinguished on the basis of their ordering or execution. Under a traditional contract, the contractor performs a specific statement of work for a specified price or cost. More common today are indefinite delivery types, which may be for definite or indefinite quantities or the requirements of the acquiring activity...
Words: 1191 - Pages: 5
...Elements of a Contract BUS 670: Legal Environment February 06, 2012 In a legal element of a contract, there are necessary to form binding contracts that are usually described in the following. These are an offer, an acceptance in strict compliance with the term of the offer, and legal purpose or objective. The example that is going to be use would be the steps to valid and enforceable real estate contract. In an offer, it’s a written or verbal statement by any party to express there intent to enter into a contract under certain terms (Schecter). These can be negotiated, re-negotiated, or withdrawn at any time prior acceptance. Once the offer is accepted and the contract is signed then will be known as the considered party to the contract and you must perform as agreed on the contract that you signed. An example of an offer would come from the steps to valid and enforceable real estate contract so it would be the offeror in which a party who present an offer to another party (BiggerPockets). Then the offeree is the party that receives the offer from the other party so there the offer would be from the offeror making an offer prepares a written contract, signs it, and then sends it to the offeree (BiggerPockets). The offer may terminate upon either an acceptance of the offer, a counteroffer, the expiration of a time limit, the withdrawl of the offer before acceptance, the offeree's failure to accept...
Words: 614 - Pages: 3
...Employment contract | Labour relations and Law in Nepal | | Employment contract This contract of employment is entered into between Mr. Pawan Gupta and Mrs. Sneha Agrawal on 27th February 2015(commencement of employment will start from the date the employee sign the employment contract) under the terms and conditions of employment below: Basic terms of contract: 1. Employee's job title: Factory Manager 2. Basic monthly salary: The employee’s basic salary will be Rs9000 which will be provided on the first day of the month, which include a Dearness allowance of Rs500. The employee will be given Meal allowance, travelling allowance will be Rs500 per month and Attendance allowance of Rs1000 per year if the employee has an attendance of 90% leaving public holidays. Also the company follows the grade pay as fixed by labour law. 3. Duration of the contract: The contract is valid till three year from the date of commencement of the job. The company has probation and the employees will kept for probation period of 200days, the employee after that we will offer a permanent job. 4. Accommodation: The employer shall provide suitable accommodation free of cost in the nearby location. 6. Food: The employer shall provide one meal per day to the employees free of charge, tiffin time of half an hour from 2pm to 2.30pm will be given to employee. 7. Working days and working hours: The employee shall have to work 5 days per...
Words: 1180 - Pages: 5
...internet without leaving their home compared to conventional shopping. E-contract can be defined as legally enforceable promises or set of promises that using electronic medium. An e-contract is a service contract that excludes any paperwork or black and white. E-contract is a contract between e-consumer and e-business and related business. It also shows an important relation between them. It is designed to protect e-consumer when they are having a transaction in the electronic area. An e-contract is a contract modelled, executed by a software system. E-contracts can be mapped to inter-related programs, which have to be specified carefully to satisfy the contract requirements. By the way, these programs do not have a capability to handle perplexing relation between parties to an e-contract. An e-contract is an agreement electronic form. An e-agreement can be drafted in the similar pattern in which an agreement is drafted. E-Contracts can be categorized into two types of agreements, shrink-wrap agreements and web-wrap agreements. A person who always makes transaction in the electronic area everyday but don’t know about the legal intricacies connect to it. Web-wrap agreements are basically web based agreements, the agreement is void after they click the button “I agree” under the agreement. Whereas Shrink-wrap agreements, the agreement is void after the consumer had installed the software from the CD ROM. An e-contract is also one of the service...
Words: 510 - Pages: 3
...Over $146 billion was awarded for contracts under in Fiscal Year 2011 (Preweb, 20012). Since the beginning of Fiscal Year 2012 (October 2011), over 12% of government contracts were awarded for Professional, Scientific and Technical Services, second only to Electronics, Computer and Transportation Equipment Manufacturing. “With the Obama Administration's push for agencies to adopt cloud computing, provide more transparency to tax payers and allow more federal employees to engage in telework, IT government contractors in particular should expect significant growth during 2012” (PreWeb). The aforementioned programs support the American Recovery and Reinvestment Act of 2009 which made billions available in government spending available to assist in the economic turnaround. As the government spend billions of additional dollars into the economy, there are numerous firms that has and continue to conduct business with the Federal government. The firm that will be discussed in this paper is Kellogg, Brown and Root Inc (KBR). This paper will highlight the company, what it does and the amount of business it does with the federal government. It will further discuss required actions that enable KBR to be able to participate in federal government contracting process actions and finally it will discuss the required actions that enable KBR to be able to participate in federal government contracting process actions. What that means for potential contractors is numerous opportunities...
Words: 1268 - Pages: 6
...law, contracts and the UCC, and the federal and state courts. INSTRUCTIONAL MATERIALS Required Resources Bagley, C. E., & Savage, D. W. (2010). Managers and the legal environment:2010 custom edition (6th ed.). Mason, OH: South-Western Cengage Learning. Supplemental Resources Fischbach, J., & Fischbach, M. (2005). Rethinking optimality in tort litigation: The promise of reverse cost-shifting. BYU Journal of Public Law, 19(2), 317-351. Kalen, S. (2008). The transformation of modern administrative law: Changing administrations and environmental guidance documents. Ecology Law Quarterly, 35(4), 657-720. Ward, E. (2007). Mandatory court-annexed alternative dispute resolution in the United States federal courts: Panacea or pandemic? St. John’s Law Review, 81(1), 77-98. COURSE LEARNING OUTCOMES 1. Describe the legal environment of business, the sources of American law, and the basis of authority for government to regulate business. 2. Explain basic court procedures, types of courts, and alternative dispute resolution methods. 3. Describe the elements of a contract and explain the basic provisions of contract law relative to offer, acceptance, capacity, legality, fraud, third-party rights, performance, and breach of contract. 4. Explain the components of the Uniform Commercial Code (UCC) relative to sales and lease contracts and the basic provisions of the UCC addressing sales/lease contracts, title, risk, insurable interests, and the performance and breach of contracts. 5...
Words: 604 - Pages: 3
...10 Consolidated Financial Statements* MFRS 11 Joint Arrangements* MFRS 13 Fair Value Measurement* Presentation of Items of Other Comprehensive Income (Amendments to MFRS 101)† As those amendments have an effective date after 1 January 2012 they are not included in this edition. * † effective date 1 January 2013 effective date 1 July 2012 907 MFRS 133 CONTENTS paragraphs Preface INTRODUCTION IN1–IN3 MALAYSIAN FINANCIAL REPORTING STANDARD 133 EARNINGS PER SHARE OBJECTIVE 1 SCOPE 2–4A DEFINITIONS 5–8 MEASUREMENT 9–63 Basic earnings per share 9–29 Earnings 12–18 Shares 19–29 Diluted earnings per share 30–63 Earnings 33–35 Shares 36–40 Dilutive potential ordinary shares 41–63 Options, warrants and their equivalents 45–48 Convertible instruments 49–51 Contingently issuable shares 52–57 Contracts that may be settled in ordinary shares or cash 58–61 Purchased options 62 Written put options 63 RETROSPECTIVE ADJUSTMENTS 64–65 PRESENTATION 66–69 DISCLOSURE 70–73A EFFECTIVE DATE 74–74A WITHDRAWAL OF OTHER PRONOUNCEMENTS APPENDIX A 908 Application guidance © IFRS Foundation 75–76 MFRS 133 Malaysian Financial Reporting Standard 133 Earnings per Share (MFRS 133) is set out in paragraphs 1–76 and Appendix A. All the paragraphs have equal authority. MFRS 133 should be read in the context of its objective and...
Words: 9735 - Pages: 39
...Inventories: Basis of inventory valuation and record keeping. 5. Depreciation Accounting: Methods, computation and accounting treatment of depreciation, Change in depreciation methods. 6. Preparation of Final Accounts for Sole Proprietors. 7. Accounting for Special Transactions: (a) Consignments, (b) Joint Ventures, (c) Bills of exchange and promissory notes, (d) Sale of goods on approval or return basis. 8. Partnership Accounts: Final accounts of partnership firms – Basic concepts of admission, retirement and death of a partner including treatment of goodwill. 9. Introduction to Company Accounts: Issue of shares and debentures, forfeiture of shares, re-issue of forfeited shares, redemption of preference shares. Section B: Mercantile Law (40 Marks) 1. The Indian Contract Act, 1872: An overview of Sections 1 to 75 covering the general nature of contract, consideration, other essential elements of a valid contract, performance of contract and breach of contract. 2. The Sale of Goods Act, 1930: Formation of the contract of sale-Conditions and Warranties-Transfer of ownership and delivery of goods-Unpaid seller and his rights. 3. The Indian Partnership Act, 1932: General Nature of Partnership-Rights and duties of partners-Registration and...
Words: 803 - Pages: 4
...based on the requirements set forth in invitations for competitive bids issued by the client or the results of direct contract negotiations with the client. One of the most important factors in preparing a proposal and estimating the cost and profit of a project is the type of contract expected. The confidence by which a bid is prepared is usually dependent on how much of a risk the contractor will incur through the contract. Certain types of contracts provide relief for the contractor since onerous risks2 exist. The cost must therefore consider how well the contract type covers certain high- and low-risk areas. Prospective clients are always concerned when, during a competitive bidding process, one bid is much lower than the others. The client may question the validity of the bid and whether the contract can be achieved for the low bid. In cases such as this, the client usually imposes incentive and penalty clauses in the contract for self-protection. Because of the risk factor, competitors must negotiate not only for the target cost figures but also for the type of contract involved since risk protection is the predominant influential factor. The size and experience of the client’s own staff, urgency of completion, availability of qualified contractors, and other factors must be carefully evaluated. The advantages and disadvantages of all basic contractual arrangements must be recognized to select the optimum arrangement for a particular project. Procurement...
Words: 448 - Pages: 2
