...industry…………………………………………………………………………….3 1.2 Discuss the impact of different types of contract by providing explanations on comparison with local, export and distance buying modes………………………………………………..7 1.3 Analyze terms in contracts with reference to their meaning and effect in the motor industry………………………………………………………………………………………10 2.1 Apply the elements of contract in both cases business scenarios………………………..12 2.2 & 2.3 Analyze the law of terms in the above two different contract. Evaluate the effect of different terms in the two contracts………………………………………………………….14 Conclusion…………………………………………………………………………………....19 Reference……………………………………………………………………………………..20 Introduction: - The law plays an important role in protecting the fair of the relationship between people vs people as well as transactions in the contract. It contributes to keeping a peaceful country to reach modern and civilization life. In the business environment, the law has always played an important role because the business types are diversity and complex. To business’s activity of enterprises, which obey the law and avoid legal risks in business for sure, you need to be legal advice. In this report, I will act as one consultant in supportingWorld Auto Co in Vietnam, which is one of the famous company in producing motor between Vietnam and Europe markets avoid. 1.1 Explain the importance of the elements required for the information of a valid contract in the motor industry - In manufacture process, sales as well...
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...TABLE OF FIGURES 1 Introduction 3 1.1: IMPORTANCE OF THE ESSENTIAL ELEMENTS OF THE CONTRACT. 4 1.1.1. Agreement 4 1.1.2. Consideration 5 1.1.3. Intention to create legal relation 6 1.2: IMPACT OF DIFFERENT TYPES OF CONTRACT 6 1.2.1. Face to Face 6 1.2.2. Written contract 7 1.2.3. Distance Selling 7 1.3. ANALYSIS OF TERM IN CONTRACT 8 1.3.1. Condition 8 1.3.2. Warranty 8 1.3.3. Innominate term 9 1.3.4. Express 9 1.3.5. Implied 10 1.3.6. Exclusion Clauses 10 2.1. APPLICATION OF ELEMENTS OF CONTRACT IN 1ST SCENARIO 10 2.1.1. Agreement. 10 2.1.2. Consideration 11 2.1.3. Intention to create legal relations 11 2.2. APPLICATION OF ELEMENTS OF CONTRACT IN 1ST SCENARIO 11 2.2.1. The law on terms in the case study 1. 11 2.2.2. The law on terms in the case study 2. 13 2.3. EVALUATION OF EFFECT OF DIFFERENT TERMS 14 2.3.1. Condition 14 2.3.2 Warranty 14 2.3.3. Innominate Term 15 REFERENCE 16 TABLE OF FIGURES Figure 1: Composition of an agreement (Komma Naveen Kumar,2011) 5 Figure 2: Types of contract (Business Law,2013) 7 Figure 3: Innominate term 10 Introduction Vietnam JSC Software is a company that specializes in designing software applications for business organizations. The company has derived from applied outsourcing group and e-commerce for the US market in 2000 and it register business in 2003 and continue growth with high speed during recently years. JSC Software is evaluating to be a young company and have a...
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...COLLEGE OF BUSINESS AND TECHNOLOGY -- 14 ASPECTS OF CONTRACT AND NEGLIGENCE FOR BUSINESS Individual Assigment -Stephani Jayarathne- BTEC EDEXCEL HND DIPLOMA IN BUSINESS (MANAGEMENT & HUMAN RESOURCES) OFFERED BY INTERNATIONAL COLLEGE OF BUSINESS AND TECHNOLOGY ASPECTS OF CONTRACT AND NEGLIGENCE FOR BUSINESS STEPHANIE JAYARATHNA BMK 31 ICBT KANDY CAMPUS SUBMITED TO: MRS KANCHANA LIYANAPATHIRANA 2013/07/21 Acknowledgement. It is with great pleasure I'm extending my sincere gratitude to my lecturer Mrs. Kanchana Liyanapathirana for the excellent support and guidance given to me in completing this assgiment successfully within the given period of time. I also would like to thank her for showing us some example that related to the questions of our assignment. The encouragement & cooperation given are always remarkable. Thank you! Executive Summary Table of contents Table of Contents Acknowledgement. 3 Executive Summary 4 Table of contents 5 Table of Figures 5 Task 01 6 1.1 Essential Elements of a Contractual Document. 6 1.2 Different Types of Contracts in the Business Field 9 1.3 Contractual Terms 10 Task 02. 11 2.1 Postal Rule 11 Reference 12 Table of Figures Figure 1 Employment contract document 8 Task 01 1.1 Essential Elements of a Contractual Document. A valid contract has the following elements. All of are required for a valid contract. 1. A valid offer and acceptance 2. Consideration 3. Legal...
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...Acceptance 4 2. Consideration 5 2.1 Adequacy and Sufficiency of consideration 5 2.2 Privity of contract 5 3. Intention to create legal relations 6 3.1 Domestic arrangement 6 3.2 Commercial agreement 6 3.3 Capacity 7 PART 2 – The impact of different types of contract 8 1. Verbal contract 8 2. Written contract 8 The parol evidence rule 8 3. Implied contract 9 PART 3 – The effect and meaning of different terms of contract 10 1. Condition 10 2. Warranty 10 3. Implied term 11 CONCLUTION 12 REFERENCE 13 INTRODUCTION The assignment is the presentation about the knowledge and understanding about Aspects of Contract and Negligence for Business subjects of student. The assignment is divided into three main parts. The first part discusses about the essential elements of a valid contract, the second part discuss the impact of different types of contract and the last one demonstrates the theories applications of these term of contract in given business situation. This assignment will help student link theory to practice by applying in typical examples. It is assessed by Mr. John Andre – teacher of Aspects of Contract and Negligence for Business subjects at ITP – Banking Academy PART 1 – The essential elements required for formation a valid contract A contract is defined as an agreement which legally binds the parties (Business Law, 2010). A valid contract cannot be formed without these essentials elements: agreement, consideration, intention to create...
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...Task 1 “A contract may be defined as an agreement which legally binds the parties”. There are some key elements which are essential to form a valid and enforceable contract by the law. 1. Agreement First of all, a contract must contain an agreement. An agreement is made of an offer and the acceptance of that offer. An offer is defined as “a definite promise to be bound on specific terms”. The person who makes an offer is the offeror and the person to whom the offer is made is referred as the offeree. In other words, the relationship between the offeror and the offeree is determined through the communication made between them which indicate some specific terms. The offeror is prepared to be bound by these terms if the offeree accepts them.An offer can be express or implied from conduct (see case Textile Holdings Ltd v Spencer plc 1897).It is necessary to differ between an offer and an invitation to treat because an invitation to treat is only some kinds of a preliminary stage in forming an agreement where one party invites the other to make an offer. Usually, an offer need to be definite (although can be made to the public at large – see case Carlill v Carbolic Smoke Ball Co 1893) and addressed to a specific party while an invitation to treat can be indefinite. “Acceptance is the unqualified agreement to the terms of the offer”. In other words, once the offeree has accepted an offer then he is unconditionally agreed to the precise terms of that offer. The acceptance can...
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...Table of Contents Question 1(a) 1 Question 1 (b) (i) 2 Question 1 (b) (ii) 3 Question 3(a) 5 Question 3(b) 6 Question 3(c) 7 Question 4(a) 8 Question 4(b) 10 References 11 Question 1(a) The issues arise in the above situation is whether Ahmad have any contract made with Suria Supermarket. The law consist in the above situation is Invitation to treat (ITT). As you known, invitation to treat does not mean amount to an offer. Section 2(a) of the Contract Act 1950 defined as something which is capable of being converted into an agreement by its acceptance. There is a different between Invitations to treat with an offer. A proposal must be distinguished from an invitation to treat (ITT) so that the proposal can be the only way to attract any party to enter the contract. Examples of Invitation to treat which is Good displayed in shop windows and shelves, Advertisement, Auctions, Catalogues and Price lists. Based on the above situation, the law of Invitation to treat of display of goods is exist which it is not a proposal to sell and invitation not capable of being accepted, In shop , owner merely holds himself prepared to consider proposals made to him at the suggested price, so an offer to buy is made when the customer puts the goods in a trolley or takes the item off the shelf, but the contract only made when the person bring the item to the cashier’s desk and pay for the item. Section 2 (a) of the Contract Act 1950 provides that when one person signifies...
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...Lease Contracts - When we turn to contracts for the sale and lease of goods we move away from common law and into the area of statutory law. - UCC article 2: on sales, 2A: on leases - The goal of the UCC is to simplify and streamline commercial transactions, allowing parties to form contracts without observing the same degree of formality used in other types of contracts by making laws governing sales and lease contracts clearer, simpler and more readily applicable to the difficulties that can arise during such transactions. The Uniform Commercial Code (1949) Comprehensive Coverage of the UCC UCC: single most comprehensive codification of laws involved in total commercial transaction Views commercial transaction for sale and payment of goods as a whole Article 1: General Provisions Definitions and general principles applicable to commercial transactions, including an obligation to perform in “good faith” all contracts un the UCC Provides basic groundwork for the remaining articles A Single, Integrated Framework for Commercial Transactions UCC attempts to provide a consistent and integrated framework of rules to deal with all phases ordinarily arising in a commercial transaction Many sections from the different articles can apply to a single transaction Periodic Revisions of the UCC To clarify certain rules or establish new rules when changes in business customs have rendered existing UCC provisions inapplicable * Articles 3 4 5 8 & 9: revised in...
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...successful. I am also grateful to all my fellow mates who supported in the success of this assignment in providing necessary details. I would also like to thank my mom, whose support was very important in achieving the glory and success of this assignment. Executive Summary In this report it states that all aspect of contract and negligence of for business. Some of main aspects of contracts where further elaborated and discussed for the convenient of the viewer, some of those questions are definition of a contract, what a valid offer is, what postal rule is and so on. On the other hand this report it discuss the parameters of contract and all relevant topics underneath are covered by proposing solid analysis and evaluation have been made. Furthermore it discussed about the different scenarios and all those scenarios were discussed and evaluated according to law concept. Followings are some of the important solving’s in this report and all are solved according to the law of contract and had been used all the concepts which is appropriated for each case. After the brief answering to theoretical questions about contract law, the author had to short out a case about a lost dog, the scenario was Paul offered Rs 50000 for anyone who finds out his dog and hand over to him personally, dog was found by Brian his gardener but he fail to hand over dog to Paul personally so Brian has fail to get Rs 50000 from Paul. So offer has been considered to be a breach of contract as it is legally...
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...Business law assignment Business Law Assignment Common law and stare decisis Common law is all that law that is made by judges. It is initiated by citizens when they file cases in courts. Stare decisis is a term used in the common law to mean that decisions made in court cases should be based on previous decisions. It simply means that the decision should stand. It therefore means that in business, this is a principle that can assure a business person of the ruling of a case that is similar to the previous. Rulings in business cases are hence made predictable. Bailment It is where a person delivers his personals to someone else for safety keeping. Bailor is the one delivering property while the one receiving is the bailee. It involves delivery of goods to somebody else in trust creating a contract either express or implied. The bailee must be willing to possess the property physically but is not entitled to use it. In business transactions, the bailee has both the duty of care and responsibility to re-deliver the property. Statute of frauds This is a requirement that certain contracts like sale of goods that exceeds a certain value, land sale or a guarantee of debt be made in writing and then signed to prevent perjury and fraud. Two sophisticated business corporations may enter into a joint venture say of about 10 years. There are different negotiations that they engage in and one party promises that it will join the negotiations in time. In case the party fails to...
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...issues in business for a valid contract 7 1.1. The elements in formation of a Valid Contract 7 1.2. Types of Contract 12 1.3. Terms in contracts 17 II. The elements of a business contract in business situation 19 2.1. The elements of contract in the business case 19 2.2. The law on terms in the above two different contracts 20 2.3. The effect of different terms in the two contracts 22 CONCLUSION 24 REFERENT LISTS 25 APPENDIX 26 INTRODUCTION Currently, it is acceptable that most of company in the world also use the contact as a essential part in their business. The concept of contract nowadays is becoming more and more common in business environment. Contract is defined as an agreement which legally binds the parties (BPP Professional Education, 2004). However there are many types of contract between two businesses such as unilateral, bilateral, specialty, simple and standard form contract. Understanding deeply about deeply about value contract and variously type of contract will really useful for most of company in running their business as well as making it legally in their process of business. In this easy will explore the vital elements which necessary to establish a valid contract and provide some example to explore the term in contract such as condition, warranty innominate terms and exclusion clause. In addition, the essay also gives some case study to illustrate the important of understanding valid contract in their business. ...
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...Southville Foreign University Unit 5 Aspects of Contracts and Negligence for Business 05-01 Kashka Lantion 24 August 2013 Mr. Jay G. Masangcay Table of Contents LO1: Understand the essential elements of a valid contract in a business context. 1 I. Explain the importance of the essential elements required for the formation of a valid contract 1 II. What is required for there to be considered to have a meeting of minds between the parties to a contract? 1 III. What are the requisites for a valid object of a contract? 2 IV. The Student should be able to (i) describe (ii) give at least one example each and (iii) discuss the impact of the following contract: 3 V. In the problem given above, was there already perfected service contract between ELCO and Mr. Rupertini Salvastre? Determine if all the requisites of a valid contract are present or absent. 5 LO2: Be able to apply the elements of a contract in a business situation 5 VI. In the scenario between Mr. Salvastre and ELCO, if Mr. Salvastre failed to make his design, is there a breach of contract? If there is none, explain why. If there is a breach, explain why? 5 VII. In the scenario between Mr. Shane Macky and ELCO, in case Mr. Macky made an express warranty that his architectural design is compliant with the Philippine standards, and that the building will not collapse due to poor architectural design within two (2) years from the date of completion, but after one (1) year from its complete...
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...[pic] [pic] | | |UK COLLEGE OF BUSINESS AND COMPUTING | |Course title |Unit number and title | |BTEC HND IN BUSINESS | Aspects of Contract and Negligence for Business | | | | |Student name Student ID |Assessor name | |Abu Rahman Hndb 5969 |Nathanial Owusu Frimpong | |Date issued |Completion date |Submitted on | |20-03-2014 |19-03-2014 |21-03-2014...
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...ACNB SHARON MALCOLM A4078694 RAKHI ASPECTS OF CONTRACT AND NEGLIGENCE FOR BUSINESS 1.1 Issue: Were all the elements of a contract in place between Primark Direct and Presec Presetters? Rule: All the elements of a contract have to be in place for a contract to be valid. There are four essential elements to a contract which are: offer, acceptance, consideration and intention as i will explained below. Offer A person that makes an offer is called the offeror. The person whom the offer made is made to be called the offeree. (664 hand handbook) Essential reading Mckendrick chapeter 3 on offer and acceptance states that An offer is an expression of willingness to contract on certain terms. It must be made With the intention that it will become binding upon acceptance. There must be no Further negotiations or discussions required. Offers can be offered to the public and when acted upon the offer is accepted. A good example of an offer is the Essential reading McKendrick, Chapter 3: ‘Offer and acceptance’ – Section 3.1 ‘Offer and invitation to treat’ to Section 3.7 ‘Acceptance’ page (15 miss notes) hnd book 664 Carlill v Carbolic Smoke Ball co (1893) case summery. In this case the defendants were the manufactures of smokeballs which they claimed could prevent the flu. They published adverts stating anyone that used their smokeballs for a specific period of time and caught the flu would receive a payout of£100. Carbolic company proved they were...
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...and to deliver a determinate thing, and the other to pay therefor a price certain money or its equivalent. A contract of sale may be absolute or conditional. SALES 1. Contract of sale (absolute) • real obligation – obligation to give • remedies available: a. specific performance b. rescission c. damages 2. Contract to sell (conditional) • personal obligation – obligation to do • remedies available: a. resolution b. damages ESSENTIAL REQUISITES OF A CONTRACT OF SALE 1. consent 2. subject matter 3. price CHARACTERISTICS OF CONTRACT OF SALE: 1. Nominate - law gave it a name 2. Principal - can stand on its own; unlike accessory contract 3. Bilateral - imposes obligation on both parties a. obligation of seller – transfer ownership & deliver b. obligation of buyer – pay for price Consequence: power to rescind is implied in bilateral contracts 4. Onerous – with valuable consideration • Consequence: all doubts in construing contract to be resolved in greater reciprocity of interest 5. Commutative – equal value is exchanged for equal value • Test: subjective – as long as parties in all honesty that he is receiving equal value then it complies with test & would not be deemed a donation; but must not be absurd. • Inadequacy of price or aleatory character not sufficient ground to cancel contract of sale; inadequacy can show vitiation of consent & sale may be annulled based on vice but not on inadequacy 6. Consensual – meeting of minds makes a perfect...
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...LAW/575 Final Exam 1) Which of the following is true regarding state and federal court jurisdiction? A. In all cases, state courts have concurrent jurisdiction with the federal courts. B. Federal courts begin with exclusive jurisdiction until a state court intervenes. C. In all cases, state courts have exclusive jurisdiction unless the state's Supreme Court grants jurisdiction to a federal court in the state. D. In some cases, state courts have exclusive jurisdiction; in some cases, state courts have concurrent jurisdiction with the federal courts. 2) Which of the following is true regarding a sole proprietorship? A. A sole proprietor shares control of the management of the business. B. The sole proprietor keeps a portion of the profits from the business. C. Profits are not taxed as the personal income of the sole proprietor. D. A sole proprietor is personally liable for obligations of the business. 3) Which of the following is a type of ADR? A. Consultation B. Mediation C. Case argument D. Case analysis 4) Which of the following is an extension of negotiation? A. Arbitration B. Minitrials C. Neutral case evaluations D. Mediation 5) Without obtaining advance permission, Annie places an unflattering photograph of the president of the college that she attends on folders that she is selling outside of class for extra money. Which of the following is true? A. Annie has committed defamation of the college president in the form of slander. B. Annie...
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