product. Long terms of payment on goods delivered can be a device to increase the volume of sales of the manufacturing company. TRADE ACCEPTANCE “A written order for a sum of money originating with a creditor and naming a debtor, customarily forwarded to a bank for a collection” It is a time draft drawn in the seller of goods on a buyer, in a trade acceptance the buyer is the acceptor. It is a bill of exchange for the amount of a purchase drawn by the seller on the purchaser, bearing the purchaser
Words: 1927 - Pages: 8
non-compete agreement would be unenforceable. Contracts of employment are generally given to prospective employees who have applied for a position or type of sub-contractor with a company. The employment contract will be the agreement between the company and employer to the prospective employees. The contract will spell out the rights to the employee, responsibilities, duties, conditions, and terms of that they will be governed. Contracts insure the company protects its business interest
Words: 2740 - Pages: 11
examined to determine if the elements of a legally binding contract exists. Whether there was an agreement and intention to create legal relations between the two will be used to determine whether Choy has breached a contract between the two. If a contract is found to exist, then the terms must be examined against the facts of the case and the aspects of consideration and promissory estoppel will be considered. a) Are the elements of a contract present in the initial agreement? To determine whether
Words: 2706 - Pages: 11
1. The essentials of a contract state that there must be two or more parties as a contract cannot be formed by a single person and upheld in court. There must also be an offer and an acceptance, as well as something called “consensus in idem” which is the understanding that all parties agree on the content of the contract before it is finalised. The parties must also have the intention to be legally bound and must be in a legal capacity to enter into the contract. In this case I do not believe
Words: 1405 - Pages: 6
Contract Creation Law-531 Business Law October 31, 2011 Whitney Bell Contract Creation Span Systems is the leading banking software companies located in California. . Citizen-Schwarz AG (C-S) contacted Span Systems to develop s software program to assist with there transactions. C-S is a German bank, which the revenues increased to $20 billion. A one-year contract was signed by the two company’s estimation for the software would be $ 6 million dollars. If the project goes well, C-S
Words: 1057 - Pages: 5
Chapter 6 Overview and Formation of Contracts McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Written versus Oral Contracts n While the word “contract” is often used to describe a written document, many contracts are not in writing and yet are enforceable. 6-2 Bilateral Contracts versus Unilateral Contracts n A bilateral contract involves two promises and two performances. A unilateral contract involves one promise, followed by
Words: 549 - Pages: 3
interested in buying them." John: "Sold." | | | Student Answer: | | ( ) There is a contract and Mary is obligated to buy the tables. | | | | ( ) There is no contract because there was no agreed-upon price. | | | | (X) There is a contract and the UCC can provide a market price as the price for the contract. | | | | ( ) There is no contract because there is no offer or acceptance. | | | | ( ) none of the above. | | | | Points Received: | 0 of 5 | | Comments:
Words: 3764 - Pages: 16
Is the oral contract between Briggs and Sackett in violation and voidable under the Statute of Frauds? In Briggs v. Sackett, Briggs bought a home under mortgage but came upon unforeseeable financial instability. The Briggs then spoke with their in-laws, the Sacketts, about purchasing the home with the conditions that they pay the 3 months arrearages or the overdue balance on the loan and take over the expenses of the home (future payments, utilities, etc.). After hearing the offer, the Sacketts
Words: 1443 - Pages: 6
Q1 THE ELEMENTS OF A VALID CONTRACT A contract may be defined as an agreement which legally binds the parties. The contracting parties need to meet a number of requirements that are prescribed by the law of contract. These requirements must be met before the agreement creates rights and duties that may be enforceable at law. These requirements are referred to as the elements of a valid contract and consist of the following: Offer A contract is formed when an offer by one party is accepted by
Words: 7152 - Pages: 29
Nick vs John This case involves an analysis of sufficiency of consideration regarding the performance of an existing contractual duty. There is no dispute with regard to the initial contract between the two parties; the key issue here is whether John can claim the bonus of $1000 from Nick. Provided the consideration has ‘something of value in the eye of the law’ to support the bargain, the courts will not concern themselves with its adequacy and the relative values exchanged. Therefore, it can
Words: 1722 - Pages: 7
