downtown Chicago, Illinois. He sells Rolek watches for $50 a piece which he purchases from Randy Rolek, a wholesaler in Milwaukee, Wisconsin. Business has been good and Wally needs to replenish his stock of Rolek watches. He calls Randy Rolek and offers to purchase 100 of them at $25.00 apiece for a total cost of $2500.00. Randy agreed to the sale and explains he is going to fax a written order for the sale of the watches which when Wally signs and sends back he will ship the watches. The order
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2. What are the features of consideration? Consideration is necessary for the validity of a simple contract. It can be a benefit or a loss to a party to the contract. Consideration may be executed or executory but it cannot be past. Consideration must be beyond the existing obligation of a party. This means, a party must do more than he is bound to do. In Stilk vs, Myric, the Captain of the ship promised extra salary to cover the work of two seamen who left the ship. Later, he refused to pay
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What Is My Role in Managing 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
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and Mr Mr C: There is no contract; this is an invitation to treat. And on another hand Mr. C made verbal agreement not to sell the book to anyone else until Mr. A phones him back in three days with a new offer, this is a new contract, but it does not exist yet. In the case of Mr A and Mr C, Mr A can claim that these was an agreement, and intention because it was a commercial arrangement, he also claim he providing consideration by offering to call back with a new offer. Mr C can defend himself
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against Defendants, A.H. and Ida Zehmer, for specific performance of a memorandum for the sale of the Defendants’ farm. Mr. Zehmer argued that their offer to sell to the Plaintiffs was a joke, and that they never intended to sell their land. Plaintiff offered to purchase the Defendants’ farm for $50,000 cash. Mr. Zehmer, believing that Mr. Lucy offer was a joke, executed a signed memorandum for him and his wife’s to sell their farm to Mr. Lucy for $50,000. The Defendant has several drinks when he
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Offer Cases 1. Wrench (D) offered to sell his estate to Hyde for 1200 pounds and Hyde (P) declined. Wrench then made a final offer to sell the farm for 1000 pounds. Hyde in turn offered to purchase the property for 950 pounds and Wrench replied that he would consider the offer and give an answer within approximately two weeks. Wrench ultimately rejected the offer and the plaintiff immediately replied that he accepted Wrench’s earlier offer to sell the real estate for 1000 pounds. Wrench refused
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Chapter 1 Introduction to Law and Legal Reasoning TRUE/FALSE QUESTIONS A1. The stability and predictability of the law is essential to business activities. B1. An important function of the law is to provide jurisprudence. A2. Law is a body of enforceable rules governing relationships among individuals and between individuals and their society. B2. How judges apply the law to specific disputes may depend in part on their personal philosophical views.
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TASK One How Laws are made in England and Wales. In England and Wales, laws are made by the parliament whose main work is to make laws, debate topic issues and look at how taxes paid by the citizens are spent to help run the country. The House of Parliament is located in Westminster London and it consists of three parts; The House of Commons otherwise known as MP’s, The House of Lords and The Monarch otherwise known as the Queen. When the parliament makes law, they are called the acts of parliament
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Question Zarul and his wife, Zanira, received a pamphlet from Oo La La Travel and Tour Ltd (OLLT). In the said pamphlet, OLLT advertised a tour package to Pulau Gemia, Terengganu for a family package of four for the price of RM20,000. The tour package included these items: a) Four nights and five days stay at Hotel Seri Gemia, two suites with ocean view; b) Four meals at Hotel Seri Gemia, the restaurant serving international dishes; c) Free access to Hotel Seri Gemia’s gym, SPA, Oympic
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