them. 1. Can Big Bank’s president rescind the contract? Under what circumstances can a contract be rescinded by either party? What facts have to be alleged and proven? What is the result of a contract that is rescinded? 2. Big Bank’s president also threatens legal action. What potential causes of action could you foresee him bringing in court? Would he be successful? Why or why not? What arguments could Systems Inc. raise in its defense? What are Big Bank’s potential damages? 3. Review
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action. What potential causes of action could you foresee him bringing in court? Possible causes for Big Bank legal action: Misrepresentation “Data processing systems were the fastest around” “Systems Inc. never missed a deadline” When one party to a contract is not given full or accurate information by the other party about the contract subject matter, misrepresentation occurs. In the case of misrepresentation in the formation of a contract, the law allows a rescission of the contract. Rescission
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agreement could be considered a contract. Under Montana law, a written contract can be altered only in writing or by an executed oral agreement. This implies the agreement cannot be considered a contract. There is so much to be proven even if an oral agreement could be binding. In this case both parties do not agree as to what decided upon. The fact that that Loren says that the contract cannot be enforced is really not very important as the main problem is proving a contract exists. Loren could have said
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Can Big Bank's president rescind the contract? Yes, but this is an involved process and both parties need to agree to modify it. This is because both parties had problems fulfilling their parts of the contract. Also, an organization (the Big Bank) can cannot eradicate the business contract, because since their party did something improper (that seems to be them whom input the data incorrectly). Under what circumstances can a contract be rescinded by either party? This can happen when an offer to
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doi.org/10.5539/ijbm.v7n18p49 Abstract Islamic banks use finance leases as a mode of financing, after incorporating major alterations in the structure of the contract in order to meet Shariah principles. In this case, the contract is called ‘Ijarah Muntahia Bittamleek’. As different structures might lead to different accounting results, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) issued Financial Accounting Standards to tackle the accounting treatment
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rule of contract law that makes an exception to the general rule that an acceptance is only created when communicated directly to the offeror. The postal rule is a concept of contract law that is commonly referred to as the mailbox rule. It was formed at a time when contracting parties did much of their bargaining from a distance. Bargaining at a distance, typically through the mail, created a problem, because the parties could not know at the same time whether they had formed a contract. As a result
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a female. Bob writes up a contract transferring ownership to Sally. Printed on the contract is a statement “All Sales Final.” Sally signs the contract, pays cash, and leaves with her new dog. Betty, a dog trainer, asks for a pure bred Yellow Labrador. Betty asks, “Are you sure this is a pure bred?” Bob says, “It was certified by Dog Breeder.” Betty thinks she is getting a great deal since a pure bred yellow lab typically sells for $1,000.00. Betty signs her contract and pays for the dog. All
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migration and settlement that dates back to the late 1840s…”, Lai, E., Arguelles, D. (2012) The New Face of Asian Pacific America: retrieved from http://www.asian-nation.org/chinese.shtml. Most Chinese immigrants arrived in the United States as contract labor. First in Hawaii for plantation followed by mining in the West Coast and after that working on transcontinental railroads west of the Rocky Mountains. There were many acts of discrimination towards Chinese immigrants. The discrimination
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Mutual Mistakes in Contract Law Caryn Williams Southern New Hampshire Business Law MBA--610-X4247 Geri Drelling July 13, 2014 Mutual Mistakes in Contract Law From a personal perspective, this situation is somewhat close to home. I worked as car sales professional for a year and learned many things about the process. In my opinion, Mr. Hartly should have done a bit more research about the models available. In my experience, the consumers I dealt with were more knowledgeable about the products
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------------------------------------------------- Top of Form Week 4: Contracts and IP Issues - C: You Decide Group C Project Thread Begin answering the project questions here. | Responses Responses are listed below in the following order: response, author and the date and time the response is posted. | | Response | Author | Date/Time | | | | Contracts and IP Issues - Question # 1 | Julie Hicks | 11/19/2012 5:30:48 AM | | | I have tried to go through the case
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