Week 6 DB BLR202WI
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School
Central Michigan University *
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Course
202WI
Subject
Law
Date
Jan 9, 2024
Type
Pages
1
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1.
What are the four requirements of a valid contract?
The four requirements of a valid contract include agreement, consideration, contractual capacity, and legality.
Agreement- A legal agreement must be proposed by one party and accepted by the other.
Consideration- The parties must provide legally sufficient and agreed-upon consideration to back up any
promises they make.
Contractual capacity- Both parties must have the contractual capacity to enter into the contract.
Legality- A contract must have a goal that is both lawful and in line with public policy.
2.
Did Duncan have a valid contract with Mitsui for employment as credit development officer? Explain
your opinion.
Duncan did have a valid contract with Mitsui for employment as credit development officer. Duncan accepted
Mitsui’s offer of employment to get promoted
to become a credit development officer. Mitsui also made a
promise to Duncan by providing him with a written compensation
plan that stated that Duncan’s compensation
would
be based on the program’s success
, it involved a bonus, and commissions based on new loans and
sales volume. Both Duncan and Mitsui were capable of entering into the contract. Furthermore, the goal of the
contact was legal because it was intended to grow Mitsui’s business.
3.
What are the requirements of an implied contract?
Requirements of an implied contract include:
-Service or property that is furnished by the plaintiff.
-The defendant knew or should have known that payment was anticipated in exchange for the service or item,
and the plaintiff expected to be paid for it.
- The defendant had the option to decline the goods or services, but they chose not to.
4.
Can Duncan establish an implied contract based on the employment manual or the written
compensation plan? Why or why not?
Duncan can establish an implied contract based on the written compensation plan. This is because Duncan
plans on providing his services. Therefore, Mitsui should know that payment is anticipated in exchange for his
service and Duncan should expect to be paid
. Furthermore, Mitsui did not reject Duncan’s service.
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