A contract in which both parties exchange a promise is: Group of answer choices a.bilateral b.implied c.unilateral d.express
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- 16. Why are restrictive covenant clauses controversial? They are controversial because they allow people to create contract terms that restrict their future right to alter those same contracts They are controversial because they allow people to create contract terms below the otherwise legislated minimum standards of work They are controversial because they seem to pit two legitimate interest against each other: the right of trade against the right of contractBill offers to sell Mary his computer for $500. Mary counters with an offer of $400 Bill rejects this offer. Mary tells Bill: "OK, I'll buy the computer for $500." Bill tells Mary: "I've decided not to sell the computer after all." Bill is in breach of contract because Mary made a valid offer. True FalseWhich of the following represents the MOST accurate contractual definition of "consideration"? something valuable that each party exchanges in order to demonstrate that they agree to the contract's terms earnest money something that both parties to the contract perceive as valuable something perceived as valuable by at least one party to the contract
- 21)According to the objective theory of contracts, the intent to enter into an express or implied-in-fact contract is judged by the ______ doctrine of equity reasonable person standard legality of the contract common law of contractsThe elements of a valid contract is an offer, acceptance, consideration and intention to contract. An offer and acceptance equals an agreement. While consideration can be defined as something in the eyes of the law which can compensate or be adequate compensation for the promise to do an act. However, consideration is not an essential element in any contractual agreement. Parties to a contract simply have to establish an agreement and consideration can be ignored. Critically discuss. Requirements 1- An introduction and a conclusion. 2- A critical discussion on the concept of what are the elements of a valid consideration, inclusive of rules governing a valid consideration. Use landmark cases such as: Chappell and Co v Nestle Ltdjones vs padavattonstilk v myrickfisher vs bellhyde v wrenchhyde vs wrenchCurrie v Misa . Provide scholarly referencesMax and Jack enter into a contract which states: "Jack will paint Max's kitchen blue and Max promises to pay Jack $200 upon completion." Which is an example of an implied condition? That Max will pay Jack upon completion of the painting. That Jack will use blue paint when painting Max's kitchen. That Max will allow Jack access to his kitchen That Max will pay Jack $200.
- Explain how the following became sources of an obligation 1. Law 2. Contract 3. Quasi-contract 4. Acts or Omission punished by lawConsideration comes in many forms. Financial exchange is the most common but there are many other ways to demonstrate value when bargaining for consideration. Find an interesting case wherein the consideration did not involve money (Do not use Hamer v. Sidway) but was still seen by the court as "legally bargained for consideration" under contract law. Also explain the difference between a gift or gift promise. Why is it important to understand the difference? What is promissory estoppel?If a loan shark promises you $500 if you will rough up one of his nonpaying customers to encourage prompt repayment, what sort of contract is this? a.Valid b.Void c.Voidable d.Enforceable
- A. Does a contract have to be in writing? B. List three types of terms in a contract. C. Distinguish terms in a contract from a representation.A contract will be considered illegal from inception where performance can only be pursued via an illegal act. Contracts falling into this category cannot be enforced. Indeed, if a contract is illegal from the start, all contractual parties will not acquire any rights under that contract, regardless of their intentions at formation of the contract. The contract will be void and treated as if it was never created. a) You are required to critically define and discuss the concept of illegality in law from a theoretical standpoint.A contract has become more difficult of performance due to some un-contemplated events or delays .The contract Question 11Answer a. becomes voidable. b. is discharged c. becomes void d. is not discharged