A legal contract is formed, only when, an offer is presented and consideration is exchanged?
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A legal contract is formed, only when, an offer is presented and consideration is exchanged?
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- 1) What is a Contract and what are its elements? 2) When is there a VALID OFFER? 3) What is Breach of Contract? 4) Differentiate Void from Voidable Contacts. 5) When is there Undue Influence in a Contract?37. Reduce the required provision if some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, when, and only when, it is probable that reimbursement will be received if the enterprise settles the obligation. Select one: True or FalseIf the delivery term in the parties’ contract for the sale of goods is FOB the place at what the goods originated, absent any other agreement, the buyer is responsible for making reasonable arrangements for the goods to be shipped. true or false
- 1. A contract to sell real estate is generally not enforceable unless it is in writing. a) True b) FalseThe following situations generally require a contract to be in writing: • sales of land • purchases of goods over $500 • promises made in consideration of marriage ⚫ contracts that cannot be completed in less than one year • a contract in which one person promises to pay the debt of another person This legal concept is known as offer and acceptance promissory estoppel the statute of frauds et lux perpetua luceat eisa) List the five requirements for contract formation and give a short (approximately 1–2 sentences) description of each requirement.b) Choose one of the requirements from your answer to (a). Write a short (approxi- mately 5–10 sentences) example of a contract that does not satisfy this requirement and explain why.
- Parties to a contract ('the Pre-existing Contract) may terminate the contract by entering a further contract, which discharges the Pre-existing Contract. Group of answer choices True FalseUnder what circumstances would a construction change directive (CCD) be used? When the owner selects one of the alternates included in the initial bid When the designer assumes control of the means and methods used for construction When the source of the change is differing site conditions When a change is minor and has no impact on cost or schedule When the owner wants the contractor to perform a change but cost has not yet been determinedIn terms of contract law, what is meant by the phrase "meeting of the minds"? The two parties have met but have yet to agree to the terms and conditions of the contract. One party has a list of their desired terms and conditions and is ready to meet with the other party to discuss them. Both parties to the contract have a general idea of what they want but the specifics still need to be worked out. All the terms and conditions needed for full acceptance of the offer have been agreed upon by the two parties to the contract.
- Why do consultants typically want to avoid including detailed outcomes in their contracts? Is this ethical?Why is past consideration no consideration at all? The adequacy of past consideration is difficult to determine. Past consideration is considered to be illusory. Past consideration may involve parties who are not involved in the current contract. Past consideration was provided before the current contract was made, and the current contract requires a benefit that has not yet been conferred.Question 4 a) With reference to contract law, identify and explain the elements that need to be present to form a valid contract? b) Under what circumstances can an offer come to an end? Discuss using case law.