1. Based on the facts given in hypothetical contract scenario drafted in Part 1, identify the following elements: Ca Offerb. Acceptancec. Considerationd. Competent Partiese. Intention to create a binding agreement1. Legality of Purpose

Contract hypothesis is the investigation of how individuals and associations build and foster…

Answered: a Offer b. Acceptance c. Consideration…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Based on your knowledge of contracts from your reading this week, discuss the following case. Be sure to support your view with the facts and the law.Maurice is an accountant who works for the firm of Addum, Upp, &Paymee. Maurice was approached by Shirley Eugest, who represents one of Addumâ€™s competitors, BeanCounters, Inc. Maurice was offered a substantial raise to leave his company and work for BeanCounters. When Maurice’s boss heard this he called him in and said, â€œIf you stay with us, I promise that next year you will receive a promotion with a 50% raise, and a 5-year contract.â€ Maurice turned down the offer from BeanCounters and stayed with Addum. Nine months later Maurice was dismissed due to corporate downsizing. Can Maurice legally enforce his bossâ€™s promise? What theory or theories would Maurice use? Discuss fully.Topic 22. Read the scenario set out below and discuss the questions that follow it:Art…
T F The articles of partnership is a written contractdescribing the terms of a partnership
2.2 1. state the conditions under which an owner reasonably can call for competitive bids for a lump-sum contract. if conditions are not ideal, what alternatives does the owner have? 2.3 1. define and explain the concept of a primordial agreement, and how such an agreement can be used in negotiations for a construction contract. Course hero has this 7. Cite and explain several axioms for carrying out negotiations
You have a job bidding provision in the contract which says. Vacancies in bargaining unit positions shall be posted for seven (7) days. All bids filed with the posting period shall be considered. If qualifications are relatively equal, the more senior bidder shall be granted the position, provided, however, that employees granted a position hereunder shall be ineligible to be granted a new position for one year from the date of promotion. You hire an external applicant who is far better than the senior bidder. Under what circumstances could you hire the outside applicant under this language. What argument would you expect the union to make? What would you expect the union to say if you offered to grant the next vacancy to the senior person denied the position and why?
The contract of sale is an onerous contract. a. True b. False
Bill offers to sell his car to Tom for $9,000. Tom replies, “Your price is too high! I will offer to buy your car for $8,000.” Tom’s response is: A) a counteroffer B) a rejection of the original offer only C) the creation of a new offer only D) a refusal to deal.
A contract is a. an agreement plus a legal obligation b. consensus ad idem, c. agreement plus a legal object. d. a legal obligation
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The Jones company lists raw land for lease with broker Mary. After extensive advertising Mary Presents two offers to the Jones Company. One offer is from an oil company who wishes to extract oil below the land surface and the second is from a farmer who wishes to graze cattle. Both are without contingencies. The most profitable recommendation that broker Mary can make to the Jones Company is that they: A. accept both offers, since separate entities can enter into separate leases. B. accept neither offer and continue to market the property for a better user. C. accept the farmers lease offer since the oil company will be disruptive to the land. D. accept the oil company mineral rights lease offer since they are very financially stable.
4.1. Discuss two (2) types of contracts. (10)4.2. Elaborate on the advantages and disadvantages on contracts on behalf of manufacturers

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a Offer b. Acceptance c. Consideration C. a. Competent Parties = Intention to create a binding agreement Legality of Purpose