Based on the book of Hector De Leon which is the " Law on Sales, Agency, and Credit Transactions", what is consensual contract? Explain thoroughly your answer.
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Based on the book of Hector De Leon which is the " Law on Sales, Agency, and Credit Transactions", what is consensual contract? Explain thoroughly your answer.
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- In order to prevent an insured from recovering more than his actual loss, insurance policies contain which of the following clauses? Pro Rata liability Coinsurance Elimination DeductibleEvery sales contract imposes an obligation of good faith in its performance. Please explain the concept of good faith. (Be detailed in your response.)Your auto insurance company has offered you a 15 percent discount (roughly $200 per year) if you agree to let them install a sophisticated vehicle event data recorder (EDR) in your car. You have read over the terms of the agreement and discover that if you are involved in an accident, you must agree to let the data from the device be collected and analyzed by a third-party accident investigation firm. You must also agree to let findings from this analysis be used in a court of law. What questions would you want answered and what advice might you seek before deciding whether to accept this discount offer?
- What are the key elements of a valid and enforceable contract, and what remedies are available in case of contract breaches?1) summarizing whether you believe that contracts are promises 2) Analysis whether and why contracts and promises should be treated the same or differently 3) in your analysis, consider the potential economic, legal and moral consequences of your answer.The four agree to a formula under which they will price the shares pursuant to granting each other the right to buy the shares of an owner who decides to sell. This is an example of what kind of restriction on transfer? Multiple Choice Provision disqualifying purchasers Put agreement Consent constraint Buy-and-sell Option agreement
- What are the elements of a contract? Explain who the parties of a contract might be.A man named Bob Smith believes that he is Santa Claus (who delivers presents to all the children around the world on Christmas Eve). In fact, he is not Santa, but he has believed this for many years. He signs his name "Santa." He signs many contracts as "Santa," and he refers to his wife as "Mrs. Claus" even though her name is actually Betty Smith. She puts up with it, because he really does believe he is Santa, and because she loves him and because his wages from his job at Hasbro toys pays the bills. One day he enters a contract with your company to hire you to build him a gigantic workshop in his backyard so he can build his toys and stable his "eight tiny reindeer." In return he will pay you $120,000 for the construction. When his wife learns of this deal, she tries to reject it because it is voidable due to his lack of contractual capacity. Was this contract voidable, or valid and enforceable? Answer the questions.What is the main difference between contracts discharged due to operation of law and contracts discharged due to acts of the parties? Discharge due to acts of the parties never requires court intervention, whereas discharge due to operation of law always does. Discharge due to operation of law reflects at least one party's intent, whereas discharge due to acts of the parties doesn't necessarily reflect either party's intent. Discharge due to acts of the parties is legally binding, whereas discharge due to operation of law is not. Discharge due to operation of law doesn't necessarily reflect either party's intent, whereas discharge due to acts of the parties reflects at least one party's intent. 11 XIR Submit > 17
- Describe Express and implied contracts. What does it mean when a contract is called void and voidable?WHAT IS THE MEANING OF THE OBJECTIVE THEORY OF CONTRACTS AND HOW DOES THE OBJECTIVE THEORY OF CONTRACTS RELATE TO CONTRACTUAL INTENT?You've read about the statute of frauds and how it requires certain agreements to be in writing (remember the acronym MYLEGS). Thinking about all contracts, do you think that all contracts should be in writing? Or do you think this would hinder or slow down transactions? Please discuss your thoughts on these questions while keeping in mind the purpose behind the statute of frauds.