There are 4 essential parts to a contract. All 4 components (Agreement, Consideration, Capacity and Legality) are necessary to have a viable contract. Contracts can be created by words, in writing, by behavior and via court order (estoppel). Explain and define the 4 components of a contract. Chapter 11 speaks to the first component.. "Agreement" (which consists of an offer and acceptance). Explain what an offer is and how one can show acceptance. There are many ways that Agreement (meeting of the minds) can be met whether in a written, oral and implied contract. Find an interesting case that talks to the issue of when or how important Agreement is in contract formation. They say "Timing is everything" in contract law. Why is time so important when making an offer or receiving an acceptance? Remember to use a minimum of 350 words

There are 4 essential parts to a contract. All 4 components (Agreement, Consideration, Capacity and Legality) are necessary to have a viable contract. Contracts can be created by words, in writing, by behavior and via court order (estoppel). Explain and define the 4 components of a contract. Chapter 11 speaks to the first component.. "Agreement" (which consists of an offer and acceptance). Explain what an offer is and how one can show acceptance. There are many ways that Agreement (meeting of the minds) can be met whether in a written, oral and implied contract. Find an interesting case that talks to the issue of when or how important Agreement is in contract formation. They say "Timing is everything" in contract law. Why is time so important when making an offer or receiving an acceptance? Remember to use a minimum of 350 words

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter12: Contracts And Sales:introduction And Formation

Section: Chapter Questions

Problem 4QAP

See similar textbooks

Similar questions

on the advan criticisms of the two theories. according the economic theory of contract enforcement. Comment explain (again in your own words) how this question is answered bargain of contract law. State in your own words and then in you own words) how this question is answered according to the should be enforced?" State in your own words and then explain (again The first fundamental question of contract law is "What promises
Define Contract . Identify and briefly discuss all the essential elements of a contract .
(b) Describe the types of Musharakah contracts and give ONE (1) example for each type.
Give 3 takeaways on the importance of the Law in Obligation and Contract
Formalities in a contract can be self-imposed by the parties to a contract. Select one: True False
Create an example of a contract that has the credit to be legal, the contract must be in writing specifying the amount, time of payment, interest and other terms agreed upon by both parties.
For PFRS 15 to apply, a contract with a customer should meet which of the following conditions? I. The contract has been approved by the parties to the contract. II. Each party's rights in relation to the goods or services to be transferred can be identified. III. The payment terms for the goods or services to be transferred can be identified. IV. The contract has commercial substance. V. It is probable that the consideration to which the entity is entitled to in exchange for the goods or services will be collected. A.I, III, IV and V B.I, II, III and IV C.I, II, III, IV and V D.I. II. III and V
Give the FIRST exception to the general rule that: If the consideration of the contract consists partly in money and partly in another thing, the transaction is characterized by the manifest intention of the parties. * Answer in one complete sentence only.
The following certain attributes present into a contract to determine whether the arrangements with customer are contracts within the scope of IFRS 15:I. The parties have approved the contract and are committed to perform their respective obligations.II. Each party’s rights regarding the goods or services to be transferred can be identified.III. Payment terms can be identified.IV. The contract has commercial substance.V. It is probable that the entity will collect the consideration to which it will be entitled in exchange for goods or services that will be transferred to the customer. I only I, II, and IV only All of the above I, II, IV, and V only
Discuss the contract according to its enforceability?
Which one of the following is true about a firm commitment? Select one: a. A firm commitment is a contract that allows both the buyer or seller an option to engage (or not) in a long-term transaction. b. A firm commitment is a transaction that has already occurred and the commitment to pay or receive payment is pending. c. A firm commitment occurs as a result of a historical relationship and there is an expected commitment to engage in a transaction in the future. d. A firm commitment is an agreement with legally enforceable terms
A contract to sell is the same as a conditional contract of sale. Do you agree? Explain your answer.