What are the key elements of a valid and enforceable contract, and what remedies are available in case of contract breaches?
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Q: What are the key elements of a valid contract, and what remedies are available for breach of…
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What are the key elements of a valid and enforceable contract, and what remedies are available in case of contract breaches?
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- Business law-What are the elements of a contract? Explain who the parties of a contract might be.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?
- What are assignments of contracts and what rights and obligations do they confer?WHAT IS THE MEANING OF THE OBJECTIVE THEORY OF CONTRACTS AND HOW DOES THE OBJECTIVE THEORY OF CONTRACTS RELATE TO CONTRACTUAL INTENT?What risks do buyers associate with each of the different types of contracts (fixed-price, incentive, or costs contracts)?
- 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.Which of the following is true of a severable contract? Multiple Choice It must be enforced or rejected in its entirety. It contains multiple parts that need to be performed collectively. It has both legal and illegal portions in the contract. It needs complete performance by both parties.In 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.
- Describe the requirements of a valid contract. If a contract is written unclearly, what happens? Please provide examples to illustrate your points.Have you ever agreed to a waiver of liability and assumption of risk? If so, what was the context? Was it express or implied? Considering what you know about exculpatory clauses and assumption of risk, do you think it was appropriate (given the context)? Was it necessary?