What are the key elements of a valid contract, and what remedies are available for breach of contract?
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What are the key elements of a valid contract, and what remedies are available for breach of contract?
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- What are the main elements of a valid contract and how do they contribute to the enforceability of a contract under business law?A buyer bought a property without telling the seller or broker of his intended purpose for the property. The contract contained no contingency clauses and was properly signed and executed. He became very angry when he was unable to obtain the zoning for the commercial project he had planned and now wants to declare the contract null and void and get his money back. What is the status of the contract at this time? O This is a breach of contract since the buyer cannot use the property. . This is an implied, valid contract. O This is a voidable, enforceable contract. O This is a valid, enforceable, executed contract.Provide the legal definition of a contract.
- Under the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers? Select one: a. Recovering the total value of goods in the contract b. Recovering profit from the resale of nonconforming goods by the other party c. Damages in the amount of the difference between the contract price and the market price of goods d. Obtaining specific performance of the contractContracts are meant to be broken. What happens when you breach a contract? Find a case and explain what went wrong with the contractual situation, what was the outcome and the remedy. Did the Parties need to mitigate damages? How would you have handled the situation to avoid the outcome of breach? Are you in agreement with the outcome? Why? Remember to cite the case name and give us a factual background as to what happened.Conditions precedent Multiple Choice Render a contract frustrated Render a contract void at the option of the injured party Must occur before a contract can be cancelled Must occur before a contract is enforceable Render a contract void immediately
- Describe Express and implied contracts. What does it mean when a contract is called void and voidable?There are three legal remedies for breach of contract: Which of these is not one of the remedies for breach of contract? Imprisonment Restitution Payment of damages O Specific performance of the contractTrue or False Compensatory damages are rarely awarded in contract cases.
- WHAT IS THE MEANING OF THE OBJECTIVE THEORY OF CONTRACTS AND HOW DOES THE OBJECTIVE THEORY OF CONTRACTS RELATE TO CONTRACTUAL INTENT?In relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.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.