What are the legal requirements for establishing a valid contract, and what happens when one party breaches it?
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- What are the legal requirements for establishing a valid contract, and what happens when one party breaches it?
Step by step
Solved in 4 steps
- 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.What are the terms used for the parties involved in the offers and negotiations leading up to the final contract? offeree and counteror offeror and recipient offeror and counteror offeror and offereeCan they go to court in case of non-compliance with the terms of the licenses? Support your answer.Conclusion: State your point of view on this topic. Do you feel confident with the way electronic contracts are worked?
- Contracts 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.What are the main differences between arbitration and mediation in negotiation? Briefly explain both!What risks do buyers associate with each of the different types of contracts (fixed-price, incentive, or costs contracts)?
- What are the essential elements of a valid contract under business law, and how do they contribute to the enforceability of the contract?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.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.
- What is the legal definition of a contract and what elements are necessary for a contract to be valid and enforceable?Describe the requirements of a valid contract. If a contract is written unclearly, what happens? Please provide examples to illustrate your points.What are the implications for contract writing as a result of electronic signatures now being enforceable by law?