What is contract? Discuss the essential of a valid contract?
Q: Every transaction in business creates a contract (agreement) between the parties. To determine…
A: A contract is an arrangement that establishes a legal obligation or liability between two or more…
Q: what are some ethical considerations needed when entering into a contract
A: When entering into a contract, several ethical considerations should be taken into account. These…
Q: Discuss methods of contract avoidance, resolution and settlement of disputes. What do you think is…
A: A contract is a type of legal agreement undertaken between two or parties with their free consent.…
Q: What is Contract in business law and why is it important?
A: Contracts are a fundamental aspect of business law that involves legally binding agreements between…
Q: What is a contract law, specifically focusing on offer and acceptance?
A: A contract is a legally enforceable agreement between two or more parties where each assumes a legal…
Q: If a contract was found to be ambiguous, would you rather be the person who wrote the contract or…
A: Law plays an integral role in making the judgements related to complex situations. It helps in…
Q: Explain the essential elements of a valid contract, including offer, acceptance, consideration,…
A: Contracts are legally binding agreements between two or more parties. They are indispensable for…
Q: What are the Bidder's obligations?
A: Bidder: Is a party who is willing to buy an asset from a seller at a specific price. In most cases,…
Q: What are the key considerations in managing sales and lease contracts to optimize profitability and…
A: Effective management of sales and leasing agreements is crucial to maximize profitability and lower…
Q: What are some of the advantages of creating contingency contracts? What are some of the…
A: Below is the solution:-
Q: Is it better to have a single set of rules for all types of contracts, or does it make sense to have…
A: Mutually recognized and agreed-upon legal arrangements between two or more parties are known as…
Q: If contracts are not well managed by the buying organisation could lead to adverse outcome. You are…
A: The objective of the question is to identify and discuss five potential negative outcomes that could…
Q: What are the main elements of a valid contract and how do they contribute to the enforceability of a…
A: A legitimate contract under corporate law often involves many fundamental elements. These factors…
Q: What is the method of determining the final contract price?
A: The amount that is payable by the owner to the builder is known as the contract price. The final…
Q: What are the key elements of a valid and enforceable contract, and what remedies are available in…
A: A contract is a legally binding agreement between two or more parties that outlines their rights,…
Q: What are the terms used for the parties involved in the offers and negotiations leading up to the…
A: The objective of the question is to identify the correct terms used for the parties involved in the…
Q: You'll read about "Adhesion Contracts" which are a type of contracts that are challenged more often…
A: Business ethics involves a wide range of issues, including corporate social responsibility,…
What is contract? Discuss the essential of a valid contract?
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- What are the two exceptions to the general rule that an entity should allocate the transaction price based on the relative standalone selling price? Are the percentage-of completion and the completed contract methods both viable alternatives for a given contract Explain Does aggregating the five components of pension cost always result in a reduction in income? Do corporations report the projected benefit obligation and the plan assets as individual accounts on the sponsor corporation’s balance sheet?What are the main differences between arbitration and mediation in negotiation? Briefly explain both!How can an offer be affected where the terms are not clear?
- 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?It is said that we all make a variety of contracts every day. How can this be? How do we make agreements without actually necessarily saying anything to another party or even determining the terms of these agreements
- Describe the payment system and incentive idea for two different kinds of negotiated contracts.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?
- What are the ethical considerations when entering into a no bid or non competitive contract?How do customers evaluate proposals? What factors might they consider? Describe two different types of contracts, when each should be used, and the risks associated with each.Give a scenario of necessary elements required to form a legally binding contract; or in what circumstances is a contract legally formed or not? EXAMPLE: you select an apple in the grocery store: are you offering to purchase the apple or accepting the advertised offer to purchase the apple?