What is the main difference between contracts discharged due to operation of law and contracts discharged due to acts of the parties? Discharge due to acts of the parties never requires court intervention, whereas discharge due to operation of law always does. Discharge due to operation of law reflects at least one party's intent, whereas discharge due to acts of the parties doesn't necessarily reflect either party's intent. Discharge due to acts of the parties is legally binding, whereas discharge due to operation of law is not. Discharge due to operation of law doesn't necessarily reflect either party's intent, whereas discharge due to acts of the parties reflects at least one party's intent. 11 XIR Submit > 17

What is the main difference between contracts discharged due to operation of law and contracts discharged due to acts of the parties? Discharge due to acts of the parties never requires court intervention, whereas discharge due to operation of law always does. Discharge due to operation of law reflects at least one party's intent, whereas discharge due to acts of the parties doesn't necessarily reflect either party's intent. Discharge due to acts of the parties is legally binding, whereas discharge due to operation of law is not. Discharge due to operation of law doesn't necessarily reflect either party's intent, whereas discharge due to acts of the parties reflects at least one party's intent. 11 XIR Submit > 17

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Similar questions

A contract will be considered illegal from inception where performance can only be pursued via an illegal act. Contracts falling into this category cannot be enforced. Indeed, if a contract is illegal from the start, all contractual parties will not acquire any rights under that contract, regardless of their intentions at formation of the contract. The contract will be void and treated as if it was never created. a) You are required to critically define and discuss the concept of illegality in law from a theoretical standpoint.
Which of the following statements regarding discharge of contracts is FALSE? 1) All parties are relieved of their obligations if the contract is discharged. 2) Party A need not pay for any goods received from Party B if Party A willingly accepts the partial performance of the contract by Party B. 3) A contract that becomes more expensive or difficult to perform will not be automatically discharged. O 4) A contract will be discharged if it becomes impossible subsequently to perform the contract.
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.
Tying contracts, which is prohibited under the Clayton Act, refers to the situation where a producer requires that a buyer: O Can resell the product but only at a higher price than the original purchase price O Cannot buy a similar product from other producers if that buyer wants to continue buying its product O Buy another of its products as a condition for buying the desired product 4 O Cannot ever resell the product bought
Which one of the following is a term that is implied by statute? Select one: a. A term required to make the contract between the parties effective b. A term that goods must be of merchantable quality c. Good faith d. A term implied on the basis of past dealings between the parties
Which of the following is correct about implied and express contracts? Implied contracts can be legally binding while express contracts cannot. Express contracts explicitly state the terms of the contract while implied contracts are established by the parties' actions. Implied contracts explicitly state the terms of the contract while express contracts are established by the parties' actions. Express contracts can be legally binding while implied contracts
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A contract will be considered illegal from inception where performance can only be pursued via an illegal act. Contracts falling into this category cannot be enforced. Indeed, if a contract is illegal from the start, all contractual parties will not acquire any rights under that contract, regardless of their intentions at formation of the contract. The contract will be void and treated as if it was never created. critically discuss FIVE (5) CONTEMPORARY CASE LAWS related to illegality focusing on the judgments handed down in those cases as it relates to: What was the issue, The facts of the relevant case, The judgment The reasons for the judge’s decision. Finally, in your opinion do you agree or disagree with the decision
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.
A contract forms when one person makes an offer, and another person accepts it by communicating their assent or performing the offer’s terms. If the terms are certain, and the parties can be presumed from their behavior to have intended that the terms are binding, generally the agreement is enforceable. While agreement is the basis for all contracts not all agreements are enforceable. A preliminary question is whether the contract is reasonably certain in its essential terms, such as price, subject matter and the identity of the parties. Provide: An Introduction and a conclusion A critical discussion on the concepts of what is an offer, inclusive of the various requirements of an effective and valid offer, with five (5) landmark supporting cases. How can an offer be affected where the terms are not clear? Critically discuss with three (3) landmark cases.
A contract becomes binding for the parties to the contract only when it satisfies some essential prerequisites. Discuss.
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