What is the purpose of contract law in business transactions?
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What is the purpose of contract law in business transactions?
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- Explain the process and legal requirements involved in drafting and enforcing contracts in business transactions.Describe how and why businesses must factor in the legal environment when operating a business. Are contracts important and if so, why?Both public and private law derive from statutory law. Choose one: True or False
- What are the essential elements of a valid contract under business law, and how do they contribute to the enforceability of the contract?What types of legal agreements can impact property ownership or the division of property through time?The role of the government in establishing how private business can operate includes all of the following except Providing raw materials to business protecting customers from defective products providing a legal framework protecting the environment
- What are the duties and responsibilities of an agent in an agency relationship?In what ways do Property Rights and Principal Agent theories help explain the development of the firm? How may these ideas be linked to the low cost airline industry?You own a manufacturing company that has a very profitable contract with a large retail chain. One of your competitors learns of your agreement and contacts the retail chain, telling them that your products are poorly manufactured and that the retail chain should refrain from buying your products. Instead, the competitor suggests that the retail chain enter into a contract with them to manufacture the products they seek. After this conversation, the retail chain cancels the contract with your manufacturing company, essentially breaching the contract, and begins buying their required merchandise from your competitor. The products manufactured by your company are in fact very high quality products. There have never been complaints in the industry relative to the service or products that you provide. And, you have longstanding contractors with other retailers to support the quality of your product. Under the law, you can sue both the manufacturing competitor and the retail chain for…
- Give examples of obligations or contracts which are contrary to public order.What is the legal definition of a contract and what elements are necessary for a contract to be valid and enforceable?Discuss why the concepts of contractual impossibility and frustration of purpose exist. Include an examination of how these concepts help ensure fairness to all parties. Also, what are the drawbacks to these concepts?