Factors for consideration a. law’s non-logical implications in interpretation what parties would’ve agreed to (ex. Haines: duration and scope of contract) - policy: at-will doctrine in employment: policy - would’ve agreed to terms had they anticipated situation - had in mind, but didn’t express it b. context - what is the objective of the contract? Is it ambiguous? Ex. Spaulding v. Morse (369): stop yearly payment to trust during time in armed services - enforce according to terms if unambiguous, consider context if terms are ambiguous - not only context at time of contract formation, but also what happened AFTER ⇨ changed circumstances - why look at context?
A proposal is an offer if it is made in such a way that the person to whom it is made has only to accept it to bring the contract into existence. 2. The three requirements of a valid offer state that both parties must hold a genuine interest in the contract, both parties must be set out and adhered to in full. Along with those conditions, it is also important that both parties voluntarily enter into the agreement. Failure to meet the required elements nullifies the contract.
Which of the following internal control activities most likely would assure that all billed sales are correctly posted to the accounts receivable ledger? A. Daily sales summaries are compared to daily postings to the accounts receivable ledger. B. Each sales invoice is supported by a prenumbered shipping document.
C). Despite the term that a past consideration is not consideration at all, a past act can be defined as a consideration if two conditions are met. (1), the act performed is requested by the other party. (2), consideration of both parties at all time must have been that there would be a payment made. The case of Lampleigh v Brathwaite (1615) is a good example where the claimant sued for breach of contract.
It must include the fundamental terms of the agreement with the intention that no further negotiations are to take place. An invitation to treat is different to an offer as it only invites the party to make an offer and it is not intended to be binding. ix) In contract law consideration is required as an inducement to enter into a contract that is enforceable in the courts. It is an essential element for the formation of a contract. What constitutes sufficient consideration, however, has been the subject of continuing legal debate.
Which party has the burden of proof in the case? Which level of proof will be used? The party seeking damages (plaintiff), in this case Mr. James Mitchell and the union, has the burden of proof. This case would be considered a civil matter and would be guided by the principles and procedures commonly found in settling civil lawsuits and in regulatory agency cases. This includes presenting “clear and convincing evidence” as the level of proof that must be offered in order for the plaintiff to win the case (Clear and Convincing Evidence Law & Legal Definition, n.d.).
It allows two or more parties to make promises to each other and not have to worry whether or not the promise will be honored (Mallor, et al, 2010, p. 290). The validity of a contract rests on the content of its pages. Mallor, Barnes, Bowers, and Langvardt (2010) state that, “A set of promises must be based on a voluntary agreement made up of an offer and an acceptance, and a legal consideration to support each party’s promise” (p. 292). An offer, an acceptance, and a consideration of a promise made by the parties are the basic elements of a contract. These contract conditions are subject to interpretation from the court.
Chapter 6 1) which of the following is true of the Uniform Commercial Code? A) It was given to the states for state-by-state approval 2) The bargained-for legal value that one party agrees to pay or provide to secure the promise of another is called C) consideration 3) In a legally enforceable contract both parties must have the legal ability to enter the contract; that is the must be sane, sober, and of legal age. This feature of the contract is referred to as D) capacity 4) A ______ contract ordinarily involves a situation in which one party makes a promise and the other acts in response to that promise C) unilateral 5) A contract that is explicitly stated in writing or orally is known as ______ contract C) express
Planned giving is done through a bequest from estate planning, cash, personal property, annuities, life insurance, and trust. All money given to the foundation is tax deductible. The organization distributes money throughout the program where it is needed. Financial reports are completed quarterly and yearly for management. Audits are performed yearly to ensure procedures are followed with each insurance company.
P4 – The Meaning of Terms in a Standard Form Contract I am going to talk about the types of terms in a standard form contract Terms are the parts of a contract that are agreed to by parties, for example, “9.4 Replacements will be sent out when the original item is returned.” Express Terms - The terms of a contract of employment are made up from a number of different sources. The most obvious will be the express terms which have been agreed between the parties. Express terms may have been agreed either orally or in writing. It is also possible for certain terms contained in a collective agreement to be incorporated into an employment contract. Conditional Term: Conditions are terms that go to the very root of a contract.