Business Law Essay Example for Free (#13)

Business Law Essay Contract (329) , Business law (49) company About StudyMoose Contact Careers Help Center Donate a Paper Legal Terms & Conditions Privacy Policy Complaints An agreement must contain four essential ingredients to be regarded as a contract. These four elements are offer, acceptance, Intention of legal consequences, and consideration. If any one of them is missing, the agreement will not be legally binding. An offer is defined as the manifestation of the â€Å"willingness to enter into a bargain so made as to justify another person in understanding that his assent to the bargain is invited and will conclude it. † There must be a definite, clearly stated offer to do something. An offer does not include ball park estimates, requests for proposals, expressions of interest, or letters of intent. An offer will lapse when the time for acceptance expires, if the offer is withdrawn before it is accepted, or after a reasonable time in the circumstances (generally the greater the value of the contract, the longer the life of the offer). Only what is offered can be accepted. This means that the offer must be accepted exactly as offered without conditions. If any new terms are suggested this is regarded as a counter offer which can be accepted or rejected. There can be many offers and counter offers before there is an agreement. It is not important who makes the final offer, it is the acceptance of that offer that brings the negotiations to an end by establishing the terms and conditions of the contract. Acceptance can be given verbally, in writing, or inferred by action which clearly indicates acceptance (performance of the contract). In any case, the acceptance must conform to the method prescribed by the offerer for it to be effective. A contract requires that the parties intend to enter into a legally binding agreement. That is, the parties entering into the contract must intend to create legal relations and must understand that the agreement can be enforced by law. The intention to create legal relations is presumed, so the contract doesn’t have to expressly state that you understand and intend legal consequences to follow. If the parties to a contract decide not to be legally bound, this must be clearly stated in the contract for it not to be legally enforceable. In order for a contract to be binding it must be supported by valuable consideration. Consideration consists of either a benefit to the promisor or a detriment to the promisee. That is to say, one party promises to do something in return for a promise from the other party to provide a benefit of value (the consideration). Consideration is what each party gives to the other as the agreed price for the other’s promises. Usually the consideration is the payment of money but it need not be; it can be anything of value including the promise not to do something, or to refrain from exercising some right. The payment doesn’t need to be a fair payment. The courts will not intervene where one party has made a hard bargain unless fraud, duress or unconscionable conduct is involved. When there is a breach of contract, an unexcused failure to perform, the other party is usually given damages, rather than specific performance. The rules of damages vary, but are usually intended to make the injured party whole. A party who was supposed to be paid something for that party’s performance gets the amount of the payment due, if the performance has been rendered. A party who was supposed to get something of value sometimes gets the difference between the price agreed and the market price. Or, if the party has already paid the paying party sometimes gets the money back. Business Law. (2016, Dec 28). We have essays on the following topics that may be of interest to you

Summary Assignment Example | Topics and Well Written Essays - 250 words - 41

Summary - Assignment Example The author has urged that the simulations should be closer to real world scenarios. The author states that heavy dependence on automation of flights is leading to underdevelopment and erosion of manual skills required to handle flights. The author even concludes that lack of training to handle flights manually is one of the causes of accidents. As a marketer I have learned through this article that such articles and the conference in which the speaker talked about all the issues related to training and automation of fights can send a negative image of the airlines in the minds of the consumers. The consumers may think that the pilots are not equipped to handle flights manually and pose a risk to their life. On the other hand, marketer of an air flight organization that have already been providing proper training on how to handle the flights manually can use similar issues to develop a positive image of themselves in the eyes of the

Collaboration and Ethics Essay Example | Topics and Well Written Essays - 250 words

Collaboration and Ethics - Essay Example Effective strategies should be learned as well in addressing possible conflicts, which they may encounter in each stage of the process. It is necessary for conflicts to be acknowledged and addressed instead of denying their existence. Failure to address the onset of conflicts may discourage educators from voicing out their standpoint towards an issue, which is the vital initial step in resolving conflicts, so as to establish lasting objectives and tactics that will settle issues and concerns in teaching and management of educational institutions. As a future licensed teacher, collaboration is a very essential tool in my personal and professional development. Although working generally on my own develops independence and mental creativity, working together with other educators could make me think more outside the box, promote social interaction, and give me ample opportunities to contribute my skills and ideas. Learning the concept of collaboration has provided me a concrete guide in conducting classes, creating projects, and evaluating students, to name a few. It has also improved my strategies in lesson planning and my approach on students from different levels and areas of study. Gaining knowledge about collaboration in teaching will certainly help my future students veer away from traditional or even obsolete methods which would in turn make them more equipped, advanced, and competitive. (Learning Forward,