law 421 contemporary business law week 3 DQ In chapter 6 we see the discussion of contracts. Has anyone in the class ever had a contract dispute with a company or vendor? How did you resolve it? When a contract has the necessary elements in place then theFin-Acc-Boss
law 421 contemporary business law week 3 DQ
In chapter 6 we see the discussion of contracts. Has anyone in the class ever had a contract dispute with a company or vendor? How did you resolve it?
When a contract has the necessary elements in place then the contract is deemed to be valid. Void contracts are those agreements that have not been formed in accordance with the requirements of valid contract at the onset and therefore cannot be enforced by either party. Class what are the essential elements of contract formation?
A bilateral contract involves two promises and two performances. A good example of a bilateral contract is one in which Harry offers to pay Jack $1000 once Jack delivers his truck to Harry. A unilateral contract involves one promise and one performance. A unilateral contract is quite the opposite. Class based on chapter 6 what is the major difference between these two types of contracts. Does it matter?
Class as you have learnt from chapter the courts have determined that most advertisements appearing in the mass media, in store windows, or in display cases are not offers. Rather, the law recognizes mass advertisements as an invitation for the consumer to make an offer to the seller to purchase the goods at a specified price. Frequently, these advertisements do not constitute an offer because they do not contain a specific commitment to sell. For example, Big Time Appliances runs an advertisement in a local paper which misprinted the ad as "46-inch plasma screen TV for $10" instead of $1,000. Ernest shows up at Big Time Appliance with a $10 bill and excitedly hands over the bill to a cashier saying "I accept your offer to sell me this television for $10." Big Time Appliance is not obligated to perform (i.e., sell the television for $10).5 The law recognizes Ernest's actions not as an acceptance of Big Time's offer, but rather an offer by Ernest to buy the television--which Big Time may accept or reject. Class do you agree or disagree with the court's position? Please state your reasons for your answer.
How do you determine that a party has breached the contract?
Class based on your reading of chapter 6 what is the difference between a conditional, substantial, or strict performance on a contract? Does it matter to the parties which performance is required?
Agency is a legal relationship in which both parties agree that one party will act as an agent for another party i.e., the principal, subject to the control of the principal. Do you currently as an agent for anyone and type of agency category do you fall under?
Creation of an agency relationship typically involves the agent's power to bind the principal to third parties (and third parties to the principal) in an agreement of some type. The power to bind the principal in a certain transaction is derived from the agent's authority. This authority arises primarily through one of three ways. What are the three ways?
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