Parties must meet the legal capacity to enter into valid contracts (Miller & Jentz, 2012). This implies that parties must be of age, to understand stipulations of a contract and be of sound mind. It must be noted that minors of age below eighteen years cannot enter into a contract. Another requirement to be met by parties entering into contracts is that concerned parties must ensure that the contract is free from any form of future misunderstandings and has no loopholes. An offer must be made, and consideration be made for exchange. The purpose for which any contract is made must be for legal objectives. Lastly, parties meeting all the legal requirements seal the contract (Meiners, Ringleb & Edwards, 2012). The law also stipulates measures to be taken should any of the parties fail to honor terms of the agreement or perform breach of contract. The injured party could rescind the contract or set free the breaching party off any responsibilities coming because of the contract implementation? The other option available is for the parties to reach an agreement on notation (Walston-Dunham, 2012). The injured side has a right to ask for compensation from the defaulter for damages or loss incurred. The injured party can file for a court order restraining the other party from undertaking any transaction direct related to the agreement. All rules relating to how contracts are formed and how every party is supposed to behave are contained in the law of contract (Walston-Dunham, 2012). Case 1 The two parties here are on contract, to sell ten acres of land. The seller, Krauses in the first instance offered a price less than the actual market value and a contract was formed both parties. The contract is legally binding in all terms and both parties are required to observe stated term. Krauses cannot make changes on the contract despite realizing the quoted price is much lower than the market price (Walston-Dunham, 2012). Changes can be implemented to the terms of the contract on exceptional cases such as when the contract ends (Meiners, Ringleb & Edwards, 2012). The contract could also be terminated if both parties reach a mutual agreement to end the contract and in other cases when both parties have fulfilled their obligation to each other leaving no other reason for the parties to carry out the contract (Walston-Dunham, 2012). If another situation arose and Krauses breaches the contract terms by indicating a price higher than agreed in writing, Jud is not liable to adhering to the stipulated terms as Krauses has performed breach of contract by false writing for his personal reasons (Miller & Jentz, 2012). As a result, Jud has right to terminate the contract as it does not act as per the laid down agreement (Walston-Dunham, 2012). Case 2 The second case implies a contract whereby there are two parties Gerald and a centre looking into the needs of disadvantaged children. The initial agreement was that Gerald who is an event organizer stages a concert to raise funds for the kids centre. However, Gerald thereafter decides not to hand over the concert earnings to the charity home as per the agreement. Both parties were well aware of the stipulations of the agreement and had the intention to abide by them (Meiners, Ringleb & Edwards, 2012). As earlier stated, for a contract to be valid it must fulfill all terms laid down by law. One of the stipulati
Identify components of a typical contract. Name Professor Institution Course Date A contract is an agreement formed when an offer presented by one part becomes acceptable by the other party and is legally binding (Walston-Dunham, 2012). The offer could be made to a particular person or a group of persons…
Conclusion The pathways and stores of water, sediment and nutrients from the uplands to the coast in typical northwest England catchments 1). Introduction Water usually flows from higher ground to lower ground in a bid to find its own level. The natural water cycle sees water travel from land to air and sea, its state changing from liquid to vapour and sometimes to solid where temperatures are extremely cold.
policemen need to be courageous. Likewise, the definition of conduct can be illustrated in an organizational context in which case, the code of conduct essentially covers the features that an organization needs to have e.g. fair systems of performance assessment, promotion, and employee appraisal (Miller, 2002, p.
The ETL process is identified with exactly that process of data extraction from various system sources and then loading that data into a data warehouse for various storage and analytical processes. Data mining is a term associated with the process of extracting insights from the data residing in the warehouse, and the transformation step in the ETL process is a preparation of the raw data from the various source systems for loading into the data warehouse structures.
Jen is a Chinese American writer so the references to the Asian American culture in the work are credible. Typical American is about the lives of three Chinese immigrants in New York. The three immigrants are the characters that will be discussed in this paper, Ralph Chang, his sister Theresa, and Theresa's roommate Helen.
A contract is an agreement between two parties meant to get two things underway. A contract will involve a legal relationship that will see the exchange of something of value between two parties. The terms
The phrase ‘guarantee’ can be used as an official synonym in favor of a contract. This paper will address a potential contractual defective scenario. The scenario at hand is the agreement between Jud Wheeler and the Krause Company. The company believes that Jud wheeler
A scientific method of research is a formal approach to research that applies professionalism and statistical techniques and identifies a series of steps in its implementation. One of the characteristics of the scientific method of research is its
ne surveys) (Chapter 9: Managing Compensation, 2012); as well as inputs from internal sources (current policies and pay scale of personnel, perceptions of employees, and plans for promotions). Likewise, the Center for Community Futures has published information regarding Wage
It is owned wholly by Ms. Gila Bronner. This company was established in 1987. It is an exceptional professional services firm that focuses on the public sector and the government. This company offers professional services to the government
Preponderances of the construction projects are facing uncertainty and risks that can result in escalation in costs and hence, the cost control is the method of combating the cost performance as compared to its cost plan, thereby fine-tuning one or the other functions
12 pages (3000 words)Essay
Hire a pro to write a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Apply my DISCOUNT
Got a tricky question? Receive an answer from students like you!Try us!
Let us find you an essay for FREE
Contact us via Live Chat, call us at +16312120006or send an email to firstname.lastname@example.org