Define or explain CHAPTER 7 � Types of Tangible and Intan.pdf
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Define or explain: CHAPTER 7 Types of Tangible and Intangible Property Distinguish between Abandoned, Lost, and Mislaid Gifts Delivery (Constructive included), Donative Intent, and Acceptance Accession be able to distinguish when it applies Tenants in Common, Joint Tenants, Tenants by the Entirety Collateral Easement Lien Deficiency Fee Simple, Life Estate Different types of Deeds Bailments be able to distinguish between sole benefit of the bailee, sole benefit of the bailor, and mutual benefit bailment CHAPTER 8 Elements: Agreement, Consideration, Capacity, and Legality - Implied in Fact Contracts Bi- Lateral and Uni-Lateral Contracts Prior Dealings Duress Promissory Estoppel Mailbox Rule Statute-of-Frauds and exceptions thereto Quasi Contracts Minors & Capacity Valid, Void, and Voidable Contracts Validity of Electronic Contracts CHAPTER 9 Conditions: Precedent, Subsequent, Concurrent Transferring Interests in Land must be in Writing Material Breach Substantial Performance Specific Performance When is it appropriate Impossibility of Performance Effect of Handwritten Terms Ambiguous Terms Waiver Accord and Satisfaction CHAPTER 10 Intentional Torts, Negligence, and Strict Liability Distinguish Conversion from Trespass to Personal Property Assault/Battery Defamation (Libel or Slander) & Defenses Fraudulent Misrepresentation Intentional Infliction of Emotional Distress Appropriation Wrongful Interference with a Business Relationship or Contractual Relationship Distinguish Comparative Negligence from Contributory Negligence Define or explain: CHAPTER 7 Types of Tangible and Intangible Property Distinguish between Abandoned, Lost, and Mislaid Gifts Delivery (Constructive included), Donative Intent, and Acceptance Accession be able to distinguish when it applies Tenants in Common, Joint Tenants, Tenants by the Entirety Collateral Easement Lien Deficiency Fee Simple, Life Estate Different types of Deeds Bailments be able to distinguish between sole benefit of the bailee, sole benefit of the bailor, and mutual benefit bailment CHAPTER 8 Elements: Agreement, Consideration, Capacity, and Legality - Implied in Fact Contracts Bi- Lateral and Uni-Lateral Contracts Prior Dealings Duress Promissory Estoppel Mailbox Rule Statute-of-Frauds and exceptions thereto Quasi Contracts Minors & Capacity Valid, Void, and Voidable Contracts Validity of Electronic Contracts CHAPTER 9 Conditions: Precedent, Subsequent, Concurrent Transferring Interests in Land must be in Writing Material Breach Substantial Performance Specific Performance When is it appropriate Impossibility of Performance Effect of Handwritten Terms Ambiguous Terms Waiver Accord and Satisfaction CHAPTER 10 Intentional Torts, Negligence, and Strict Liability Distinguish Conversion from Trespass to Personal Property Assault/Battery Defamation (Libel or Slander) & Defenses Fraudulent Misrepresentation Intentional Infliction of Emotional Distress Appropriation Wrongful Interference with a Business Relations.
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Chapter12sections 1 3
This document summarizes key points from a chapter on written contracts in business law. It discusses the statute of frauds and what types of contracts must be in writing, such as real estate contracts and contracts that cannot be completed within one year. It also addresses exceptions to the statute of frauds and how courts reconcile conflicts between oral and written terms or different written elements in a contract. The chapter provides examples and case studies to illustrate these concepts.
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PART 10
Property
LEARNING OBJECTIVES
After reading this chapter, you will be able to answer the following questions:
1
What are the interests in real property that someone can hold?
2
How is real property voluntarily transferred?
3
How is real property involuntarily transferred?
4
How is the use of property restricted?
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Economic Redevelopment in Poletown
General Motors wanted to expand its facility, but when the company offered to purchase the property it needed, the owners would not accept the offers. The firm then approached the Detroit Economic Development Corporation with a request that the corporation use its power of eminent domain to acquire a large parcel of land on which members of the plaintiff organization, Poletown Neighborhood Council, resided and had small businesses. Once the corporation had acquired the land, it would be conveyed to General Motors for its plant expansion. The justification for the use of eminent domain was the creation of jobs for the economically depressed area.
The plaintiffs, who did not want their community destroyed, sued the city and the development corporation on the grounds that they were abusing their power of eminent domain to take private property for a private use.
1.
Can business managers ask the city to buy real property for them when the owners do not wish to sell it?
2.
What would determine whether the government can legally take the property for the corporation?
The Wrap-Up at the end of the chapter will answer these questions.
p. 1079
Ownership of real property seems to be one of the goals of most people in the United States. In this chapter we examine the nature of real property, the types of interests someone can own in real property, and how those interests can be transferred. As the opening scenario implies, transfers can be either voluntary or involuntary.
PART 10
Property
LEARNING OBJECTIVES
After reading this chapter, you will be able to answer the following questions:
1
How is the landlord-tenant relationship created?
2
What are the rights and duties of the landlord and tenant?
3
What are landlords' liabilities for injuries on the premises?
4
How are interests in leased property transferred?
5
How are leases terminated?
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62CHAPTER 4Offer, Acceptance, and ConsiderationCHAP.docx
62
CHAPTER 4:
Offer, Acceptance, and Consideration
CHAPTER 5:
Contracts: Capacity, Genuine Assent, the Statute of Frauds, and Illegality
CHAPTER 6:
Third Parties, Performance and Discharge of Contracts, and Remedies
Unit II
Contracts
rog80328_04_c04_062-088.indd 62 9/20/16 11:14 AM
© 2016 Bridgepoint Education, Inc. All rights reserved. Not for resale or redistribution.
63
C
ontract law is of great importance in business and in everyday life. Common trans-
actions such as buying a pack of gum at the corner grocery store, purchasing a ticket
at a movie theater, or ordering a meal at a restaurant involve making contracts, but
so does a complex patent licensing agreement between two multinational corporations. In
this unit, we will explore the nature of contracts, the requirements for their valid formation,
and the consequences for their breach.
A contract is a legally enforceable agreement between two or more people. Although all
contracts contain enforceable promises, not all promises result in contracts. Consider the
following situation:
Henry invites Ericka to dinner, and Ericka accepts. Henry looks forward to the date and can
think of little else all day long. A half hour before they were to meet, Ericka calls Henry and
tells him that she will not be able to keep their date because Ron has invited her to go danc-
ing and she has accepted. Henry is upset, hurt, and angry and would like to sue Ericka for
breach of contract, since she has clearly broken a promise made to him earlier that day and
caused him distress. Will he succeed?
Ericka may not be a very nice person, and she may have had a moral obligation to attend
the dinner date. Nevertheless, she had no legal obligation to do so. The agreement that she
breached was not a contract, but merely a social obligation that the courts will not enforce.
In order for there to be a valid contract, certain essential elements must exist. These include
an offer to enter into a contract, acceptance of the offer by the other party, an exchange of
consideration between the parties, and a legal purpose for the contract. In addition, both
parties must have the capacity to enter into a contract. We will explore these elements in
depth in this unit. We will also discuss certain types of contracts that must be in writing to
be enforceable and situations in which a contract is unenforceable due to a lack of genuine
assent, such as in cases of fraud or mutual mistake of fact.
We enter into contracts every day. On the way to work, you pick up a newspaper at a news-
stand. You also stop for a cup of coffee at a cafe. While there, you use your phone to browse
the Web and purchase tickets to a concert online. Finally, you arrive at the bus stop and
pay your fare as you enter the bus that will take you to work or to class. In each of these
examples, a contract was made. In each case, there was a valid offer and acceptance (your
ordering the drink and the cafe’s providing.
CIVICS M3 Unit1 civil laws and criminal laws COVIDSeason
Criminal law and civil law are discussed. Civil law deals with disputes between private individuals regarding damages, while criminal law deals with offenses against society that are punishable by law. Some key points covered include the different types of contracts under civil law such as contracts of sale, loan contracts, and hire of property contracts. Hire purchase contracts and installment payment loans are also explained. Civil justice procedures involving plaintiffs, defendants, attorneys, and lawsuits are outlined. Criminal law is defined as law that stipulates offenses and punishments that break the criminal code or other acts.
Salient Features Of The Indian Contract Act
The document summarizes key aspects of contract law in India according to the Indian Contract Act of 1872. It defines a contract, outlines essential elements for a valid contract including offer, acceptance, consideration and consent. It also discusses types of contracts, validity, performance, breach and remedies for breach. Special types of contracts and obligations are also covered.
Presentation (workshop)
This document provides information on legal proceedings and agreements at IGNOU. It discusses the essential elements of a valid contract under Indian law, including proposal and acceptance, consideration, capacity and consent of parties, legality of object and consideration, writing and registration if required, certainty and possibility of performance. It also outlines the types of agreements handled by IGNOU, including templates and structures for agreements. Finally, it discusses the role of the legal cell and methodology for handling legal cases at regional centres, including the types of cases that may be filed.
Tx cont-16 - 7
This document provides an introduction to contracts, including the basics of different types of contracts like express, implied, bilateral, and unilateral contracts. It outlines the key elements required for a valid contract, such as mutual consent and consideration between competent parties. The document also discusses how contracts can be discharged through performance, mutual rescission, breach, or assignment. It concludes by covering principles for interpreting contracts, such as time is of the essence clauses, merger clauses, and conditions precedent versus subsequent.
Recommended
Difference between a lease and a rent
The difference between rent and lease is that a lease generally lasts 12 months, whereas a rent usually lasts 30 days.
Chapter12sections 1 3
This document summarizes key points from a chapter on written contracts in business law. It discusses the statute of frauds and what types of contracts must be in writing, such as real estate contracts and contracts that cannot be completed within one year. It also addresses exceptions to the statute of frauds and how courts reconcile conflicts between oral and written terms or different written elements in a contract. The chapter provides examples and case studies to illustrate these concepts.
For this milestone, you will review Case Study Two and compose a.docx
For this milestone, you will review Case Study Two and compose a short report, applying your legal knowledge and understanding of the types of business organizations. Case Study Two concentrates on contracts and landlord-tenant law.
For additional details, please refer to the Milestone Two Guidelines and Rubric document and the Milestone Two Template in the Assignment Guidelines and Rubrics section of the course
PART 10
Property
LEARNING OBJECTIVES
After reading this chapter, you will be able to answer the following questions:
1
What are the interests in real property that someone can hold?
2
How is real property voluntarily transferred?
3
How is real property involuntarily transferred?
4
How is the use of property restricted?
CASE OPENER
Economic Redevelopment in Poletown
General Motors wanted to expand its facility, but when the company offered to purchase the property it needed, the owners would not accept the offers. The firm then approached the Detroit Economic Development Corporation with a request that the corporation use its power of eminent domain to acquire a large parcel of land on which members of the plaintiff organization, Poletown Neighborhood Council, resided and had small businesses. Once the corporation had acquired the land, it would be conveyed to General Motors for its plant expansion. The justification for the use of eminent domain was the creation of jobs for the economically depressed area.
The plaintiffs, who did not want their community destroyed, sued the city and the development corporation on the grounds that they were abusing their power of eminent domain to take private property for a private use.
1.
Can business managers ask the city to buy real property for them when the owners do not wish to sell it?
2.
What would determine whether the government can legally take the property for the corporation?
The Wrap-Up at the end of the chapter will answer these questions.
p. 1079
Ownership of real property seems to be one of the goals of most people in the United States. In this chapter we examine the nature of real property, the types of interests someone can own in real property, and how those interests can be transferred. As the opening scenario implies, transfers can be either voluntary or involuntary.
PART 10
Property
LEARNING OBJECTIVES
After reading this chapter, you will be able to answer the following questions:
1
How is the landlord-tenant relationship created?
2
What are the rights and duties of the landlord and tenant?
3
What are landlords' liabilities for injuries on the premises?
4
How are interests in leased property transferred?
5
How are leases terminated?
CASE OPENER
Free to Choose?
Roommates.com
operates a Web site that helps individuals find roommates. Individuals searching for roommates create profiles using questionnaires provided by the Web site. The questionnaires ask for information about age, sex, and sexual orientation, as well as whether the perso ...
62CHAPTER 4Offer, Acceptance, and ConsiderationCHAP.docx
62
CHAPTER 4:
Offer, Acceptance, and Consideration
CHAPTER 5:
Contracts: Capacity, Genuine Assent, the Statute of Frauds, and Illegality
CHAPTER 6:
Third Parties, Performance and Discharge of Contracts, and Remedies
Unit II
Contracts
rog80328_04_c04_062-088.indd 62 9/20/16 11:14 AM
© 2016 Bridgepoint Education, Inc. All rights reserved. Not for resale or redistribution.
63
C
ontract law is of great importance in business and in everyday life. Common trans-
actions such as buying a pack of gum at the corner grocery store, purchasing a ticket
at a movie theater, or ordering a meal at a restaurant involve making contracts, but
so does a complex patent licensing agreement between two multinational corporations. In
this unit, we will explore the nature of contracts, the requirements for their valid formation,
and the consequences for their breach.
A contract is a legally enforceable agreement between two or more people. Although all
contracts contain enforceable promises, not all promises result in contracts. Consider the
following situation:
Henry invites Ericka to dinner, and Ericka accepts. Henry looks forward to the date and can
think of little else all day long. A half hour before they were to meet, Ericka calls Henry and
tells him that she will not be able to keep their date because Ron has invited her to go danc-
ing and she has accepted. Henry is upset, hurt, and angry and would like to sue Ericka for
breach of contract, since she has clearly broken a promise made to him earlier that day and
caused him distress. Will he succeed?
Ericka may not be a very nice person, and she may have had a moral obligation to attend
the dinner date. Nevertheless, she had no legal obligation to do so. The agreement that she
breached was not a contract, but merely a social obligation that the courts will not enforce.
In order for there to be a valid contract, certain essential elements must exist. These include
an offer to enter into a contract, acceptance of the offer by the other party, an exchange of
consideration between the parties, and a legal purpose for the contract. In addition, both
parties must have the capacity to enter into a contract. We will explore these elements in
depth in this unit. We will also discuss certain types of contracts that must be in writing to
be enforceable and situations in which a contract is unenforceable due to a lack of genuine
assent, such as in cases of fraud or mutual mistake of fact.
We enter into contracts every day. On the way to work, you pick up a newspaper at a news-
stand. You also stop for a cup of coffee at a cafe. While there, you use your phone to browse
the Web and purchase tickets to a concert online. Finally, you arrive at the bus stop and
pay your fare as you enter the bus that will take you to work or to class. In each of these
examples, a contract was made. In each case, there was a valid offer and acceptance (your
ordering the drink and the cafe’s providing.
CIVICS M3 Unit1 civil laws and criminal laws COVIDSeason
Criminal law and civil law are discussed. Civil law deals with disputes between private individuals regarding damages, while criminal law deals with offenses against society that are punishable by law. Some key points covered include the different types of contracts under civil law such as contracts of sale, loan contracts, and hire of property contracts. Hire purchase contracts and installment payment loans are also explained. Civil justice procedures involving plaintiffs, defendants, attorneys, and lawsuits are outlined. Criminal law is defined as law that stipulates offenses and punishments that break the criminal code or other acts.
Salient Features Of The Indian Contract Act
The document summarizes key aspects of contract law in India according to the Indian Contract Act of 1872. It defines a contract, outlines essential elements for a valid contract including offer, acceptance, consideration and consent. It also discusses types of contracts, validity, performance, breach and remedies for breach. Special types of contracts and obligations are also covered.
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This document provides information on legal proceedings and agreements at IGNOU. It discusses the essential elements of a valid contract under Indian law, including proposal and acceptance, consideration, capacity and consent of parties, legality of object and consideration, writing and registration if required, certainty and possibility of performance. It also outlines the types of agreements handled by IGNOU, including templates and structures for agreements. Finally, it discusses the role of the legal cell and methodology for handling legal cases at regional centres, including the types of cases that may be filed.
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Learning Outcomes Checklist
After studying this chapter, students who have mastered the material will be able to:
Distinguish between contracts based on categories and apply the correct source of law to specific contracts.
Explain the concept of mutual assent by defining the legal requirement of agreement.
Identify and explain the other requirements for the formation of a valid contract.
List the events that terminate the power of acceptance and distinguish between termination through action of the parties versus
operation of law.
Apply the mailbox rule to resolve a question of when acceptance is effective.
Articulate the legal requirement of consideration and identify which contracts do not require consideration.
Give examples of circumstances where the legal requirements of capacity or legality are at issue.
Explain the concept of enforceability and geniune assent.
Categorize what contracts must be in writing to be enforceable and explain the minimum required terms that satisfy the law.
The law of contracts is one of the most common and important areas of the law that business owners and managers deal with on a dayto
day basis. Everyone working in a business environment will, in one form or another, deal with contracts throughout their career.
Employment contracts, leases, and agreements of sale for assets or land or merchandise are just a few examples of contracts commonly
used in business transactions. The simple act of purchasing office supplies from a local merchant is a form of agreement governed by
contract law.
Formation and legal enforcement of agreements have been recognized since ancient times. As early as 1780 BC, contracts were being
enforced by the Babylonians by virtue of the authority of the Code of Hammurabi. During much of the rule of the Roman Empire, the
Justinian Code included the rule pacta sunt servanda (agreements shall be kept). Many legal scholars, notably Dean Roscoe Pound, have
written extensively on the importance of society recognizing legally enforceable promises and providing remedies for those who suffered
losses. Consider the consequences of failing to provide for legal enforceability of a promise and its impact on the very fabric of civilized
societies.
Since business owners and managers are often involved in daytoday oversight of various agreements and transactions, understanding
contract law reduces risk by limiting liability through the recognition of potential legal issues, crafting an appropriate response, and
implementing a system to ensure compliance. Contract law is also essential to structuring business transactions in strategic ways to
achieve business objectives without excessive risk.
In this.
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This document discusses the key elements of capacity and legality that are required for a valid contract. It addresses how minors, intoxicated persons, and mentally incompetent persons are treated under contract law. Minors can disaffirm contracts before age 18, but are liable for necessities. Intoxicated persons' contracts may be voidable or valid depending on their mental capacity. Incompetent persons' contracts are void if adjudged so by a court. The document also discusses how contracts must be legal and not against public policy to be enforceable. Issues of consent like mistake, misrepresentation, undue influence and duress can allow parties to rescind a contract if they vitiated genuine assent.
Chapter 11sections 1-2
This document summarizes key points from a business law textbook chapter on illegal contracts. It describes how contracts can be considered illegal if they involve criminal plans, violate public policy, or contravene statutes. Specific illegal agreements discussed include gambling, usurious interest rates, and restraint of trade. The summary also examines how courts may treat the parties in illegal contracts differently depending on common law versus the Uniform Commercial Code. Under common law, courts generally refuse to enforce illegal contracts or help either party. However, there are some exceptions like if one party was protected or excusably ignorant. The UCC also considers unconscionable contracts unenforceable.
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misbranding today?.
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Difference Between lease And Rent Agreement
Do you also believe that a lease and a rental agreement are similar? However, it's not. Even though these names are used to refer to the same thing, they are actually far too dissimilar from one another. As a result, many people become confused between them. Tell us the precise different between the lease and rent agreement below.
Meaning Definitions and Essentials Elements of a Valid Contract
The document discusses the meaning, definitions, and essentials of a valid contract under Indian law. It provides definitions of a contract from various legal scholars and under Indian Contract Act 1872. It explains that a valid contract requires an offer and acceptance, lawful consideration, lawful object, free consent between competent parties, and intention to create legal obligations. The document outlines the key elements that must be present for an agreement to amount to an enforceable contract under Indian law.
LAWS1100 Nickolas James Business law 4_e_----_(chapter_8_contract_law_terms_o...
This document provides learning objectives and content about contract terms. It discusses the difference between express terms that are explicitly agreed to by parties, and implied terms from courts or statutes. Express terms in a written and signed contract are generally binding even if a party did not read the contract. However, a contract could be void under the doctrine of non est factum if a party was mistaken about the fundamental nature of a document they signed due to factors like illiteracy or misleading representations. The chapter also examines a scenario between Johnny and Maria regarding the sale of half a restaurant business and whether any terms were breached.
Lease agreement faq's
This document provides answers to frequently asked questions about lease agreements for office space. It defines what a lease agreement is and explains that it is a contract between a property owner and tenant specifying the terms of possession and use of the property. It highlights that lease agreements are necessary to document the arrangement in writing and clarify responsibilities such as maintenance and insurance. Key terms that should be included in a lease agreement are the purpose of the lease, rent details, duration, payment terms, and conditions governing use of the property. The importance of specifying the lease term and allowed purpose of use is also discussed. Relevant Indian laws governing lease agreements are the Consumer Protection Act.
Specific performance, can parties contract out
Specific performance is a court order requiring a party to fulfill their contractual obligations. It is a discretionary remedy granted when monetary damages are inadequate. Certain types of contracts, such as those involving land or unique goods, are more likely to receive specific performance. Parties can generally contract out of specific performance by including damages provisions or defenses to the remedy. However, courts may scrutinize such provisions between parties with unequal bargaining power.
Contracts .ppt business law
This document provides an overview of contract law, including definitions of key concepts. It discusses that a contract is an agreement enforceable by law, and outlines the main elements required for a valid contract - agreement, consideration, capacity, and legality. It also describes different types of contracts such as bilateral, unilateral, express, implied and quasi contracts. The document concludes by discussing principles for interpreting and enforcing contracts, such as giving unambiguous terms their plain meaning or interpreting ambiguous terms against the drafter.
Contract Lecture with narration
The document discusses the statute of frauds and the types of contracts that must be in writing to be enforceable, including contracts for the sale of land, contracts that cannot be completed within one year, marriage contracts, and agreements to answer for the debt of another. It also explains the rationale for requiring these types of contracts to be in writing and the process for analyzing whether the statute of frauds applies in a given situation.
Leasing forestland for hunting and minerals
This document discusses different types of leases, including hunting and agricultural leases as well as mineral leases. It explains that leases are legally binding contracts that address the rental of real property. There are different lengths of leases such as tenancy at will, periodic tenancy, and tenancy for a term of years. Oral leases are generally only valid if they can be performed within one year, otherwise they must be in writing to be enforceable. When drafting leases, parties should address issues like maintenance responsibilities, termination terms, responsibilities of heirs if a party dies, and rules around subleasing.
Unit 7
This document provides an overview of leases and the lease process. It discusses the different types of leasehold estates, formats and classifications of leases, provisions that must be included in a valid lease contract such as names, rent amounts, term, security deposits, use of premises, and default clauses. It also covers qualifying tenants, screening prospects, showing property, negotiating lease terms such as rental rates and improvements, and signing the lease.
Introduction to Contract Law
This document provides an introduction to contract law. It defines a contract as an agreement giving rise to legal obligations. The essential elements of a contract are identified as offer, acceptance, consideration, capacity, intention to create legal relations, and terms. Contracts are classified based on parameters such as whether they are bilateral, unilateral, void, voidable, or valid. Methods of discharging obligations under a contract include performance, agreement, breach, frustration, and discharge. Vitiating factors that can invalidate a contract such as mistake, misrepresentation, duress, illegality, unconscionability, and undue influence are also outlined.
Residential Lease Deed
In this time of modernisation, where the life of city, with accessibility of easy facilities and opportunities, appears to attract the youth of the society. The reason behind attractions is to achieve their dreams and to be independent. Numerous individuals go out and move to another city just to win an occupation, since they are out of their home town they have to stay in Hostels, PG's or leased house.
Contracts nature ppt @ bec doms
The document discusses the nature and terminology of contracts. It defines a contract as an agreement based on a promise that can be enforced in court. It notes that contract law is designed to provide stability, predictability, and certainty for buyers and sellers. A contract requires an offer, acceptance, consideration, capacity to contract, and legality. There are different types of contracts including bilateral, unilateral, express, implied-in-fact, quasi-contracts, and formal versus informal contracts. Interpretation of contracts follows rules such as giving plain meaning to terms and resolving ambiguities against the drafter.
Contract Act - Business law
This document defines key concepts in law and contracts. It outlines 7 objectives of law including assuring basic rights and regulating business. It defines international law, constitutional law, criminal law, and civil law. It then discusses the definition of a contract, the process of forming a contract through various stages like drafting and approval, and 10 essential elements for a valid contract such as offer/acceptance, lawful consideration, and certainty.
AIS 2102 Introduction to Law of Contract
Learning Outcome: After completion of this lesson students will be able to-
a) Define contract
b) Classify contracts
c) Identify the legal source in determining contractual relationship
d) Determine the capacity of parties to enter into a contract
e) Identify the elements of a contract
11262014 The Legal Environment of Business, Ch. 6 - Learning.docx
11/26/2014 The Legal Environment of Business, Ch. 6 - Learning Activity - Week3 - LAW/421 - eCampus
https://newclassroom3.phoenix.edu/Classroom/ToolContainer.jsp?context=co&contextId=OSIRIS:44425562&activityId=96f01290-3b42-490d-be28-e6f95540138d… 1/24
Overview and Formation of Contracts
Learning Outcomes Checklist
After studying this chapter, students who have mastered the material will be able to:
Distinguish between contracts based on categories and apply the correct source of law to specific contracts.
Explain the concept of mutual assent by defining the legal requirement of agreement.
Identify and explain the other requirements for the formation of a valid contract.
List the events that terminate the power of acceptance and distinguish between termination through action of the parties versus
operation of law.
Apply the mailbox rule to resolve a question of when acceptance is effective.
Articulate the legal requirement of consideration and identify which contracts do not require consideration.
Give examples of circumstances where the legal requirements of capacity or legality are at issue.
Explain the concept of enforceability and geniune assent.
Categorize what contracts must be in writing to be enforceable and explain the minimum required terms that satisfy the law.
The law of contracts is one of the most common and important areas of the law that business owners and managers deal with on a dayto
day basis. Everyone working in a business environment will, in one form or another, deal with contracts throughout their career.
Employment contracts, leases, and agreements of sale for assets or land or merchandise are just a few examples of contracts commonly
used in business transactions. The simple act of purchasing office supplies from a local merchant is a form of agreement governed by
contract law.
Formation and legal enforcement of agreements have been recognized since ancient times. As early as 1780 BC, contracts were being
enforced by the Babylonians by virtue of the authority of the Code of Hammurabi. During much of the rule of the Roman Empire, the
Justinian Code included the rule pacta sunt servanda (agreements shall be kept). Many legal scholars, notably Dean Roscoe Pound, have
written extensively on the importance of society recognizing legally enforceable promises and providing remedies for those who suffered
losses. Consider the consequences of failing to provide for legal enforceability of a promise and its impact on the very fabric of civilized
societies.
Since business owners and managers are often involved in daytoday oversight of various agreements and transactions, understanding
contract law reduces risk by limiting liability through the recognition of potential legal issues, crafting an appropriate response, and
implementing a system to ensure compliance. Contract law is also essential to structuring business transactions in strategic ways to
achieve business objectives without excessive risk.
In this.
Legality and CapacityThis week we will finish up the course by c.docx
This document discusses the key elements of capacity and legality that are required for a valid contract. It addresses how minors, intoxicated persons, and mentally incompetent persons are treated under contract law. Minors can disaffirm contracts before age 18, but are liable for necessities. Intoxicated persons' contracts may be voidable or valid depending on their mental capacity. Incompetent persons' contracts are void if adjudged so by a court. The document also discusses how contracts must be legal and not against public policy to be enforceable. Issues of consent like mistake, misrepresentation, undue influence and duress can allow parties to rescind a contract if they vitiated genuine assent.
Chapter 11sections 1-2
This document summarizes key points from a business law textbook chapter on illegal contracts. It describes how contracts can be considered illegal if they involve criminal plans, violate public policy, or contravene statutes. Specific illegal agreements discussed include gambling, usurious interest rates, and restraint of trade. The summary also examines how courts may treat the parties in illegal contracts differently depending on common law versus the Uniform Commercial Code. Under common law, courts generally refuse to enforce illegal contracts or help either party. However, there are some exceptions like if one party was protected or excusably ignorant. The UCC also considers unconscionable contracts unenforceable.
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DO NOT add the project or package statements.
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DO NOT change the headers of ANY of the given methods.
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ONLY display the result as specified by the example for each problem.
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/*
*
* @author
*
* To generate weather for location at longitude -98.76 and latitude 26.70 for
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*/
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* Description:
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*/
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Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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