Offer and Acceptance Phases of a Contract Bob owns a stamp shop in Muncaster High Street. On Monday he places an item in the advertisement column of the Muncaster Evening Gazette. ‘Utopian Penny Red Stamp, one for only, £750 or nearest offer’. Late that day, Alan, a stamp collector, telephones Bob and says ‘The Utopian Red for sale, I’ll take it for £700’. And Bob replies, ‘I cannot accept less than £725 but I will not sell it to anyone else before Saturday. Let me have a reply by Friday if you want it’. ‘That is kind of you. Remind me to buy you a drink when I see you’. On Wednesday Alan telephones Bob and leaves a message on his answering machine stating ‘I accept your offer’. Unfortunately Bob’s infant son later presses a button on the machine which erases the message before Bob listen to it. Later that day Bob sells the stamp to Cerdic for £750. On Thursday Alan meets Cerdics aged mother who tells him that she has seen Cerdic’s 9 year old son who told her that his father was very excited at having acquired a Utopian Penny Red from High Street Dealer. Alan rushes home and posts a letter to Bob confirming the message which he had left on the answering machine. On the same day Bob writes to Alan withdrawing his offer. On Friday morning Alan receives Bob’s letter and at lunchtime Bob receives Alan’s letter. Advice Alan. SUGGESTED ANSWER: In determining if it is reasonable to infer the existence of an agreement between Alan, Bob & Cerdic the language of offer and acceptance must be employed. The surrounding circumstances must be examine to ascertain if there is a firm offer followed by a final and un... ... middle of paper ... ... to the courts to verify the effectiveness of the third revocation i.e. whether Alan can rely on third party revocation. If this is possible than Alan's act of posting the letter to Bob would have no effect because the revocation has taken place earlier. On the other hand if the third party revocation is not reasonable in circumstances then when Alan post a letter to Bob confirming the message there would be an acceptance by applying the postal rule i.e. the effectiveness of the acceptance is when the letter is posted and not when it was received. Since the revocation by Bob in writing required actual communication which is by Friday but the acceptance of Alan has taken place earlier as such one could safely conclude there is an agreement between Alan and Bob if the third party revocation is not reasonable.
This case study examines various real estate contracts – the Real Estate Purchase Contract (REPC) and two addendums labeled Addendum No. 1 and Addendum No. 2 – pertaining to the sale of 1234 Cul-de-sac Lane in Orem, Utah. The buyers in this contract are 17 year old Jon D’Man and 21 year old Marsha Mello; the seller is Boren T. Deal. The first contract created was Jon and Marsha’s offer to purchase Boren’s house. This contract was created using the RESC form, which was likely provided by their real estate agent as it is the required form for real estate transactions according to Utah state law. The seller originally listed the house on a Multiple Listing Service (MLS); Jon and Marsha agreed that the asking price was too high for the neighborhood (although we are not given the actual listing price), and agreed to offer two-hundred and seven-thousand dollars ($207,000) and an Earnest Money Deposit of five-thousand dollars ($5,000). Additionally, the buyers requested that the seller pay 3% which includes the title insurance and property taxes. After the REPC form was drafted, the two addendums were created. Addendum No. 1 is from the seller back to the buyer, and Addendum No. 2 is the buyer’s counteroffer to the seller.
The four elements of a contract are the agreement, the consideration, contractual capacity, and a legal object. The oral agreement between Sam and the chain store satisfies the agreement element of a contract definition because when the chain store offered to sell Sam 's invention at their stores, Sam accepted by agreeing to ship 1000 units in exchange. The second element of a contract, the “consideration of each party,” is satisfied because Sam and the chain store have something to give the other (1000 units of the invention in exchange for the exclusive sales of the product at their stores). The third element is “contractual capacity,” which may or may not be fulfilled since we do not know Sam 's age or whether
The negotiations were successful! An agreement was reached and I got the job! This success was due in large part to the extensive planning prior to the negotiation with Robust Routers. Planning is critical to a successful outcome when negotiating (Lewicki, Saunders & Barry, 2011). This was especially true in negotiating this job offer as the bargaining mix included items as varied as state of residence, salary and even stock options. Also of great benefit was that both sides realized that the while the outcome was important the relationship would be protected and even strengthened as a result of our collaborative negotiation (Lewicki, Saunders & Barry, 2011).
Drunk all, and left no friendly drop to help me after? I will kiss his lips.
A Theory of Justice is the magnum opus of 20th century social contract theorist and political philosopher, John Rawls. A bit of background into this work is that social contract theory had fallen out of favor with political scientists and philosophers since the last 18th century, with the success of the American Revolution and the apparent triumph of John Locke and Democracy. However, with the advent of modern globalization, the emergence of America as a superpower, but the growing concern of socio-economic disparity necessitated a revisiting of the social contract, what it means, how societies and governments were best constructed.
For the purpose of this assignment, I will discuss the POST method written by Forrestter Research analysts, Charlene Li and Josh Bernoffand. I will apply it to the world 's leading Internet television network with over 81 million members, Netflix, to further understand its application and explore how it guide them to determine the right strategy for the right audience.
Negotiation is a discussion between two or more people with goal of reaching agreement on
The statement is an adaptation from Samuel Goldwyn quote, "A verbal contract isn't worth the paper it's written on." While the law and courts have no problem with verbal contracts since contracts are not required to be in written form, this statement addresses the drawbacks of not having a written contract when agreeing on an issue. A verbal contract is acceptable before the law but usually it becomes one person’s word over the other. Most verbal contracts are tainted with suspicions and during a case, one party can argue about the existence of the contract in the first place. In addition, there is the issue of the specific terms contained in such a contract if at all it exists. As such, unlike written contracts, verbal contracts are prone to disputes,
problem just because I enjoy a drink now and then. I do not abuse it and would
Explain why it is important to have an intention to create legal relations when making a contract and why is consideration of the parties to the agreement necessary-:
The English contract Offer and Acceptance General principles There are three basic essentials to the creation of a contract which will be recognised and enforced by the courts. These are: contractual intention, agreement and consideration. The Definition of an Offer. This is an expression of willingness to contract made with the intention (actual or apparent) that it shall become binding on the offeror as soon as the person to whom it is addressed accepts it. An offer can be made to one person or a group of persons, or to the world at large.
The basic law of a contract is an agreement between two parties or more, to deliver a service or a product. And reach a consensus about the terms and conditions that is enforced by law and a contract can be only valid if it is lawful other than that there can’t be a contract. For a contract to exist the parties must have serious intentions, agreement, contractual capacity meaning a party must be able to carry a responsibility, lawful, possibility of performance and formalities. Any duress, false statements, undue influence or unconscionable dealings could make a contract unlawful and voidable.
One of the last remaining strongholds of classical contract law is the notion that contracts require offer and acceptance therefore, in order for a contract to become binding, offer, acceptance, consideration and intention to create legal relations must exist. However contracts are formed in different ways for each different circumstance. (Shawn Bayern, Offer and Acceptance in Modern Contract Law: A Needles Concept, 103 Cal. L. Rev. 67, 102 (2015)
Neutrality factor occurs when a fiscal term provides the smallest disruption on economic decision (Daniel et al. 2008). In a neutral fiscal regime, investment decision will not be affected regardless of the tax term (Nakhle 2008). In other words, the decision making process is not interfere by the fiscal system. Thus, the pre and post-tax ranking have equal investment outcomes (Tordo 2007). Furthermore, Tordo (2007) also adds that neutrality provide economic efficiency, since it does not impact allocation of resources.
In the workplace, disagreement or arguments may arise due to several reasons. This can further result into a state of antagonism or opposition, resentment, avoidance, verbal assaults, and inability to work together. Such may arise due to personality clashes, differences in style, differences in leadership, interdependence conflicts and differences in the background or gender. With reference to the conflict between Norm and Norma, disagreement arose due to differences in styles. This is because Norma was after quick result from the initiated project while Norm believed he could work from home and still meet the expected standard. However, Norma expected full commitment from all the staff under her. For good working relations, conflicts should always be resolved and hence improve good working relationship among the employees both the juniors and seniors. Professionally, conflicts can be solved via two models; circle of conflict and triangle of satisfaction (Susan Holton, 1998).