Thread One: 1. What are the elements of a contract? 2. Explain the mirror image rule when forming a contract. Explain the difference on the mirror image rule between a common law contract and a UCC contract. 3. What is a breach of contract. Give examples. 4. What type of damages are available in a breach of contract? What type are not? 1.The requirements for a legally binding contract are (1) offer; (2) acceptance; (3) consideration; (4) mutuality of obligation; (5) competency and capacity; and, in certain circumstances, (6) a written instrument. 2.The mirror image rule is a contract law that provides that an offer by the offeror must be accepted exactly and without any modifications by the offeree in order for there to be an enforceable contract. The common law follows the …show more content…
What does the web page seller have to do in order to incorporate the terms of the agreement? The seller must simply post the terms of agreement or sale on the client's website, having the client/customer agree to the terms prior to conducting business, then it’s the website responsibility to store and keep on file the agreement was accepted by the customer should it be needed in the future. Give an example with a link to a web page that follows this procedure. https://www.paypal.com/us/home What do you think would happen if the merchant did not follow the procedure? To begin with the merchant can find it very expensive to keep on doing business if it did not define in writing a contractual agreement. It can be very expensive to keep fighting breech of contracts lawsuits from customers who felt the services or goods were not fulfilled. Thread Three: Explain how ethics are important in business contract
Whether oral or written, the contract must manifest a mutual intent to be bound expressed in a manner capable of being understood, and include a definite offer, unconditional acceptance and consideration.” (Express Contract 2016) The above definition is a much clearer explanation with key elements outlined; 1. mutual intent, 2, expressed in a manner capable of being understood, 3. definite offer, 4. unconditional acceptance and 5. Consideration.
Another example of the applicability of common law and the UCC is regarding the acceptance that added qualifications or conditions or in any way varied from the terms of the original offer are treated as a rejection and/or counteroffer. This principle is called the "mirror image rule. " Significantly, common law counteroffers that would have been considered rejections and/or counteroffers are converted into acceptances under the UCC. To the UCC, it recognizes the existence of a contract even if the acceptance contains additional or different terms from those of the offer.
In order to have a valid contract, there are six elements that need to be established. The following is a defined list of these elements, as well as analysis pertaining to the case at hand.
The article "When is a contract legally enforceable?", helped me understand legally enforceable because it talks about the elements of a contract which are "offer and acceptance, legal consideration, capacity to create a
HILLIARD, J. And O’SULLIVAN, J. (2012) The Law of Contract [Online] 5th Ed. Oxford: Oxford University Press. Available from - http://books.google.co.uk/ [Accessed: 2nd January 2014]
Contractual agreement has always been viewed in terms of offer and acceptance. The universal principle to contract law has always been parties may get into an agreement in whichever way they deem fit and they are subject to certain terms as they choose. As far as legal requirements vital to their formation are binding contracts may be formed. Moreover a binding agreement may be manifested in terms of writing or in verbal form.
The offeror is bound to fulfil the terms of his offer once it is accepted. The offer may be made in writing, by words or by conduct. Unilateral – some offers are purely one sided, made without the offeror’s having any idea whether they will ever be taken up and accepted, and thereby transformed into a contract. For example, when an advertisement where a person is rewarding another one if he finds his pet (which was lost). In this case, the person who is making such an offer is not sure whether this offer will ever be accepted.
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.
A contract is an agreement between two parties in which one party agrees to perform some actions in return of some consideration. These promises are legally binding. The contract can be for exchange of goods, services, property and so on. A contract can be oral as well as written and also it can be part oral and part written but it is useful to have written contract otherwise issues can be created in future. But both the written as well as oral contract is legally enforceable. Also if there is a breach of contract, there are certain remedies for that which are discussed later in the assignment. There are certain elements which need to be present in a contract. These elements are discussed in the detail in the assignment. (Clarke,
A reputation for ethical decisions builds trust in your business among business associates and suppliers. Strong supplier relationships are critical to a successful business. Consider the problems you might have if you could not supply what the customer needs...at the time that they need it.
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)
A valid contract is an agreement including promises made between two or more parties with an intention of certain legal rights and legal responsibility that are enforceable. For there to be a contract – that must contain four essential elements- offer, acceptance, intention to create legal relations and consideration.
Agreement is a mutual understanding of two parties and willing to accept terms and conditions in order to form a legal contract (Penthony et al.2014). Agreement consists of two components; offer and acceptance. Offer is made by an offeror in an exchange for performance from another party on certain terms while acceptance is the action of accepting to the terms of the offer. An offer must follow the requirement in order to form
Four requirements for a valid contract that is legally binding are: agreement, consideration, contractual capacity, and legality. Any contract
Why is it so important to understand the importance the ethics role in business? Business ethics and social responsibility are creating obligations for corporation to do more in the business than just obey the law. The acceptability behavior found in business is not only determined by the organization but like the stockholder, costumers, competitor, government and etc.