Statute of Frauds The primary purpose of the “Statute of Frauds” (SOF) is to protect the interests of parties once they are involved in litigating a contract dispute (Spagnola, 2008). The relevant statutes are reliant upon state jurisdictions to determine whether the contract falls under the SOF, and whether the writing of the contract satisfies the requirements of the statute of frauds (Spagnola, 2008). However, all contracts are not covered under the SOF. In essence, for a contract to be deemed as legal by definition of the SOF, there must be verification of the following requirements for formation of the contract, which are as follows: (1) There must be least two parties to the contract, (2) There must be a mutual agreement and acceptance on the price to pay for goods and services offered, (3) The subject matter or reason for entering the contract, must be clearly understood by all parties to the contract, (4) and there must be a stipulated time for performance of duties under the contractual obligations (Spagnola, 2008). Lastly, there are five categories of contracts that are covered under the SOF, which are as follows: (1) The transfer of real property interests, (2) Contracts that are not performable within one year, (3) Contracts in consideration of marriage, (4) Surtees and guarantees (answering to the debt of another), and (5) Uniform Commercial Code (U.C.C.) provisions regarding the sale of goods or services, legally valued over five hundred dollars ($500.00) (Spagnola, 2008). Hypothetical Polly owns two commercial properties in down town Chicago valued at one (1) million dollars ($1,000,000.00), which she bought for the purpose of renting to entrepreneurs that are striving to open and operate profitable busine... ... middle of paper ... ...useless car to a junk yard to recover some loss, but the difference of the re-sale of the junk-car would be a significant loss. Though there were no adequate assurances to the contract, anticipatory repudiation is the only probable remedy for Jack. However, the outcome would weigh on the predominant factor test, which is met because Tom is covered as a merchant because he is operating in his usual daily business, and Jack is the buyer. The sole purpose of the contract was for Tom to sell Jack a car, and for Jack to buy a car from Tom. The UCC, though less stringent than the statute of frauds, does effectively regulate commercial transfers allowing the free market to operate without diminishing the integrity of trade. Works Cited Spagnola, L. A. (2008). Contracts For Paralegals: Legal Principles and Practical Applications New York: McGaw-Hill/Irwin.
This case study examines various real estate contracts – the Real Estate Purchase Contract (REPC) and two addendums labeled Addendum No. 1. 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.
The Australian Consumer Law (ACL) was established to protect consumers in any legal trading activities in Australia. A set of guarantees has also been introduced for those consumers who are acquiring goods and services from Australian suppliers, importers or manufacturers. The guarantees are intended to ensure that consumers will receive the goods or services they have paid for. If they have problems with the products and services they bought, they are entitled for remedies, such as repair, replacement, and refund.
The Computer Fraud and Abuse Act (CFAA) of 1986 is a foundational piece of legislation that has shaped computer crime laws for the United States. It was spawned from Comprehensive Crime Control Act of 1984, Section 1030 that established three new federal crimes to address computer crimes. According to Sam Taterka, “Congress tailored the statute to three specific government interests: national security, financial records, and government property” (Taterka, 2016). The statue was criticized for the narrow range of issues it covered and vague language.
Twomey, D. P., & Jennings, M. M. (2013). Transfers of Negotiable Instruments and Warranties of Parties. In Business Law: Principles for Today's Commercial Environment: Southern New Hampshire University (4th ed., pp. 556-577). Mason, OH: Cengage Learning.
Together with the common law, the Uniform Commercial Code is one of the primary sources of contract law in the United States. The Uniform Commercial Code is commonly known as the UCC, that have been promulgated in conjunction with a purpose to harmonize the law of sales and other commercial exchanges within the U.S. As a model law, it's really proposal that each state has to choose whether to adopt or not but the code was enormously successful that it has been enacted in all of the 50 states, although with variations. Once they are adopted by the states they become state statute. Among other things, Article 2 of the UCC governs transactions for the sales of goods that are moveable items and they have to be tangible. The UCC also provides different provisions relying upon whether parties to a contract are merchants or non-merchants (referred to individuals who don't have expert knowledge about the goods he/she deals in).
For instance, a bilateral contract is formed when both parties exchange a mutual promise to perform some action in the future and a unilateral contract is one party makes a promise to the other’s party performance is soon completed. Lastly, in the common law contract requires a spoken or written representation of the quantity, price, performance time, nature of work and the identity of an offer between two parties or one party offer to be part of a valid contract. Uniform Commercial Code (UCC) was drafted in “an attempt to unify state laws affecting commerce into a single code that all states could adopt to make interstate commerce easier and more efficient (Roger, S. (2012)). Seeing that it governs contracts between merchants and tangible objects (i.e. the sales of goods). The elements of Uniform Commercial Code (UCC) contract are the following: Offer: An invitation for another to enter into a contract, Acceptance: Acquiescence to enter into a contract under the terms of the offer (Roger, S. (2012)). In case, firm offers are made by merchants to either “buy or sell goods” and that merchant can be either “an offeror or offeree” depending upon who initiates the
Staff, L. (2012, November 20). § 2-201. Formal requirements; Statute of frauds. Retrieved March 5, 2017, from https://www.law.cornell.edu/ucc/2/2-201
During this business transaction Don is late paying his invoices, therefore, violating Custom and practice between merchants. Don is in valuation of § 25-1-303. Course of performance, course of dealing, and usage of trade and § 25-1-304 Obligation of good faith (Uniform Commercial
One-Year provision. The statute of frauds requires that all the contracts that cannot be performed within one year of the making of the contract be in writing or in proper electronic form. In this case, it is impossible to grow five crops of potatoes, and wait until they are mature in Idaho within a year. Therefore, this oral contract is unenforceable, but if Blair can do it within a year, then the contract is enforceable.
In America, simply having a job is not enough. Nowadays, jobs are hard to find and most only offer part-time employment. It is near impossible to afford the cost of living while earning entry-level wages. The job market has become hostile, and it has gotten to the point that one must have formal training or a marketable education in order to obtain a stable position that offers decent wages. With this realization, many people have decided to go to college. Those that are in the market for a college education face many choices. The most common: community colleges, which do not make a profit, and technical schools or online schools, which are in the business to make a profit. These schools are called for-profit schools. Many people do not realize how important it is to shop around when debating which school to attend. Nowadays, one must get an education about their education. For profit colleges, such as Everest College, gain their profits by using high pressure sales tactics, manipulation, and fraud, and offer no benefits for college students.
There were lots of problems in our society that we absolutely have no ways to prevent. One of the most serious problems in today 's society is that there are lots of swindlers around the world. Fraud is when a person intended to deceive others to get money, as today 's techniques have gotten better and better everyday; the cheaters get the advantages of it. They use those network communication techniques to get people’s information and use those information to cheat your money. There was no age limit for the target people, whom the teenage, middle age and old people can become their targets. The cheaters will use different ways to cheat money. Mostly the cheaters will use the Internet to cheat the teenagers since all the teenagers are chatting
Everything is stored on the internet including highly classified government information, and your bank information. How do we make sure no one steals, views, or sells your passwords, and private information? Congress passed a law in 1986 called the Computer Fraud and Abuse Act (CFAA) to protect the government’s information. Many laws have been passed that revises the CFAA. The CFAA has imprisoned many people, and many people want changes to the CFAA today.
International Trade Law Case Study Introduction International trade transaction is essential for the sale of goods with the addition of an international element. In practice, the seller and buyer are in different countries where the goods must travel from the seller’s country to the buyer’s country by various means of transports. In international sale of goods, they usually transit the goods by sea because of the international transactions. Therefore, contracts for the carriage of those goods must be procured between the seller or buyer and common carrier depending on different types of sale of contracts. Moreover, in most of incidences, the agreed goods are usually insured at a reasonable amount in case of being loss or damaged during the transit.
Agency theory, stakeholder theory, stewardship theory and transaction cost economics are the main theories that influence the development of corporate governance. The corporate governance can be drawn from a variety of disciplines and areas such as finance, economics, management, accounting rules, legal and regulatory, organization behaviours, etc. It express concerns in both internal aspects of the company (monitoring internal control & board structure) and the external aspects (eg. relationship of labour policies, role of multi shareholders and other stakeholders) besides protections of minority shareholder’s right (Claessens and Yurtoglu; 2012; Mallin, 2013). The Management will have the responsibility for the design, implementation and maintenance of the internal controls to prevent and detect any fraud that might happen.
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.