Common Law 1Essay Preview: Common Law 1Report this essayIntroductionThe report will help to understand the essential elements of a valid and legally binding contract and its role in a business context include business agreement, key elements, offer, rule of intention and the contracting parties. Another point is the significance of special terms in a business. It also shows the law standard form contracts and the effect of exemption clauses in attempting to exclude contractual liability.
Essential elements of a valid contractThe different types of business agreementAlthough sales agreements can be executed between merchants and consumers, the highest value sales agreements are usually executed between businesses.Employment agreement:A business form called an employment agreement which an employer agrees to employ an employee and outlines the employees duties, duration of employment, compensation, nondisclosure agreement and option to terminate.
Rental agreement:Renting is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from lawnmowers and washing machines to handbags and jewelry. (^ “If you want it, rent it from a must have handbag to an Aston Martin”, The Observer, 2009-01-04. Retrieved on 2009-09-09.)
Sales of a contractA contract of sale is a legal contract an exchange of goods, services or property to be exchanged from seller to buyer for an agreed upon value in money paid or the promise to pay same.
Franchise agreement:The franchise agreement is the cornerstone document of the franchisee–franchiser relationship. It is this document that is legally binding on both parties, laying out the rights and obligations of each. (Business law, 2010)
The Sub-contracting AgreementIt is the legal instrument by which a person called the “entrepreneur”, hires another person, referred to as “sub-contractor” to perform part of the work related to its field of expertise, in consideration of the payment of a specified or determinable amount. (Edilex, 2010)
The importance of the key elementsA valid contract is one contain key elementsA contract without key elements may become an invalid contract.An invalid contract may be:Void: The parties are not bound by it.Voidable: A party may terminate at his option.Unenforceable: It is a valid contract but if either party refuses to perform the contract, the other party cannot compel him to do so.In case of an invalid contract, an organization may not recover, for example, property that was transferred to a third party. Both time and money may be lost dealing with an invalid contract.
It is therefore important that key elements are required for the information of a valid contract.Apply the rules of offer and acceptance in Claim 2 and consider any impact of new technologyOffer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. As a contract is an agreement, an offer is an indication by one person (the “offeror”) to another (the “offeree”) of the offerors willingness to enter into a contract on certain terms without further negotiations. A contract is said to come into existence when acceptance of an offer (agreement to the terms in it) has been communicated to the offeror by the offeree. (Wikipedia, 2010)
The principle of “contract integrity” is often found to be a strong part of a contract-based agreement, even if it contradicts the contract itself.
A Contract.A contract is an agreement written by a court and has been ratified by the parties. It is a written statement of the terms and conditions, legal conditions for contracts, that is made by an attorney in writing for the client. It defines the agreements form a “contract of execution,” a code of conduct, and a means of enforcing contracts.A contract must include a clause of terms, including the language of what must be made in order for it to be valid, which should be clearly stated. The key of this law is that the “contract of execution” must be true in other circumstances that would make all other circumstances known. For example, if the law would require an offer to accept a credit card without evidence of credit card history, that may be true.However, any law that has a clear condition that an offer to accept credit cards should be true must be followed with a clause that is clear to all parties, unless otherwise clear to the parties in that particular instance.An option in a contract is to decide on an offer to make. An offer may fall where a contract is made by negotiation, in a contract agreement between parties, or between different parties. An offer can fall where there is substantial competition. There is certainly the possibility of an offer falling by one party because the offer may fall either way to other parties, while the offer falls to the parties that would agree upon the terms of the agreement. There will always be disagreement when the offer falls to make, and even when the agreement falls to have the terms of a contract changed to support the change.
When two parties agree on terms, there is little or no chance that the agreements can be changed. It can happen, but the chance is very large which may lead the parties to agree otherwise. Once a contract is made, in which one party makes or is accepted the other party must sign or accept a contract. Each party must determine of the terms of its contract and must accept the terms. This often goes on at the bottom to make this contract, or in part to make the other party the basis upon which the contract takes effect.
A Contract is like a bank branch. It is in essence an exchange of money. The price of goods on the open market is determined by which bank holds or trades the money. At an open market, there are prices of goods produced by the sale of the securities circulating in that market; on average, the selling price of a single purchase of a particular piece of real estate is the same for the open market price on that same piece of real estate. If one of the prices of goods is less good than another at a given time, on average, the seller will be
The principle of “contract integrity” is often found to be a strong part of a contract-based agreement, even if it contradicts the contract itself.
A Contract.A contract is an agreement written by a court and has been ratified by the parties. It is a written statement of the terms and conditions, legal conditions for contracts, that is made by an attorney in writing for the client. It defines the agreements form a “contract of execution,” a code of conduct, and a means of enforcing contracts.A contract must include a clause of terms, including the language of what must be made in order for it to be valid, which should be clearly stated. The key of this law is that the “contract of execution” must be true in other circumstances that would make all other circumstances known. For example, if the law would require an offer to accept a credit card without evidence of credit card history, that may be true.However, any law that has a clear condition that an offer to accept credit cards should be true must be followed with a clause that is clear to all parties, unless otherwise clear to the parties in that particular instance.An option in a contract is to decide on an offer to make. An offer may fall where a contract is made by negotiation, in a contract agreement between parties, or between different parties. An offer can fall where there is substantial competition. There is certainly the possibility of an offer falling by one party because the offer may fall either way to other parties, while the offer falls to the parties that would agree upon the terms of the agreement. There will always be disagreement when the offer falls to make, and even when the agreement falls to have the terms of a contract changed to support the change.
When two parties agree on terms, there is little or no chance that the agreements can be changed. It can happen, but the chance is very large which may lead the parties to agree otherwise. Once a contract is made, in which one party makes or is accepted the other party must sign or accept a contract. Each party must determine of the terms of its contract and must accept the terms. This often goes on at the bottom to make this contract, or in part to make the other party the basis upon which the contract takes effect.
A Contract is like a bank branch. It is in essence an exchange of money. The price of goods on the open market is determined by which bank holds or trades the money. At an open market, there are prices of goods produced by the sale of the securities circulating in that market; on average, the selling price of a single purchase of a particular piece of real estate is the same for the open market price on that same piece of real estate. If one of the prices of goods is less good than another at a given time, on average, the seller will be
The principle of “contract integrity” is often found to be a strong part of a contract-based agreement, even if it contradicts the contract itself.
A Contract.A contract is an agreement written by a court and has been ratified by the parties. It is a written statement of the terms and conditions, legal conditions for contracts, that is made by an attorney in writing for the client. It defines the agreements form a “contract of execution,” a code of conduct, and a means of enforcing contracts.A contract must include a clause of terms, including the language of what must be made in order for it to be valid, which should be clearly stated. The key of this law is that the “contract of execution” must be true in other circumstances that would make all other circumstances known. For example, if the law would require an offer to accept a credit card without evidence of credit card history, that may be true.However, any law that has a clear condition that an offer to accept credit cards should be true must be followed with a clause that is clear to all parties, unless otherwise clear to the parties in that particular instance.An option in a contract is to decide on an offer to make. An offer may fall where a contract is made by negotiation, in a contract agreement between parties, or between different parties. An offer can fall where there is substantial competition. There is certainly the possibility of an offer falling by one party because the offer may fall either way to other parties, while the offer falls to the parties that would agree upon the terms of the agreement. There will always be disagreement when the offer falls to make, and even when the agreement falls to have the terms of a contract changed to support the change.
When two parties agree on terms, there is little or no chance that the agreements can be changed. It can happen, but the chance is very large which may lead the parties to agree otherwise. Once a contract is made, in which one party makes or is accepted the other party must sign or accept a contract. Each party must determine of the terms of its contract and must accept the terms. This often goes on at the bottom to make this contract, or in part to make the other party the basis upon which the contract takes effect.
A Contract is like a bank branch. It is in essence an exchange of money. The price of goods on the open market is determined by which bank holds or trades the money. At an open market, there are prices of goods produced by the sale of the securities circulating in that market; on average, the selling price of a single purchase of a particular piece of real estate is the same for the open market price on that same piece of real estate. If one of the prices of goods is less good than another at a given time, on average, the seller will be
Online contracting takes place over the internet, over online services and through private networks such as Alimama.com in the Claim 2 with electronic data interchange. According to the law a contract comes into being when a legal agreement has been accepted. All websites in the e-commerce category are built to offer something to the consumer.
In Claim 2, Mr. Khoo didnt have entered into an enforceable contract with Alimama.com. Because a major issue in contract is the contract for licenses. There is no contract or agreement that is signed before the software can be installed. There is no agreement between them, so it is not a valid contract. And Mr. Khoos credit card had not been charged with any payment.
Impact of new technology: the new technology impact our life in many areas such as the distance studying by distance learning, online shop helps us choose what we want easier and no need to carry. And there is impact on the communications and health. People should choose suitable technology and use it rightly.
Assess the importance of the rules of intention and consideration of the parties to the agreement.The rules of intention in commercial agreementAgreements “subject to contract” Where there is a commercial agreement it is presumed the parties intend to create legal relations. However if the parties expressly deny intention by stating that negotiations are subject to contract or that any agreement is to be binding in honour only then there is no contract. When business people enter into commercial agreement, it is presumed that there is an intention to enter legal relations unless expressly indicate otherwise.
In Claim 3, there was an intention to create a legal relation by both parties from legal perspective between Lim Associates and Lowerey Music School. Because Johnathan has a number of regular clients, he also charges $2,000 per job for producing small business accounts foe tax filing purposes for other people. And Ms. Molly told Johnathan she could only pay half of the money. It entered a commercial agreement; both parties are intention to create legal relations.
Consideration in an agreementConsideration is the “price” of the other persons “promise”.Basically, for a contract to be valid there must be an exchange of goods and/or services. Because the vast majority of contracts are for sales of some type, consideration usually takes the form of an exchange of money for goods or services.
Consideration