Ask Question, Ask an Expert


Ask Operation Research Expert

The answer to Elements of a Contract

1. What are the elements of a contract? Briefly describe each one.

a. An offer-Is the final stage of the negotiation process. An offer is the willingness to enter into an agreement of mutual consent and understanding of dividing assets, property, employment, etc.

b. Acceptance-Both parties come to the conclusion of finalizing the contract by accepting the terms, conditions and stipulations therein. Once the offer is accepted it cannot be reversed unless otherwise noted in the fine print from initiator of the contract.

c. Legal Purpose/Objective-the objective of a contract is for legal purposes only. Anything illegal is not binding.

d. Mutuality of Obligation-this element is to ensure that both parties are on the same page and possess a mutual understanding of the terms and conditions of the contract.

e. Consideration-"consists of either a benefit to the promisor or a detriment to the promisee . It is a present exchange bargained for in return for a promise." (Roark, 813 S.W.2d at 496)

f. Competent parties-must be in sound mind, body, and spirit to enter a contract and of legal age otherwise the contract is not binding.

2. What is the difference between a VOID contract & a VOIDABLE contract? Give exs of each one.

a. Void-a contract that lacks the essential requirements of agreement as ordained by the law. In other words, a contract with no legal effect. ex, entering an agreement for drug transactions.

b. Voidable-a legal contract is the opposite, it meets the legal criteria, however the stipulations may be undesirable. For ex, a contract from a subsidy publisher that offers an author a contract that only pays the author a $1.00 advance to begin the publishing process.

3. Name three specific differences between Article 2 of the UCC (Sale of Goods) & the Common Law , as applied to contracts?

a. "The majority of contracts (i.e. employment agreements, leases, general business agreements) are controlled by the state's common law." (Findlaw, 2010).

b. "The common law does not control contracts that are primarily for the sale of goods." (Findlaw, 2010)

c. "Contracts for the sale of goods are controlled by the Uniform Commercial Code (UCC), a standardized collection of guidelines that govern the law of commercial transactions." (Findlaw, 2010)

4. What is the Statutes of Frauds? What does it seek to prevent?

a. The statute of fraud requires certain contracts be in writing and signed by all parties involved in order to be valid.

b. The Statute of Frauds is implemented to prevent fraudulent activity in contract negotiations.

5. What are the Equitable Remedies of Promissory Estoppel & Detrimental reliance all about?

Operation Research, Management Studies

  • Category:- Operation Research
  • Reference No.:- M928573

Have any Question? 

Related Questions in Operation Research

Consider you need to conduct a business forecastdescribe

Consider you need to conduct a business forecast. Describe your forecast process according to the following steps: - Define the purpose of the forecast o Establish a time horizon - Select a forecasting technique o Gather ...

The relationship between language and thinking please

"The Relationship Between Language and Thinking" Please respond to the following: Consider the following quote by the philosopher Ludwig Wittgenstein, who believed that thought without language was impossible: "The limit ...

Michael has decided to invest 40000 in three types of funds

Michael has decided to invest $40,000 in three types of funds. Fund A has projected an annual return of 8 percent, Fund B has projected an annual return of 10 percent, and Fund C has projected an annual return of 9 perce ...

In every organization inputs of some kind services

In every organization, inputs of some kind (services, information, and/or products) are transformed into outputs (services, information, and/or products) on an ongoing, continuous basis, which are of value to internal or ...

The agile approach towards system analysis and development

The agile approach towards system analysis and development emphasizes iterative and incremental development, in which requirements and solutions evolve through collaboration. Prepare a 1000 word essay on the requirements ...

Read and answer following questions with1-2 pages papermike

"Read and answer following questions with1-2 pages paper." Mike graduated from school a few months ago. He applied to various companies and has decided to take a position as a supervisor at a well-known local restaurant. ...

Monitoring and evaluationinitial postings must be 250-350

Monitoring and Evaluation Initial postings must be 250-350 words (not including references). Effective health care organizations recognize the importance of monitoring the implementation of a strategy as well as ongoing ...

Short essays no required length1 discuss how occupational

Short essays (no required length) 1. Discuss how occupational safety and health laws and regulations are established, implemented and possibly altered. 2. Compare and contrast this with the establishment of environmental ...

Question 1at the beginning of each day a patient in a

Question 1: At the beginning of each day, a patient in a hospital is classified into one of three conditions; good, fair, or critical. At the beginning of the next day, the patient will either continue to be in the hospi ...

Please explain how each department in a company could

Please explain how each department in a company could approach assessing customer expectations of a new product launch product. Describe how to use a TQM approach for fulfilling customer expectations associated with a ne ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro