Business Law Problems
1. What are the four elements of a valid contract?
A contract is an "agreement between parties, with terms and conditions that describe the agreement that constitutes a legal obligation" (All Business). A valid contract requires four elements and these are:
a. Mutual agreement there must be a meeting of the minds between parties. There should be an offer and an acceptance. There should be an agreement to enter into the contract
b. Consideration - meaning that "every party is conferring a benefit on the other party or himself sustaining a recognizable detriment, such as a reduction of the party's alternative courses of action where the party would otherwise be free to act with respect to the subject matter without any limitation" (Wikipedia). This simply means that there should be something given and something received.
c. Legality - The good or service being exchanged must be legal
d. Capacity both parties should be legally competent to enter into the agreement.......
View the rest of this paper...
Approximate Word Count: 2551
Approximate Pages: 11 (250 words per double-spaced page)
Why should you join Frat Files?
- - It's safe, secure, and private.
- - Instant access to over 100,000 papers. New papers are added hourly.
- - Fast and reliable customer support.
Similar Essays
-
Business Law Problems
Business Law problems. 1. What are the four elements of a valid contract?
A contract is an "agreement between parties, with terms ... -
Business Law Common Problems
Business Law common problems. Business Law Midterm paper Problem 1: 1.
The Foreign Sovereign Immunity Act applies in cases where ... -
Contract Law
... if the contractor has experience in solving such problems. ... Acquisition Regulations
(government contract law) Consideration of ... in order to do business with the ... -
Fda
FDA. Business Law October 11, 2000 The FDA has many responsibilities which include ...
devices, and special nutritional products, they should report problems to the ... -
Product Liability Law
... a $3.43 million verdict against William Petty-Fitzmaurice though after some problems
with the ... Business Law: The Ethical, Global, and E-Commerce Environment. ...
Frat Files
Members
Information
