Business Law Essay - 2237 Words

Business Law I. Explain with cases the essentials of a valid contract. Introduction Contract, in the simplest definition, a promise enforceable by law. The promise may be to do something or to refrain from doing something. The making of a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting. If one of the parties fails to keep the promise, the other is entitled to legal recourse. The law of contracts considers such questions as whether a contract exists, what the meaning of it is, whether a contract has been broken, and what compensation is due the injured party. The Essentials of a Valid Contract The essential elements of the formation of a†¦show more content†¦Offer: A proposal to enter into certain arrangements, usually accompanied by an expected acceptance. For example, an offer to purchase a house for $50,000. It is a proposition to do a thing. An offer ought to contain a right, if accepted; compelling the fulfillment of the contract and this right when not expressed is always implied. By virtue of his natural liberty, a man may change his will at any time, if it is not to the injury of another; he may, therefore, revoke or recall his offers, at any time before they have been accepted; and in order to deprive him of this right the offer must have been accepted on the terms in which it was made. Any qualification of, or departure from those terms, invalidates the offer unless the same be agreed to by the party who made it. When the offer has been made, the party is presumed to be willing to enter into the contract for the time limited, and if the time be not fixed by the offer, then until it be expressly revoked or rendered nugatory by a contrary presumption. Suppose Bob puts up an ad in a Real Estate Magazine implying that he would like to sell his house for $28,500.00. Dole on the other hand offered to buy the house within one week for $27,000.00. Bob declined from Doles offer. Though Dole made a valid offer. An offer must be distinguished from an invitation to treat. For example, a Ralph Lauren sport shirt is displayed in a department store with aShow MoreRelatedBusiness Law And Ethics : Backoffice Business Brief1862 Words   |  8 Pages Running head: BACKOFFICE BUSINESS BRIEF 1 Business Law and Ethics BackOffice Business Brief Patten University BACKOFFICE BUSINESS BRIEF 2 Constitutional Rights and Guarantees BackOffice is a new startup business that will provide potential clients with an application (app) that woul d automate certain business functions. BackOffice will be selling the app to certain business clients that will use it to facilitate their customers’ transactions. 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The issue of this case will be whether James can hold Happy Holiday Hotel responsible for the loss of his property notwithstanding the exemption clause found in the hotel rooms. Under the Exemption Clauses in Common Law, it states that in order for this clause to be valid, the clause must be included in the contract when the contract is made. If there is any attempt to include it in after theRead MoreBusiness Law1088 Words   |  5 Pagesconditional constitute consideration? Yes, such a promise consideration even if the condition is unlikely to occur. 3. What is the general rule about the adequacy of consideration? The adequacy of the consideration is irrelevant because the law does not prohibit bargains. 5. Is there consideration when a secured note for a lesser amount is given and accepted in discharge of an unsecured note for a greater amount? Explain. 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