🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Finance
1
answer
0
watching
69
views
28 Apr 2019

Insurance Planning-Legal Principles

Define the following legal requirements of an enforceable contract: 1, Offer and acceptance 2. Offer and acceptance 3. Competent parties 4. Consideration

Watch
1
answer
0
watching
69
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Hubert Koch
Hubert KochLv2
30 Apr 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

Define EACH of the following:

  1. Offer
  2. Acceptance
  3. Consideration
  4. Forebearance to sue
  • Definition (quote from the Textbook, with page number)
  • Explanation in your own words
  • Example (either your own or one that is in the Text)
  • Find a website that supports and further explains your answer (not one that I have included in our Course; include the website in your answer)

From the book: Miller, R. (2013). Fundamentals of Business Law: Summarized Cases. 9th ed. South-Western, Cengage Learning. ISBN: 978-1111530624

As you are well aware the “digital age” is upon us and with it come the benefits and detriments of being able to dispense with formal written contracts and engage in contractual activity by electronic interface – online commerce. You will have an appreciation that the first step in making a contract is to have a meeting of the minds: The components of this element are i) the making of an offer, and ii) the making of an acceptance of the offer. Traditionally, the offeror can simply say to the offeree, “I will pay you $100 for 100 widgets.” This would be a face-to-face situation and the offeree might reply, “I agree to sell you 100 widgets for $100.” The arrangement may or may not be reduced to written form, but this is not necessary.

Modernly, the offeror may well be sitting at a keyboard and never sees the offeree who is receiving the offer by electronic transmission on an iPad. This will increasingly be the reality in consideration of ecological sustainability concerns and the increasing power and efficiency of online communications.

What contrasts can be made as to whether an offer and acceptance have been made in a face-to-face situation as compared with an online arrangement?

A Bus Law Question it is not in the selection subject. Contract law question

Sally has lived in a rental condominium for ten years when she decides to buy another condominium. Her one-year lease will end on May 1. On April 15, she orally contracts to buy Halibert’s condominium for $100,000, with the closing (transfer of the deed) to take place on June1. Halibert’s lawyer, who is out of town on vacation, is to draft a written contract of sale on his return to his office on May 15. Because Sally’s lease is terminating, Halibert agrees to let her take possession of the condominium on May 1 if Sally gives him a “down payment” on the condominium of $5,000. Sally agrees and gives Halibert the $5,000. She moves into the condominium on May 2, and the following weekend she removes an interior wall and adds permanent shelving. On May 10, Halibert receives a written offer from Green to buy Halibert’s condominium for $120,000. Halibert accepts Green’s offer, asks Sally to move out of the condominium, and tries to return the $5,000 to Sally. Sally claims that she has an enforceable contract to buy the condominium. Halibert claims that any such contract must be in writing to be enforceable under the Statute of Frauds. Who is correct and why?

Related Documents

FIN 26074 Lecture Notes - Lecture 20: Contract
emmagennaro
FIN 240 Lecture Notes - Lecture 14: Quasi-Contract
peachkoala371
FIN 240 Lecture Notes - Lecture 15: Option Contract, Meeting Of The Minds, Electronic Signatures In Global And National Commerce Act
peachkoala371

Weekly leaderboard

Home
Homework Help 3,900,000
Finance 370,000
Start filling in the gaps now
Log in