Forward and future contracts are considered trade agreements. a. True b. False
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Forward and future contracts are considered trade agreements.
a. True
b. False
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- Case study contract law and offer acceptance. Scenario: Alex posts an advertisement to sell his vintage record collection for $1,000. Beth sees the ad and sends Alex an email expressing interest in purchasing the collection for the advertised price. Before Alex can respond to Beth’s email, he receives a text message from Chris offering to buy the collection for $900. 1. Has Alex made a valid offer to sell his record collection? Why or why not? 2. What constitutes acceptance in this scenario? 3. Is there a contract formed with Beth or Chris? Why or why not? 4. If both Beth and Chris attempted to accept, who would prevail?Name Nature of Gontracts Guiz 1. A unilateral contract is a type of ontrast in which each party plays two roles: a promisor and a promisee, True False 2. A bilateral contract is a type of contract in which both parties play two roles: a promisor and a promisee. True False 3. For a contract to be valid, each party to a contract must receive something of value for their efforts, What is the legal term used to describe the value that each party receives? 4. For a contract to be valid, each party must have the same understanding of what is contained in the contract. What is the legal term used to describe this common understanding of the contract terms? 5. For contracts to be considered legally binding, they must be established based on lawful subject matter. Which of the following are not requirements that the subject matter must meet in order to be considered lawful? (Select all that apply.) The subject matter does not violate any fundamental dictates of common law. The subject matter…B. Explain to your colleagues the factors that lead to discharging a contract. The group of friends believe only Performance is the only factor to lead to discharging a contract. Discuss the other factors that lead to the discharge of construction Contract.
- 1. Based on the facts given in hypothetical contract scenario drafted in Part 1, identify the following elements: C a Offer b. Acceptance c. Consideration d. Competent Parties e. Intention to create a binding agreement 1. Legality of PurposeThe following situations generally require a contract to be in writing: • sales of land • purchases of goods over $500 • promises made in consideration of marriage ⚫ contracts that cannot be completed in less than one year • a contract in which one person promises to pay the debt of another person This legal concept is known as offer and acceptance promissory estoppel the statute of frauds et lux perpetua luceat eis3.5 Name the TWO parties to a contract.
- Mohammed wants to sell his bike and he gives an advertisement. In the advertisement it is mentioned that a fastest bike is available for sale at 5000 OMR. Omar is interested in this offer and Mohammed says that it can be driven at the speed of 500km/hour in the normal roads. Omar is mesmerized by the offer and agrees buy. Question a. Is the contract in this case enforceable by law? Expluin why or why not?Tyree and Stella enter into a contract requiring Tyree to pay Stella $500 per month on the first of every month as rent for her storage space. Which of the following examples constitutes a material breach? a. Tyree pays Stella on the second of the month. b. Tyree pays Stella $200 on the first of the month and then $300 the next morning. c. Tyree pays Stella $490. d. Tyree pays Stella $200 at the end of the month.BUSINESS LAW BUSS2422 Akram posted the offer letter on 2 October 2020 to Salam to sell his Honda City for RM50 000 to be accepted by 10 October 2020. On 4 October 2020 Akram posted another letter to revoke his proposal. The revocation letter reached Salam on 9 October 2020. On 8 October 2020, Salam posted his acceptance letter accepting the proposal. Based on the facts above: (a) Advise Salam as to his legal rights against Akram in relation to the agreement. (b) Explain if your answer would be different if Salam posted the letter of acceptance after the letter of revocation reached him. Support your answer with relevant statutory provisions of the Contracts Act 1950 and decided cases. Format: Times New Roman 12 1% spacing Front cover - Standard Format Number of pages - Minimum 3 pages, maximum 5 pages
- 1. State the issue in this case. 2. State the contract in this case. 3. State the elements of contract in this case.1. “Section 10 of Contract Act 1950 mentioned that all agreements are contracts if they are made by the free consent of parties”. Based on the section, discuss TWO (2) examples of voidable contract. Note: need simple introduction and conclusion.1. What is sale of goods contract. 2. What is express of sale of goods contract. 3. What is implied terms in sale of goods contracts.