Contracts Business Law - 1944 Words

Contracts: The Legally Correct Way Christopher J Subbiondo Business Law I: BUS 311 Mr. Thomas Huffman June 6, 2010 Contracts Contracts are often viewed as unnecessary in the eyes of the public. Most people think that they live their lives doing what they want, when they want with little regard for contractual law. In reality, contracts bind the decisions that most people make on a regular basis. By writing this article I will demonstrate the usefulness of contracts and how they relate to everyday life. I also intend to provide a reasonable idea of what would happen if we did not have contracts guiding decisions made. Because without contracts, the law would not know who to rule in favor of should the need arise, which happens on a†¦show more content†¦Kmart also has an agreement with Omnimedia, the owning entity of the Martha Stewart living products, and Craftsman, a company that makes tools for everyday use. This type of agreement is known an exclusive dealing arrangement. According to the Legal Information Institute at Cornell University, â€Å"Exclusive dealing arrangements are, essentially, requirement contracts in which a seller agrees to sell all or a substantial portion of its products or services to a particular buyer, or when a buyer similarly agrees to purchase all or a portion of its requirements of a product or service from a particular seller.† This means that Kmart buys all of its tools from craftsman or all of its household items from Omnimedia. The reverse to this, is that Craftsman or Omnimedia may have an exclusive dealing arrangement in which they agree not to sell their products to competing companies or franchises. As you can see, there is much more going on in behind the curtains of a typical day, so that the consumer is able to live their life. These are only a handful of examples of what parts of our lives contracts have an impact on. There are many more out there. The opposite of having a life filled with contracts, isShow MoreRelatedAspects Of Contract And Business Law1845 Words   |  8 Pages21: ASPECTS OF CONTRACT AND BUSINESS LAW Name: Bernadette Gonzales Tutor: Daniel Pratt http://businesslawfaculty.blogspot.co.uk/2012/09/contract-law-part-i-offer-unqualified.html TASK 1: P1: Identify the legal criteria for offer and acceptance in a valid contract. What is a contract? A contract can either be written implied or spoken agreement between two or more people legally binding. Once contract has been the offeror will have to keeps promises provided in the contract and the offereeRead MoreBusiness Law Contracts Essay2303 Words   |  10 Pagesin contract and is seeking damages of $30,000 which he believes is the outstanding amount that is owed to him by J. This case touches on the fundamental concepts of contract law where H can only claim damages if the formation of a valid contract between the two parties is evident via the elements of a contract, including intention, agreement, consideration, legal capacity, genuine consent and legality of objects must be established. Once these elements are satisfied, the terms of the contract needRead MoreWhy Law Has A Bigger Impact On Business Than Contract Law1826 Words   |  8 PagesFew areas of law have a bigger impact on business than contract law. When people conduct commerce of any kind they generally wan t to have legal protection to ensure that the other party will deliver, that’s where contracts come in. First we will discuss the elements of a contract, and why contracts are important in business. Then, court cases will be examined to display the importance of the elements of a contract. Finally we will discuss why the layman has a general fear of contracts, and some remediesRead MoreBusiness Law Contract Paper1127 Words   |  5 PagesCONTRACT REVIEW ASSIGNMENT Instructor: Barb Eccles Business Law 3051-FA Matthias Majerczyk Due Date: Tuesday, November-27-2012 BigCo Agreement for Exchange of Confidential Information 2) Most people who have positions in a corporation are employees under the legal entity. So, therefore Really Smart Guy is the Vice-President and an employee of BigCo Limited. BigCo can use confidential draft patent application and some confidential information to compete with III. This is according to paragraphRead MoreWhy Business Law Is Contracts2328 Words   |  10 Pagestopics when it comes to the laws of business. One of the main topics that we encounter when studying business law is contracts. According to our text, â€Å"A contract is a legally enforceable agreement between two or more people.† (Rogers, 2012). As adults contract laws are something we should engage in learning about because it is likely we will enter into one at some point in our adult lives. Business law will also help us identify the several different types of contracts and the steps that both partiesRead MoreThe Law of Tort and Business Contracts3325 Words   |  13 PagesLaw of Tort and Business Contracts Introduction According to law, tort occurs when a person fails to observe duty imposed on one by law, to ensure there is no injury to a determinate person. In most cases, the remedies for a tort are in the form of unliquidated damages for instance different amounts of compensation, which are determined by the courts of law. The law seeks to compensate the aggrieved party, unlike the criminal cases where the offenders are punished according to law. However, certainRead MoreCase Studies : Contracts, Business, And Laws5126 Words   |  21 PagesStudies Analyses Contracts, business, and laws are three simple little words, but when put together they have a substantial impact on our everyday lives. Below we will discuss three case studies. The first case is between Chris, Matt, and Ian vs. Donald Margolin, who was injured when he used an aftershave lotion that he bought off the internet called Funny Face. The second case is between Sam, his landlord, and a national chain store. Sam is being accused of conducting business from his apartmentRead MoreBusiness Law: Analysis of Contract Case Study2061 Words   |  9 PagesAB107 Business Law Written Assignment Advise whether the terms of the Licence Agreement apply and whether the Exclusion of Liability clause is valid and effective in protecting UcanB007 from liabilities. [pic] The foremost issue pertaining to this case is that of whether the terms of the License Agreement are part of the contract between Ah Siong and UcanB007, and hence the enforceability of the terms should Ah Siong decide to sue UcanB007 in contract for his losses. Due to the nature of thisRead MoreAdministration Of Contracts In Business Law. [Author Name(S),1583 Words   |  7 Pages Administration of Contracts in Business Law [Author Name(s), First M. Last, Omit Titles and Degrees] [Institutional Affiliation(s)] Author Note Abstract Two parties may decide to form an agreement in concern for their business. And for that reason, each of them will leave saying that they have a deal. However, the law differentiates between enforceable agreements from mere promises. When parties present themselves to the court alleging that one of them refused to perform according to theirRead MoreBusiness Law and Ethics, Offer and Acceptance for a Contract Essay1110 Words   |  5 PagesBusiness Law and Ethics Assignment 14/03/2013 Module : 26313 Module leader : Phil Robinson Words count : 1088 In order to advise Neil, it is necessary to consider the law of the contracts, especially about offer and acceptance. We will analyze the situation to see what laws are applicable and advise Neil. In this case, we have three different people: Firstly an offeror, a person who makes an offer (in this case, Neil) and two offerees, the person to whom an offer is made (in this case