Contract

Collins argued that the contract was ultra vires, which means the contract is “beyond the powers”, thus illustrating that any powers exercised by an officer of the corporation are limited by the constituting, any act outside the limitations are considered ultra vires. Likewise, Collins constructed the lawsuit on the grounds that the construction on the land and building are beyond the power of the board of directors. While Collins believes the contract was on the basis of ultra vires, he did not…

process and relationships. Substance refers to all contractual rights and obligations, which incorporated in the contract. The second part is process and procedures and third part refers to maintain good relationship between the parties. For the prevention of occurring disputes and claims, it is important to consider both the substance and procedure. We may have a balance win-win contract, but the improper procedures cause claims and disputes. For example the other party may claim only due…

in the event that Swan is bound to the offer he made. The fact that Swan made the offer of giving a reward to any yacht who could cross the finish line ahead of his, the “Liquid Amber”, was made in a social setting counteracts the existence of a contract between Swan and the participants of the Isle of Man Cup Series yacht race. This is due to the fact that an intention to create legal relations by Swan must be present in order for the offer to be legally binding. One can argue that the…

principle in contract law of fair dealing in good faith”, ensuring that both parties have the obligation to protect each other’s interest to make the trade fair. In USA, its UCC requested contracting parties to incorporate the principle of fairness while performing and enforcing contractual agreements. For Italy, Article 1337 of its Civil Code also requests contracting parties to conduct themselves in good faith. In France, its civil code demanded contracting parties to have contracts basing on…

they owed an additional $204 for other credit charges. The maximum retail value was determined to be $300. Issues Did trial court err when it applied Uniform Commercial Code  2-302 and decide the entire contract was unconscionable? Did Defendant unreasonably add additional rates to Plaintiff contract? Holding The judgement…

elements of a contract There are four basic elements to a contract. These include the offer and acceptance of a contract, lawful consideration, competent parties, and lawful purposes. Each of these elements must be present to be considered a contract. First, contracts must be entered into for lawful purposes. That is they may not run afoul of state/federal laws or public policy. For example, a contract for distribution of liquor to minors is not binding as the purpose of the contract is…

Cohen’s employment at any time and for any reason it felt compelled to do so as she was an at-will employee. Daily Mirror never entered into any express employment contract with Ms. Cohen. Similarly, the facts and evidence surrounding this case, when viewed in the best possible light to Ms. Cohen’s, do not give rise to an implied contract for continued employment. STATEMENT MADE TO MS. COHEN BY JEFREY HOLMGREN WERE MERELY A GENERAL EXPRESSION OF ANTICIPATED LONG-TERM EMPLOYMENT RATHER THAN…

parties’ freedom to choose the applicable law should be one of the cornerstones of the system of conflict-of-law rules in matters of contractual obligations’. The ambit of party autonomy is seriously restricted, on the other hand, in the context of contracts other than B to B. For three categories of reputedly weaker parties (consumers, employees and insurance policy holders) party choice of law is allowed only to increase the protection provided under the law of the weaker party’s habitual…

Personal Property and Real Property When it comes to real property law there are two types of properties. Using legal terms, all property will be categorized as either personal property or real property. This qualification between types of property originates from English common law, however our cutting edge laws keep on distinguishing between the two. Each form of property is dealt with distinctively under the law. There are a wide range of sorts of laws that particularly relate to personal…

Revenue is considered one of the most significant measures used nowadays in the financial world to assess the results and to achieve proper recognition of revenue of paramount importance. It also operates the success of most businesses, as it is a means of generating profits and increasing equity. Revenue recognition is an accounting principle under generally accepted accounting principles (GAAP) that determines the specific conditions under which revenue is recognized or accounted for.…