Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Describe Express and implied contracts. What does it mean when a contract is called void and voidable?
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- How does ratification affect the rights and obligations of the principal and the agent in relation to each other?arrow_forwardWhat are the limitations of the public agency's authority to enter into the contracts?arrow_forwardB. Conditions of Contract define the basic rights, responsibilities and relationships of the parties involved in the construction. Conditions of Contract can be classified as follows: i. General Conditions ii. Supplementary Conditions iii. Special Conditions. The Client has submitted to you several suggestions to be embedded in the contract document. You have noticed that all the suggestions fall under any of these contract conditions. How do you categorize the said suggestion base on your understanding of the above listed conditions of contract?arrow_forward
- What are the elements of a contract? Explain who the parties of a contract might be.arrow_forwardExplain the process and legal requirements involved in drafting and enforcing contracts in business transactions.arrow_forwardWhat is the role of a contract's consideration in forming a legally binding agreement?arrow_forward
- Provide the legal definition of a contract.arrow_forwardSet out the differences between essentialia, naturalia and incidentialia comprised in a contract. with examples.arrow_forwardWhat is the legal definition of a contract, and what are the requirements for a contract to be enforceable?arrow_forward
- Under the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers? Select one: a. Recovering the total value of goods in the contract b. Recovering profit from the resale of nonconforming goods by the other party c. Damages in the amount of the difference between the contract price and the market price of goods d. Obtaining specific performance of the contractarrow_forward1) What is a Contract and what are its elements? 2) When is there a VALID OFFER? 3) What is Breach of Contract? 4) Differentiate Void from Voidable Contacts. 5) When is there Undue Influence in a Contract?arrow_forwardExplain the differences and similarities of obligations and contractsarrow_forward
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