Smith and Roberson’s Business Law
17th Edition
ISBN: 9781337094757
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Question
Chapter 12, Problem 2CO
Summary Introduction
To discuss: The illusory promises, output contracts, requirements contracts, exclusive dealing contracts, and conditional contracts.
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Define the term contract .
(b) Explain the essentials of a valid contract. You may use cases or examples where possible.
Prepare a chart consisting legal rules for constituting a valid contract? with suitable examples?
You are required to fully advise Jackson as to what constitutes a valid contract in law.in your discussion, you must also provide practical examples for each element that you have listed
Chapter 12 Solutions
Smith and Roberson’s Business Law
Ch. 12 - Prob. 1COCh. 12 - Prob. 2COCh. 12 - Prob. 3COCh. 12 - Prob. 4COCh. 12 - Prob. 5COCh. 12 - Prob. 1QCh. 12 - Prob. 2QCh. 12 - Prob. 3QCh. 12 - Prob. 4QCh. 12 - Prob. 5Q
Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - Prob. 8QCh. 12 - Prob. 9QCh. 12 - Prob. 10QCh. 12 - Prob. 11QCh. 12 - Prob. 12CPCh. 12 - Prob. 13CPCh. 12 - Prob. 14CPCh. 12 - Prob. 15CPCh. 12 - Prob. 16CPCh. 12 - Prob. 17CPCh. 12 - Prob. 18CPCh. 12 - Prob. 19CPCh. 12 - Prob. 20CPCh. 12 - Prob. 1TSCh. 12 - Prob. 2TSCh. 12 - Prob. 3TS
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- What is the legal definition of a contract, and what are the requirements for a contract to be enforceable?arrow_forwardWhat is the difference between a void contract and a voidable contract?arrow_forwardExplain the key elements of a valid contract, including offer, acceptance, consideration, capacity, and legality. Provide examples to illustrate each element and discuss how contracts can be enforceable or voidable.arrow_forward
- Give the requisites of things as object of the contract? Explain each by giving examples or cases that you knowarrow_forwardExplain the essential elements of a valid contract, including offer, acceptance, consideration, intention to create legal relations, and capacity. Discuss how these elements apply to real-world contract scenarios.arrow_forwardDoes a contract has to be in writing to be legally enforceable?arrow_forward
- Every transaction in business creates a contract (agreement) between the parties. To determine whether a valid, enforceable contract exists, certain questions must be answered. Discuss what conditions must take place in order for a contract to be valid, and provide some examples of where contracts come into play in daily life.arrow_forwardWhat is the legal definition of a contract and what elements are necessary for a contract to be valid and enforceable?arrow_forwardWhat is the difference between void and voidable contracts?arrow_forward
- What are the essential elements that must be present in a contingent contract for it to be valid and enforceable?arrow_forwardPlease discuss what are the essential elements that must be present in a contingent contract for it to be valid and enforceable?arrow_forwardWHAT IS THE MEANING OF THE OBJECTIVE THEORY OF CONTRACTS AND HOW DOES THE OBJECTIVE THEORY OF CONTRACTS RELATE TO CONTRACTUAL INTENT?arrow_forward
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