Business Negotiations and Contracts: Difference between revisions
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== Week 44 == | |||
* '''covenant''' == an agreement w/a specific promise to do or not to do something | * '''covenant''' == an agreement w/a specific promise to do or not to do something | ||
::: non-competition covenant | ::: non-competition covenant | ||
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* '''statute''' == law/rule | * '''statute''' == law/rule | ||
---- | ---- | ||
'''[[w: | In [[w:common law|common law]] legal systems, a '''[[w:contract|contract]]''' is an agreement having a lawful object entered into voluntarily by two or more [[w:party (law)|parties]], each of whom intends to create one or more legal obligations between them. | ||
::The elements of a contract are "offer" and "acceptance" by "competent persons" having [[w:legal capacity|legal capacity]] who exchange '''[[w:consideration|consideration]]''' to create "mutuality of obligation." ( Wikipedia ) | |||
'''[[w:Offer and acceptance|Offer and acceptance]]''' are elements required for the formation of a legally binding [[w:contract|contract]]: the expression of an offer to contract on certain terms by one person (the '''[[w:offeror|offeror]]''') to another person (the '''[[w:offeree|offeree]]'''), and an indication by the offeree of its acceptance of those terms. The other elements traditionally required for a legally binding contract are (i) '''[[w:consideration|consideration]]''' and (ii) an '''[[w:intention to be legally bound|intention to create legal relations]]'''. ( Wikipedia ) | |||
'''[[w:Consideration|Consideration]]''' is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more. ( Wikipedia ) | |||
* A '''[[w:counter offer|counter offer]]''' is regarded by law to be a '''rejection''' of the original offer. | |||
* '''[[w:Express contract|Express contract]]''' vs. '''[[w:Implied-in-fact contract|implicit contract]]''' | |||
A '''[[w:third party beneficiary|third party beneficiary]]''', in the [[w:law|law]] of [[w:contract|contract]]s, is a person who may have the right to sue on a contract, despite not having originally been an active [[w:party (law)|party]] to the contract. ( Wikipedia ) | |||
An [[w:unenforceable|unenforceable]] contract or transaction is one that is valid, but which the court will not enforce. ( Wikipedia ) | |||
Revision as of 16:17, 5 November 2013
Week 44
- covenant == an agreement w/a specific promise to do or not to do something
- non-competition covenant
- whereas == in contrast
- injunction == obligation
- breach == to break a boundary, to violate, to not fulfill
- rescind cancel w/ effect of being the same position as before signing the contract
- unwarranted == uncalled for, unjustified
- contention == disagreement
- contentious ( adj. )
- efficacious == effective
Counter offer is interpreted as rejection of offer.
- an offer => offeror - offeree
- a lease => lessor - lessee
- statute == law/rule
In common law legal systems, a contract is an agreement having a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between them.
- The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange consideration to create "mutuality of obligation." ( Wikipedia )
Offer and acceptance are elements required for the formation of a legally binding contract: the expression of an offer to contract on certain terms by one person (the offeror) to another person (the offeree), and an indication by the offeree of its acceptance of those terms. The other elements traditionally required for a legally binding contract are (i) consideration and (ii) an intention to create legal relations. ( Wikipedia )
Consideration is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more. ( Wikipedia )
- A counter offer is regarded by law to be a rejection of the original offer.
- Express contract vs. implicit contract
A third party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been an active party to the contract. ( Wikipedia )
An unenforceable contract or transaction is one that is valid, but which the court will not enforce. ( Wikipedia )