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| == Week 44 ==
| | #REDIRECT [[Law#Business Negotiations and Contracts]] |
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| * '''covenant''' == an agreement w/a specific promise to do or not to do something
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| ::: non-competition covenant
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| * '''whereas''' == in contrast
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| * injunction == obligation
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| * '''breach''' == to break a boundary, to violate, to not fulfill
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| * '''rescind''' cancel w/ effect of being the same position as before signing the contract
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| * '''unwarranted''' == uncalled for, unjustified
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| * '''contention''' == disagreement
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| ::: contentious ( adj. )
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| * '''efficacious''' == effective
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| ''Counter offer is interpreted as rejection of offer.''
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| * an offer => offeror - offeree
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| * a lease => lessor - lessee
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| * '''statute''' == law/rule
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| ----
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| 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.
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| ::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 )
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| '''[[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 )
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| '''[[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 )
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| * A '''[[w:counter offer|counter offer]]''' is regarded by law to be a '''rejection''' of the original offer.
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| * '''[[w:Express contract|Express contract]]''' vs. '''[[w:Implied-in-fact contract|implicit contract]]'''
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| 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 )
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| An [[w:unenforceable|unenforceable]] contract or transaction is one that is valid, but which the court will not enforce. ( Wikipedia )
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| ----
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| == Week 46 ==
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| ----
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| == Week 45 ==
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| A proper offer is:
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| :# Valid
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| :# Detailed
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| :# Specifically adressed
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| [[w:Contract of sale|Sale of Goods]] legistlation and [[w:United Nations Convention on Contracts for the International Sale of Goods|United Nations Convention on Contracts for the International Sale of Goods]] affect sales of goods
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| [[w:UNIDROIT|UNIDROIT]] is the [[w:International Institute for the Unification of Private Law|International Institute for the Unification of Private Law]]
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| == Week 47 - self learning for assignments ==
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| === Delivery terms ===
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| * The '''[[w:Incoterms|Incoterms]]''' rules or '''International Commercial Terms''' are a series of pre-defined commercial terms published by the [[w:International Chamber of Commerce|International Chamber of Commerce]] (ICC) that are widely used in International [[w:commercial transaction|commercial transaction]]s or [[w:procurement|procurement]] processes. A series of three-letter trade terms related to common contractual sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods. ( Wikipedia )
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| ::* '''[[w:Risk of loss|Risk of loss]]''' is a term used in the [[w:law|law]] of [[w:contract|contract]]s to determine which party should bear the burden of risk for damage occurring to goods after the sale has been completed, but before delivery has occurred. ( Wikipedia )
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| What triggers ''transfer of ownership'' and ''risk of loss''?
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| # [[w:Law|Applicable law]]
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| # [[w:Contract|Contract]]
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| # [[w:Breach of contract|Breach of contract]] ( breaching party is liable )
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| # [[w:Delivery (commerce)|Delivery]] by [[w:common carrier|common carrier]] other then [[w:sales|seller]] ( loss of risk is transferred to buyer when delivery is completed as agreed in the contract ) ( Teacher )
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