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Contract Law
Contract Law
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Contract Law
A contract is a legal agreement involving two or more private parties that creates statutory requirements for both parties. Contracts are legal obligations that contain pledges. While general contract law is consistent across the nation, some individual court interpretations of a particular feature of the contract may differ among the states. Contract law is controlled primarily by state common law. The law gives the aggrieved person relief if a commitment is broken. General damages, specific performance, reliance damages, and consequential damages are all possible compensation for legal agreement breaches.
Elements of a Valid Contract
For a contract to be considered valid it has to meet four specific requirements. These requirements include offer, acceptance, consideration and legality. There would not be a contract if one of the parties did not make an offer. An offer is therefore a declaration of intent to enter into a legally binding agreement with specific conditions (Raskin, 2016). An offer should be clear, precise and easy to identify as an offer. However if a shopkeeper displays an item on a window display, it is not an offer but an invitation to treat. A counter offer goes against the original offer and therefore reliefs the offeror of his or her legal obligation. After an offer is made, the other party is expected to accept the offer (Raskin, 2016). There has to be a meeting between the two parties so as to agree on which offer to be acceptance. The acceptance must also be very clear. The act of exchanging something of value to each party’s prejudice is known as consideration. Both parties have to provide a consideration for a contract to be valid.
The contract must also be legal and the parties involved must be willing to be legally bound. However there are various limitations. Mental disease or cognitive impairment may limit one’s ability to enter into a contract. Dementia and Alzheimer’s issues might make it difficult to determine a person’s capacity to sign a contract (Raskin, 2016). Contracts signed by persons under the age of eighteen are permissible, although they may be revoked at the minor’s request. The contracts must also be in a written format. The common law and the Uniform Commercial Code (UCC) both control contract law (Kettering, 2021). Contractual agreements involving real property, services, insurance, intangible assets, and employment are governed by common law. Contractual agreements involving products and material possessions, such buying a car, are governed by UCC.
Dutta V. Amica Mutual Insurance Company
The case was conducted by the court of Uttah district in Texas state. The plantiffs were Nader Dutta and Chizuko Dutta while the defendants were Amica Mutual Insurance Company. The Dutta family suffered as a result of being hit by an automobile. The Duttas attempted to seek compensation from their own insurance carrier, Amica, in accordance with the underinsured motorist clause of their insurance contract after receiving the driver’s insurance’s policy limits. Amica turned down coverage. The Duttas filed this lawsuit, arguing that Amica’s denial of coverage violated both contractual and extra-contractual obligations to the plaintiffs. Both parties agreed that Texas law applied to the contractual claims made by the Duttas. Amica requested summary judgment on all claims in a Motion for Summary Judgment. The Texas Supreme Court decided Allstate v. Irwin in 2021, after the deadline to amend the pleadings in this case had passed. Two crucial Texas legal principles were clarified by Irwin II and cases that followed it.
The court ordered that within 28 days of the entry of the judgment on April 2022, the Duttas were given permission to alter their complaint; failure to do so will result in a dismissal without cause. The parties were required to meet and consult, and within 45 days of the entry of this order, file a status report notifying the court whether any more briefing will be required on the Motion for Summary Judgment, and if so, the date for such briefing. The July 19, 2022 trial date was cancelled. If the parties elect to file an updated Complaint and request further briefing on the Motion, a new scheduling order shall be issued. As much as the court has not yet found both parties at fault due to accusations of breach of contract, the parties should try to settle their disagreement out of court. It will give the court an easier time and none of the parties will face significant losses. However, the insurance company should cover the costs for the accident.
References
https://www.govinfo.gov/content/pkg/USCOURTS-utd-4_20-cv-00031/pdf/USCOURTS-utd-4_20-cv-00031-0.pdf
Kettering, K. C. (2021). Coordination of the Uniform Commercial Code and Common Law. Available at SSRN 3964328.Raskin, M. (2016). The law and legality of smart contracts. Geo. L. Tech. Rev., 1, 305.
Death, Dying, and Loss Assignment
Death, Dying, and Loss Assignment
As a nurse, how would you like to define your practice as it relates to death and the dying patient and their family. (250-500 words).
One idea on how to answer this question would be to go to the LRC (or the online virtual library via https://www.brooklinecollege.edu/resources/learning-resource-center/) and search for an article on Death, Dying and Loss in nursing. Discuss this article and how it relates to the way you want to practice. Be sure to properly cite any resources you use.
Grading Rubric
Requirement Percentage of Assignment
Content of paper – was the question answered thoroughly, did you use interesting resources to back up your ideas
80%
Logical flow to the paper, easy to understand. 10%
Written at a BSN level, no grammer or spelling errors. 10%
Total 100%
Contract Law Questions
Contract Law Questions
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Contract Law Questions
Who are the parties to this contract?
There are three parties to this contract and they are Aurora
Clock Company, LLC, an Arizona Limited Liability Corporation, and ABC, Corp., a California
Corporation.
What law, common law or UCC, applies to this contract? How do you know?
The payment law is a common law since in section 8 of the contract there is the mention that the buyer shall pay highest permissible interest by law on late payments. The law here is binding and it is a common law. The other law that applies to this contract are the business regulation laws in that the buyer shall comply with them in terms of licenses, regulations among others.
What are the essential term(s), as defined by the applicable law, of the contract?
Essential terms refer to the acceptance of the contract, legal capacity of the buyer, consideration among others. From the contract it is visible that the essential terms are all present since the parties have agreed to work together.
Does the Statute of Frauds apply to this transaction? Why or why not?
In this business the statute of frauds applies in this transaction and it it binding since the business involved in the work of doing business are big businesses and they are registered which means they cannot just operate without official agreement.
What is the consideration of each party?
The consideration is the full acceptance of the contract and when the parties to a consideration there is no going back and they have to work together since consideration means acceptance to work together and this can even be charged in a court of law in case on of the members wants to go against the contract
How is each party discharged from this contract?
The seller may terminate the agreement with a written report for the reasons of termination. The reasons might include; refusal of the buyer to pay for orders delivered, becomes solvent of files a petition of bankruptcy.
Can this contract be assigned to a party that is not a part of the contract?
The contract remains binding to the parties only and cannot be assigned to any other party who is not part of the contract at the beginning.
What defenses are included in the contract?
There are many defenses in the contract in that for example title and risk of loss passes to buyer upon delivery of the products and this is a defense against the seller such that the seller will not be blamed for the products of the buyer which are not in good order when it is the buyer who has tampered with them.
How will disputes be resolved under this contract? Is the dispute resolution method binding?
The method of dispute management is by first coming together as partners and trying to see ways to do away with the problems which afflict the business relationship. This is done through written communication which unless they find a solution within 6 months can be taken to the court of law for solution to be found.
What jurisdiction governs this contract?
The business contract is governed by courts of law in that when there is a problem the members can visit any court of justice and seek clarity on the different issues which they face along their business relationship.
How do the parties agree to communicate? Why would this term be included in the contract?
The parties agree to communicate through written communication. This is a very important part of the business since when the parties communicate in a heathy manner and the communications are all tracked, it gets easier to solve issues.
What remedies are available under this contract?
One of the remedies for a breach in contract is that when a person or a business tries to breach the contract, they will be liable to payment of any injury or hurt caused tot the partnership.
Is there an exculpatory clause in the contract?
Even though the clause does not have an exculpatory clause, the three parties trust each other and that no one will leave another person to be fully reliable for damage done to the business.