Business and Consumer Law - 17552 Words

Business and Consumer Law Final Exam Notes Chapter 5: An Introduction to Contracts Contract Law: A deliberate and complete agreement between two or more competent persons in writing supported by mutual consideration, to perform an act. It is enforceable in court. Agreement: composed of an offer to enter into a contract and acceptance of the contract. Complete: the agreement must be certain. Deliberate: both parties must want to enter into a contractual relationship. Voluntary: The agreement must be freely chosen, and not manipulated. Between Two or more Competent persons: Parties that enter into the contract must have legal capacity – that is they can sue and be sued. Suppoted by mutual consideration: Each party must give something of†¦show more content†¦renting a car) A fundamental rule is that a contract is formed only when a complete offer is unconditionally accepted by the other side -if the purported offer is sufficiently comprehensive that it can be accepted without further elaboration or clarification, it is an offer in law Offeror is the person who makes an offer and offeree is the person whom an offer is made to Termination of an Offer Revocation: the withdrawal of an offer An offer is only enforceable if some form of payment has been made for it Option agreement: agreement where, in exchange for payment, an offeror is obligated to keep an offer open for a specified time (often found in real estate developments) Lapse: The expiration of an offer after a specified or reasonable period Rejection: The refusal to accept an offer Counteroffer: the rejection of one offer and proposal of another Acceptance Acceptance: AnShow MoreRelatedThe Law Is A Body Of Principles1239 Words   |  5 PagesLAW The law is a body of principles established by parliament (ie. by our representatives) and by the courts. Hence, law is made by us (the men and women who are in parliament and judges) for us and was developed to set standards of conduct between people, businesses and government. If these standards of conduct are not followed, the law sorts the conflicts that arise, and punishes those who breach these standards of conduct. We have laws so that society can work effectively, to make sure thatRead MoreResearch Paper_Week3834 Words   |  4 Pages3-RESEARCH PAPER INTRO TO BUSINESS TECHNOLOGY July 27, 2014 The United States has several laws that are intended to further fair, balanced, and competitive business practices. Do you think that such laws are effective? If so, why? If not, why not? Be sure to provide evidence to support your position one way or the other. There are several laws in the United States that are chosen to be fair, balances, and competitive for businesses. With the control measures, the laws has been effective to ensureRead MoreAustralian Is The Land The Rules And Regulations1682 Words   |  7 Pagesthemselves thus they have their own laws that maybe different from other states. The Australian government, state and territory government legislation exists to protect businesses, consumers, individuals, the environment and the community. This enables a conducive environment for business to flourish as well as to promote fair-trading and competition. One would ask why should governments spend enough time putting place such regulations. This is because without laws to govern how businesses operate andRead MoreP5: Explain the Characteristics of the Local Business Environment1276 Words   |  6 Pagescharacteristics of the local business environment In this task, I have been asking explain the characteristic of local business environment. 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However, before the Consumer Rights Act 2015 (CRA 2015), unfair terms in consumer contracts were covered under two pieces of legislation; the Unfair Contract Terms Act 1977(UCTA 1977) and the Unfair Terms in Consumer Contracts Regulations 1999 (UTCCR 1999) . The UCTA 1977 and UTCCR 1999 provided liability for