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Aspects of Contract and Negligence for Business - Assignment Example

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The purpose of the following assignment "Aspects of Contract and Negligence for Business" is to briefly discuss the legal aspects of business contracts. Furthermore, the writer will examine a few particular cases that feature legal business agreements…
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Aspects of Contract and Negligence for Business
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Download file to see previous pages When A promises to sell a mobile phone to B for $100 and B promises to buy it from A, the plain giving of a return- a promise is already an acceptance. A Bilateral contract differs from the unilateral contract wherein the former is formed upon completed performance
Related to bilateral contract is Quasi-contract that is not actually a contract, but is applied by courts to unfinished business of bilateral contracts. It is an unbiased system used by the court to:
“avoid unfairness by allowing the plaintiff A to sue to recover the value of the benefit he gave to the other party B. To compensate for such unfairness, the law implies a promise by B to pay the reasonable value of the benefit which has been conferred on him by the A.”(Stevens, John, 2014)
In order to take advantage of the quasi-contract system, a plaintiff must show evidence that A actually rendered or expended property that benefitted the B and to allow B to retain the benefits without paying A is unfair.
A unilateral contract is not commonly used. In this kind of contract, only one person is obligated to do something. A reward contract is a case in point wherein a person offers a reward to pay a sum of money in exchange for information for the return of something. In this case, the person who received the reward is not obligated to do something. Applying the quasi-contract theory on unilateral contracts, let us look at this situation wherein a doctor rendered medical help to an injured person in an emergency case. Under the quasi-contract theory, the court will imply a promise that the injured person will pay for the value of the medical treatment received.
Implied contracts. There are situations that the terms in the contract are implied and are done as a sign of goodwill. For instance, warranty on the workability, adaptability of the product are illustrations of implied contracts. ...Download file to see next pagesRead More
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