Business Law 100 - 2325 Words

Question (a) Identify the principle of law The principles of law relevant to this question are the doctrines of intention and consideration. Explain the rules of law The doctrine of intention is an undertaking by both sides of an agreement to be legally bound either by an informal agreement such as verbal intention to purchase or act, or a written document stating intention to purchase or act, which could be in the form of a letter or a written statement as compared to a formal agreement where a deed is prepared stating the intention of the contract which is signed and witnessed by independent third parties and, although not necessary, sealed with a company or personal seal. In a commercial agreement the intention to be legally†¦show more content†¦Therefore the object of equal exchange is not necessary. In bilateral contracts when two parties promise to provide consideration to each other the contract becomes valid immediately the parties exchange promises as the promise to each other is deemed sufficient consideration. Apply the law to the facts The points of discussion are to consider whether the elements of intention and consideration have been met to enforce a contract. The intention of both Jamie and Gina to act is made clear when Gina calls for tenders to build accommodation facilities at her mine site and Jamie submits a tender, this in itself is not sufficient enough to form a contract as no promises of exchange have been agreed to or accepted. At this point Jamie has made an offer to Gina indicating his intention in exchange for a consideration of money and Gina has indicated her intention, in exchange for goods and services. Gina decides to accept Jamie’s tender and in doing so sends a formal document in the form of a letter to Jamie, stating the terms and conditions of her acceptance. It is at this point that Gina has accepted Jamie’s tender and the terms of intention and consideration to form a contract have been met by Gina and now relies on Jamie being able to meet the terms of the contract and giving a formal reply to Gina to complete the contract. Jamie is going to accept Gina’s terms and conditions and does so byShow MoreRelatedLeg 100 Business Law I Quiz 1918 Words   |  4 PagesCourse Business Law I Quiz 1 LEG100 This quiz consist of 20 multiple choice questions and covers the material in chapters 1 through 4. There are five questions from each chapter. 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In this article, notwithstanding, the organizations are considered little and there is exchange of the Tinker and Taylor s Home Security Administration proprietors who have tackled certain business titles and by law have particular obligations when they break an agreement, for example, is found in (a) Sole Proprietorship, (b) General Organization, (c) Restricted Association [LP]Read MoreEssay on Bus5611009 Words   |  5 Pagesï » ¿ Business Organization Discussion Forum 4 Bus 561 Nekeshia Raybon                                  Organization is critical for a business to run in an orderly fashion. One must also display a sufficient amount of experience as well. Betty is having difficulty deciding which way to go with many aspects of her business. Betty is anxious to turn her business owner dream into a reality. In this assignment, as well as in a legal and spiritual perspective, one will discuss Betty’s issues with choosing a companyRead MoreLegal Forms of Business1082 Words   |  5 PagesLegal Forms of Business: Week 2 Legal Forms of Business In business, the first decision that is made is usually the most difficult. When making business decisions, the owner must decide what types of business organization is the best for the company. There are seven forms of business that will be discussed as well as scenarios in which each of these forms of business would be the preferred form. This paper will also justify why the corresponding business form is preferred. The formsRead MoreLit 1 Task 1 Essay713 Words   |  3 PagesSole Proprietorship Liability- Owner is liable for 100% of debts, taxes and liabilities. Income Taxes- Taxed like regular income tax; owner claims it at year end and pays income tax on all earnings. Longevity/Continuity- Company will likely die off if owner does. The company, being one and the same as the owner, cannot continue without measures being taken to pass on Control- Owner has complete control over all decisions made; complete autonomy Profit Retention- All profit belongsRead MoreLaw 531 Business Forms Worksheet1386 Words   |  6 Pagesï » ¿University of Phoenix Material Business Forms Worksheet There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary toRead MoreBasic Forms Of Business Organization1356 Words   |  6 PagesThree basic forms of business organization are sole proprietorship, partnership, and corporation. Sole proprietorship is the simplest form of business organization in which there is only one owner (Cheeseman, 2015, p. 570). Single person is responsible for all debts, liabilities, and obligations, as well as unlimited liability for business operations. If the owner is unsuccessful and acquires debt, creditors can pursue legal action and acquire access to personal bank accounts, real estate, and other