BLAW 280 University of South Florida Elements of A Valid Contract Questions

User Generated

Nyzhmnuzv

Business Finance

BLAW 280

University of South Florida

BLAW 280

Description

I attached the assignment here

Unformatted Attachment Preview

Academic Affiliation with California State University – Northridge Department of Business Administration and Accounting Individual Assignment-3(Final) Second Semester 2019-20 Course Code Course Name Course Instructor Date Section Student's Name : BLAW280 : Business Law-1 : Mr. Syed Talha Hussaini : 21st May, 2020 : 1,2 and 3 : ……………………………………………………………………….. I. D. Number : ……………………………………………………………………….. Question No. O1 I II III Outcomes Total Marks Obtained O2 O3 O4 O5 10 10 O6 10 Maximum Comments if any Marks 10 10 10 /30 Total Marks(in figures) Total Marks(in words) Evaluator’s Signature Internal Moderator External Moderator Remark: Candidates are advised to read all instructions before answering. Objectives: The following student learning outcome of the course in this continuous assessment tool: SLO4: Differentiate between -sole trader, the partnerships, companies and their types. SLO5: Identify the elements needed to create a valid contract. SLO6: Evaluate how the obligations under a contract may be discharged and remedies available for breach of contract. Description of the Tool: Read the questions given below and answer them accordingly in brief. Purpose: The purpose of this assignment is to differentiate between types of business. To identify the elements needed to create a valid contract and evaluate how the obligations under a contract may be discharged and remedies available for breach of contract. Individual Assignment Submission Date (s): 3rd June, 2020 Assessment Weighting: 30% Plagiarism Policy “Plagiarism is using someone else’s work, in whole or in part, as one’s own without crediting or citing that source properly. It also occurs if the permission has not been obtained from the author to use his or her work. It includes all electronic sources, all printed and written sources; and all verbal sources. In BUC sharing one’s work with other students is also considered an act of plagiarism. Plagiarism can lead to punishment ranging up to giving grade (f) in the course or dismissal from the college” Submission Instructions ▪ ▪ ▪ ▪ ▪ ▪ Use A4 size paper Use Times New Roman 12 font size with double (2) line spacing Use first page of assignment as cover page to submit your work Submit assignment as one file Late submission is subjected to deduction of 2 marks per delayed day Student will be awarded zero grades and served with academic warning in case of submitting plagiarized work Page 2 of 3 TASK –A I. Answer the following questions briefly. (10 Marks) 1. Identify the essential elements of valid contract. What will happen to a contract any of the essential is absent in it? (5+3=8 marks) 2. Unenforceable contracts are valid contracts? (2 marks) II. Answer the following questions briefly. 1. Explain about discharges of contracts. (3 marks) 2. Read the below given example and answer the questions accordingly: Mr.Ali made a written contract with Mr.Hamood, on March 2nd 2020, promising to sell 10 computers, for a total price of 2000 (Omani Rials), by 1st April, 2020. It is also agreed that if computers are not supplied till 1st April, 2020, Mr.Ali should pay damages of 500(Omani Rials) to Mr.Hamood. On 20th March lockdown declared by government, all businesses are closed till 1st May 2020, including selling and buying of computers. Due to which Mr.Ali could not able to supply computers on promised date of 1st April, 2020. (a) Can Hamood claim for damages for not supplying computers by 1st April, 2020, on the ground of breach of contract? (Write yes or no) (1 marks) (b) Can Ali take a plea of discharge of contract. Explain. (3 Marks) (c) Explain what type of damages are they? (3 Marks) TASK –B III. Write an essay describing about the different forms(types) of commercial companies(businesses) in Oman as per Oman commercial companies(in 3 pages). You can refer to Oman commercial Companies Law, to answer this question (Link is provided in Moodle under chapter-5). (10 Marks) END OF ASSIGNMENT Page 3 of 3
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Running head: BUSINESS LAW

1

`

Business Law
Institution
Name
Date

BUSINESS LAW

2

TASK –A
Answer the following questions briefly.
1. Identify the essential elements of a valid contract. What will happen to a contract any of
the essential is absent in it?
A valid contract needs to have essential elements that:
1. Have an offer
2. Parties Accept the offer
3. Have Consideration by the parties involved
4. Have Intention to create legal relation
5. The Parties involved should have Certainty of terms
6. Each party should have Capacity of contract
No contract is valid unless it has the essential elements.

BUSINESS LAW

3

2. Are unenforceable contracts valid contracts?
Unenforceable contracts are not valid. However, there are contracts that are on their face
valid but which a court will not enforce.
II. Answer the following questions briefly.
1. Explain about discharges of contracts.
Discharges of contracts are the termination of contractual duties or dissolution of
contracts. A contract may be discharged under some circumstances by:
i) Performance of the contract.
ii) Agreement or consent by parties.
iii) Impossibility of performance by parties.
iv) Lapse of time to perform or submit.
v) Breach of contract by parties.
vi...


Anonymous
I was struggling with this subject, and this helped me a ton!

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags