Question

In: Economics

QUESTION 5 Decide in each of the following instances whether the contract is valid, void or...

QUESTION 5

Decide in each of the following instances whether the contract is valid, void or voidable. Motivate your answers. 5.1 Grace orders an oval-shaped swimming pool to be delivered, but the pool company delivers a square-shaped pool. (2)

5.2 Rob phones Lindsay’s home number and makes her a job offer. The next morning Lindsay’s sister, Janine, comes to work for him. Rob discovers that the offer was made to the wrong person. (2)

5.3 A traditional healer tells his patient, Julius, that he should give him all his sheep in order to be cured of Tuberculosis. Julius agrees. (2)

5.4 Louis thinks that he becomes the owner of the property by paying for the occupancy. (2) 5.5 Robert, a prominent official at the local university, wants to buy Gideon’s car. Gideon is reluctant to sell his car to Robert. Robert tells him that if he does not sell the car to him, he will see to it that his son (Gideon’s son) will not be allowed to study at the local university. Gideon sells his car to Robert. (2)

Solutions

Expert Solution

5.1 An overshaped swimming pool needs to be delivered only if the contract is valid and it is void then it becomes a major issue A valid contract is a written or expressed arrangement between two parties to provide a product or service. Six elements of a contract that make it a legal and binding document. In order for a contract to be enforceable, it must contain: An offer that particularly describes exactly what will be provided. .4 Requirements for a valid contract – Agreement, consideration, contractual capacity, and legality

Agreement – Offer and acceptance -Consideration – something of value received or promised to convince a person to make a deal-Contractual capacity – must be fully aware and conscious of what they are doing when getting into the contract-Legality – cannot be something that is illegal or against the law

These points occurs in case of constructing a swimming pool

5.2 Robeert has given a wrong offer to the wrong person .There is Unilateral contracts vs. Bilateral contact – Bilateral: offeree accepts simply by promising to complete the contract, promise for a promise. Unilateral: offer is phased so that the offeree can accept only by completing the contact performance, promise for an act.Elements of a valid form of an offer – Offer: a promise to preform or not preform an act in the future. There must be a serious objective intention by the offeror, The terms of the offer must be reasonable and definite and the offer must be communicated to the offeree

5.3 A traditional healter cannot provide slee to another person .Disaffirmance of a contact vs. Ratification of a contract – Disaffirmance: is the legal avoidance, or setting aside of a contractual obligation. A contract can be disaffirmed by a minor or for legal reasons such as legality of the contract or insufficient consideration or intoxication. Ratification: the act of accepting and giving legal force to an obligation that previously was not enforceable. -To disaffirm is to deny-To Ratify is to accept

5.4 Louis thinks that he becomes the owner of the property by paying for the occupancy.

Revocation of Unilateral contacts – Offers are normally revocable until accepted. Theoffer can not be revoked once work has been substantially undertaken. Basically youcan make an offer and take it back when ever unless a good deal of the work has been completed by the offeree.Express contract vs. Implied-in-fact contract – Express: terms of the agreement are fully and explicitly stated in words, oral or written. Implied: conduct of parties, not words creates a contact.


Related Solutions

Clearly distinguish between a valid contract, a voidable contract, and a void agreement. Provide an example...
Clearly distinguish between a valid contract, a voidable contract, and a void agreement. Provide an example of each type of agreement and demonstrate how the court would treat each of your situations if they were litigated.
Explain how a valid contract differs from one that is void or voidable.
Explain how a valid contract differs from one that is void or voidable.
write a respose to the following question. in each of the following cases, decide whether a...
write a respose to the following question. in each of the following cases, decide whether a biomial distributio is an appropriate modddule and give your reason. 1. a firm uses a computer based training module to prepare 20 machinists to use new numerically controlled lathes. the module contains a test at the end of the course, x is the number who perform satisfactory on the test. 2. the list of potential product testers for a new product contains 100 person...
Indicate in each of the following instances whether the specified circumstances will cause a worker to...
Indicate in each of the following instances whether the specified circumstances will cause a worker to want to work more or fewer hours: The wage rate increases and the substitution effect is greater than the income effect. The wage rate decreases and the income effect is greater than the substitution effect. The wage rate decreases and the substitution effect is greater than the income effect. The wage rate increases and the income effect is greater than the substitution effect.
For each of the following scenarios, state whether there is or is not a contract, and...
For each of the following scenarios, state whether there is or is not a contract, and why: 1. Bob and Mary were talking at a bar on Thursday night. Bob wrote the following on coaster and handed it to Mary: “I promise to pay you $1,000 to dance with man at the bar in the Gray Shirt” Mary read the coaster, signed it, and danced with the man in the gray shirt. 2. Mr. Wilson said to 18 year old...
In each of the following instances (i) tell whether the study is experimental or observational, (ii)...
In each of the following instances (i) tell whether the study is experimental or observational, (ii) tell whether the study is comparative or descriptive, and (iii) if the study is comparative, identify the response and explanatory variables. a) Annual rates of return on investment are compared among different groups of mutual founds. b) In a pilot phase of fund-raising campaign, a university randomly contacts half of a group of alumni by telephone and the other half by a personal letter...
A company is trying to decide whether to bid for a certain contract or not. They...
A company is trying to decide whether to bid for a certain contract or not. They estimate that merely preparing the bid will cost $10000.If their company bids, then they estimate that there is a 50% chance that their bid will be put on the “short-list;” otherwise their bid will be rejected. Once “short-listed” the company will have to supply further detailed information (entailing costs estimated at $5000). After this stage their bid will either be accepted or rejected. The...
Assignment Question: 1. Examine each of the following situations and decide with reasons whether any tort...
Assignment Question: 1. Examine each of the following situations and decide with reasons whether any tort has been committed. A. You threaten to punch a security guard who has just ticketed your car. B. A hockey player body checks an opponent in a hockey game giving him a concussion. C. A bouncer punches a drunk bar patron who refuses to leave the premises when requested. D. A doctor gives a blood transfusion to a seriously injured Jehovah Witness who has...
Decide for each one of the following decays whether it is possible or not. If not,...
Decide for each one of the following decays whether it is possible or not. If not, point out which law of conservation is violated. Ξ- -> Λo + π- + ν Ξ- -> Ω- + πο Ξ- -> π- + γ A Ξ- particle break down through the process Ξ- -> Λo + π- What can be the type of interaction responsible for the decay? Please reason your answer. Write down an equation with one unknown variable for the momentum...
Please use any of the methods to prove whether each of the following arguments is valid...
Please use any of the methods to prove whether each of the following arguments is valid or invalid. For each problem, please identify the method that you have decided to employ and make sure to show your work. 1. It is obvious that nuclear energy is needed. Nuclear energy is needed if and only if solar energy cannot be harnessed. And it is also true both that solar energy can be harnessed only if funds to do so are available,...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT