Free Essays on Consideration to Get Inspired & Learn by Example

Consideration is factored as one of the core elements of a valid contract. The parties that enter into an agreement recognized as lawful must outline either party’s commitment in the form of service, monetary value or a promise to refrain to a particular action. By definition, consideration refers to the benefit that contractual parties expect from each other at the end of the contractual period (Eisenberg 1754). Consideration form the basis of a binding agreement since the involved parties must settle on a common ground that serves the essence of their relationship. In case the parties fail to Continue reading...

The Name of the Class

The Name of the School
The City and State
Contract Law
In order to advice Olivia, it is necessary to define consideration in a contract, part payment of a debt and the doctrine of promissory estoppels. A consideration in the law of contracts refers to an item that has value that one party promises another in a legally binding agreement. It must be something of value and not necessary money. Therefore, a consideration refers to where one valuable thing is exchanged for another; it can be in the form of benefit, profit, interest, or right given to one party Continue reading...

Introduction

The law of contracts is one of the fundamental concepts on which the doctrine of civil law has built on from the historical law records of the laws of the different lands in civilization. In particular, the law of personal contracts has been one of the most defined and controversial sections of civil law as per the directions of the doctrine of promissory estoppels revealed in Thomas v. Thomas [1842] 2 QB 85.
In particular, the doctrine of promissory estoppels provides for the description of a relationship between two parties. Evidently recording from the text by Calleros (2013), the Continue reading...

Contracts are regulated under two bodies of law, namely the common law or contracts and the Uniform Commercial Code (UCC). Accordingly, the first step in analyzing a contract is to determine which law applies. The common law refers to the judge made case law that has developed over time. The common law generally applied to contracts for services, real property, employment and intangible assets (Blum, 2013). On the other hand, the UCC refers to the standardized and continuously updated regulations of commerce that were drafted and promulgated by the American Law Institute to serve as a model for courts Continue reading...

Business Law Australia

Business Law Australia
The doctrine of Promissory Estoppel is a doctrine, which a court use to prevent a litigant from taking an action that the litigant is normally entitled in order prevent an inequitable result (Turner & Trone, 2013). Estoppel is used when a party that reasonably relied on promises of another party is hurt because that other party felt to keep the promise. For example, it stops a person from asserting or denying anything to the converse of that which had been established to be the truth in the contemplation of law. Estoppel is a law of evidence. It Continue reading...

Simplifying the Accounting for Revenue Recognition by FASB 2

I. Background 2
II. Scope of standard 7
III. Next steps and implications for practice 8
IV. Conclusion 10

References: 12

Simplifying the Accounting for Revenue Recognition by FASB
I. Background
The elaboration of a new standard simplifying revenue recognition was one of the highest priorities of the joint IASB-FASB convergence project. The purpose of the project was defined as eliminating a range of differences between International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (U.S. GAAP). The project was initiated in 2002 on the basis of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Continue reading...

Abstract

Building designs in the tropics are driven by many factors that tend to make the thermal ambient environment comfortable to the inhabitants. The key factors that drive tropical building designs include temperature, humidity, radiation and wind speed. These factors determine the way by which tropical homes are structured, their orientation, openings in the home, window spaces and so forth. Needless to say, culture and tradition of the people is a vital force responsible for building design styles in the tropics. Environmental psychology is a vital concern itself regarding the way the environment affects man. It tends to emphasize on Continue reading...

As an egalitarian, Peter Singer champions for equality as a basic moral principle and proposes that both humans and animals should be considered equal. He argues that pain and pleasure are both constituents of our moral values and that whenever a being is affected by an action, its interests should be put into consideration and given the same level of importance as those of any other being. Based on this, all beings possess interests hence should be treated equally with humans. I will argue against Singer on the grounds that animals are less important than humans based on the Continue reading...

(Class Code + Course Code)
(City, State)

Introduction

There are a significant amount of industrial actors that process large quantities of combustibles in order to produce electricity which cause detriment to the surrounding as a result of the combustion of these fossil fuels. The objective will be to adjust the consumption of the current in order to minimize the electrical energy consumption. An important goal of the energy audit is to determine from where the energy is derived and to ascertain the importance of energy consumption reduction [2].

Part A

Electrical Energy Production and its Consequences
Electrical energy production involves the collection of Continue reading...

Offer:

An offer can be defined as a promise that is conditioned to something that is offered by the other party. It may also be a return promise or forbearance from a certain act. An offer must also be in simple and definite terms and it should not be vague. The intent to enter into an agreement must be contained in the offer for it to be a valid offer.
For example: I will paint your house in two days for a certain sum of money is an offer since it contains the definite time period, and is conditional on Continue reading...