a. the law of contracts
while a contract may be simply defined as a binding agreement
that the court will enforce, in the more formal sense it is
comprised of several essential elements.
1) identify the essential elements of contracts and discuss how
they apply to the formation of a contract
2) common law, as well as various statutes (e.g. uniform commercial
code), specifically governs certain types of contracts. name and
describe a type of contract that is governed by each
b. corporations
A corporation is a fictional creature of the state and its status
requires strict compliance with the statute that provides for its
existence. set forth the principal features of a corporation and
the advantages of the corporate form of business
please explain in detail, and give an example for each one
Answers-
a.1- There are mainly four essential elements of contract-
Offer and its acceptance
Consideration
Capacity
Lawful purpose
To form a contract there should be an agreement enforceable by law. There must be atleast two parties one making the offer and other accepting it. An offer is a proposal by one party to another to enter into a legally binding agreement with him. It is the starting point in making of an agreement. Consideration means something in return. An agreement must be supported by a lawful consideration. The parties to an agreement must be competent to contract. The fourth element, lawful purpose requires that contract must be made for a legal purpose and not for an illegal purpose.
a.2- The law governed by common law as well as uniform commercial code is contract law.
Contractual transactions with real estate, services, insurance, intangible assets and employment are governed by common law.
Contractual transactions with goods and tangible objects purchase of a car is governed by uniform commercial code.
b- principal features of a corporation arr as follows-
Legal entity of its own that is separate from its owners.
Acquisition of capital easily by debt and equity.
Artificial person created by law.
It has common seal of its own name.
Perpetual existence that is its life doesn't get affected by death, retirement, insolvency or lunacy of its owners.
Liability of members limited to the extent of shares held by them.
Easy transferability of shares.
Centralized management.
Advantages of corporate form of business-
For any debts incurred, shareholders are not held responsible for it.
By selling shares, corporation may able to raise additional funds.
Corporation has no limits to its life.
Tax liabilty separation that is corporation's taxes are independent of owner's personal taxes.
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