Laws & Related Definitions Assignment Help
Assignment Questions: (Definitions)
Define EACH of the following Terms:
- Legally enforceable
- Bilateral Contract
- Express Contract
- UCC
- Promissory Estoppel
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- Legally enforceable
"A legally binding contract is a contract agreement that is valid under state and federal contract laws. "Legally binding" means that the parties must obey the terms written in the contract and perform their contract duties as stated" (Mears 1992, 24)
Own Words
A legal bunding is defined as an agreement in the duties and the responsibilities between the buyer and the seller. It has to have two parties and a verbal or the written contract along with a token amount and a set period time.
Example
The example here includes the legal binding between the buyer and the seller of the phone. In which one is buying and other is selling along with the applied certain terms and the conditions and with a certain amount.
- Bilateral Contract
"A bilateral contract is an agreement between two parties in which each side agrees to fulfill his or her side of the bargain. In more complex situations such as multinational trade negotiations, a bilateral contract can be a so-called "side deal." (Rousseau, 15, 1993)
Own Words
A bilateral contract is set as per the desired fulfilled duties and the obligations to be bargained. It is also called as a bilateral contract or a side deal.
Example
Such as the bilateral contracts imposed between India and Nepal, which helps to examine how the trading would happen as per the precision and the desired terms of the trade.
- Express Contract
"An express contract is an exchange of promises in which the terms by which the parties agree to be bound are declared either orally or in writing or a combination of both, at the time it is made" (Dalton, 1984, 94)
Own Words
When there are the two parties and the buying and selling are allowed, then there can be an express contract which can happen in a swift moment in oral and the written form of the contract.
Example
Such as if my friend comes and strikes a deal to buy certain goods from me, I would agree with a certain amount and be dols on a certain date. This is a mutually acceptable contract.
- UCC
"The Uniform Commercial Code (UCC) is a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions". (White, 1992, 11)
Own Words
It discusses how there can be an application of the set laws which would be dutifully be applied in the given scenario along with the governing commercial or the business deals and the gained transactions.
Example
For example, when I am striking a deal with the internal business for the trading agreement, the rule would be abiding by the UCC code.
- Promissory Estoppel
"Promissory estoppel is the legal principle that a promise is enforceable by law, even if made without formal consideration when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment." (Kull, 1995, 39-65)
Own Words
It is defined as a premise which would be enforceable by the law and it would be considered as a formal consideration that can happen in between the two parties such as the promise and the promisor person.
Example
Such as there are two parties that have set for trading on the mutual accurate contract. through the promissory estoppels, it would be applied and recognized.
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