PPT-Contract Law: Consideration

Contract Law Consideration Douglas Wilhelm Harder MMath LEL Department of Electrical and Computer Engineering University of Waterloo Waterloo Ontario Canada eceuwaterlooca dwharderalumniuwaterlooca. Chapters 6-11. Ch. 6 - Contracts. Agreement between 2 or more people. Offer & Acceptance: serious, definite & accepted without change. Can be oral. Acceptance makes the contract. . -. Offeree. Principles Under the New Revenue Recognition . Standard. May 2015. Deloitte . Foundation/Federation of Schools of Accountancy Faculty Consortium. May 2015. . Course Introduction. Agenda. Course flow. Georgia Real Estate. An Introduction to the Profession. Eighth . Edition. Chapter 7. Contract Law. Key Terms. bilateral contract. breach of contract. competent party. consideration. contract. counteroffer. Makayla. Davis. Requirements of Consideration. The law has refused to enforce most . Gratuitous. , or free agreements. An agreement must be bargained for if they are to be binding. An agreement is bargained for when each side is compelled to give up something of value in exchange for something else in value.. Faculty Consortium. Principles Under the New Revenue Recognition . Standard. May 2015. Dear Participants,. We look forward to discussing with you the principles under FASB’s new ASU (ASU 2014-09) on revenue recognition (also, known as ASC 606 in the Accounting Standards Codification). . A PAPER PRESENTED AT 2-DAY ZONAL WORKSHOP ON ESSENTIALS OF BUILDING AND ENGINEERING CONTRACT DOCUMENTATION AND ADMINISTRATION ORGANISED BY THE NIGERIAN INSTITUTE OF QUANTITY SURVEYORS (NIQS) ON 22. ND. Kshirsagar. BUSINESS LAW. S.Y.B.Com.. 1. . . The Indian Contract Act,1872 . 2. What is a Law ? . “Law is body of Principle recognized and applied by the state in the administration of Justice”. Obj. 2.01 Understand the elements and characteristics of a contract. Elements of a Contract. Offer. Acceptance. Genuine Agreement/Assent. Consideration. Capacity. Legality. All elements MUST be present to be an enforceable contract.. 1. Learning Objectives. What is consideration? What is required for consideration to be legally sufficient?. In what circumstances might a promise be enforced despite a lack of consideration? . . 2. Taylor . Taylorssolicitors1@outlook.com. Contract Law. Contract Terms. The terms of a contract are binding obligations which the parties agree to perform to complete the contract – they are its contents effectively. Non-compliance will result in breach and the seriousness of that breach will affect what remedies are available. There are a number of ways in which terms can become part of the contract.. Obj. 2.01 Understand the elements and characteristics of a contract. https://. www.youtube.com/watch?v=Hi4fOXfqJJw. . Notes: Understand Contract Law. BL 2.01 Notes Organizer . Understand . Contract Law. MEANING AND DEFINITION . S 2(d) “ When at the desire of the promisor, the . promisee. or any other person has done or abstained from doing or does or abstains from doing or promises to do or abstain from doing something, such act or abstinence or promise is called a consideration for the promise”. Definitions by various scholars– Blackstone, Pollock. Rann. v Hughes. , Lord Baron . Skynner. Curie v . Misa. , J Lush. S. 2(d). Consideration is called “quid pro quo” i.e. something in return.. Dr. . Gaurav. . Varshney. Assistant Professor. Faculty of Law, AMU, Aligarh. Requirement of A Valid Contract. LEGALITY. : Defined as “Confirmity to the Law”. Therefore, the Legality of Object & Consideration for a Contract means that it must be Lawful..