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Consideration in contract terms refers to a party's competency to enter in a contract?
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∙ 11y ago
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∙ 11y ago
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∙ 12y agoczxc
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The burden of production refers to the burdened partys obligation to put on evidence?
Yes.
What does lominger competency mean?
Lominger competency refers to an effective talent-managing system. It uses 67 competencies to help determine one's success in a certain field.
What is the difference between synergy and distinctive competencies?
Competency refers to the ability of a firm to carry out an activity well. It is built and developed by firms consciously through experience and learning. A competency reside in people in the firm and not in physical assets.
Capacity of the parties to the contract refers to?
capacity of parties
What is difference between job costing contract costing?
job costing refers to very small work while contract costing refers to large work like building a bridge.
What are valid and invalid contracts?
"Invalid contract" might describe the terms of an agreement that purports to be a contract--but by one or more legal theories does not constitute one, and is therefore unenforceable as one. This refers to a defect in contract formation--whose elements are those of mutual assent (effectively-communicated offer and acceptance) and consideration (a bargained-benefit or detriment). An "invalid contract" may or may not be enforceable as a set of one or more enforceable promises, depending on whether alternative theories apply, such as that of promissory estoppel.Void contract, as compared with voidable contract,refers to a contract that has become void by reason of one or more contract-law avoidance theories. A voidable contract is one voidable at the option of one of the parties. Two examples: a contract entered into for an illegal purpose is void. A contract entered into by a minor is voidable at the minor's option unless subsequently ratified.
What does per contract mean when dealing with stock trading?
Per contract refers to options trading. It means in one contract, there are 100 shares of that company's stock.
What do you mean by contract to sell?
The contract to sell refers a binding legal agreement between the buyer and sell about the sale of something. The contract to sell is usually enforceable by law.
What are the objectives of contract?
The objectives of EPC contract is to define the goals and expectation of a project. This is the same as with any other form of business contract. EPC refers to Engineering Procurement Construction.
Define remoteness of damage in contract?
Remoteness in contracts refers to when breach of contract results in the loss of an anticipated gain arising from a separate transaction.
What is CDR(Competency Demonstration Report)?
CDR stands for Competency Demonstration Reports, which are originally technical reports that evaluating the education, and competency level of overseas Engineers. This is essential for the engineers, who want to work and live in Australia through migration. A Competency Demonstration Report is required, for assessing the competency of an engineer, who has overseas qualifications and not covered by the Washington Accord.
What is consideration and why must a contract include consideration for it to be legal and binding?
In contract law, consideration refers to any bargained-for exchange.Basically, for a contract to be valid, there must be an exchange of goods and/or services. Because the vast majority of contracts are for sales of some type, consideration usually takes the form of an exchange of money for goods or services.For consideration to be valid (thus making the contract valid, if all the other requirements for the validity of a contract are met), the things exchanged must be of some legal value. However, a court will generally not inquire into whether or not a particular form of consideration is sufficient. So, if you decide to sell your house for $50, and after the deal is done, realize you've made a horrible mistake, you can't go to court and argue that the sale is invalid, because there was no consideration. The fact that $50 is an absurdly low price for any house is irrelevant, as long as you agreed to the sale freely.However, if there an agreement truly lacks consideration, the agreement is not a valid contract, and can therefore not be enforced. For example, if you promise to give your house to a friend, for free, with no strings attached, and put the agreement in writing, accompanied by every possible formality, you can change your mind at any time. Your friend cannot sue you for breach of contract, because no contract existed in the first place, as it was unsupported by consideration (your friend did not give or promise you anything in return for your house). However, once you actually transfer ownership of your house, you can't back out (as with any gift, it becomes the property of the recipient once the transfer is complete), but you could do so any time before the gift occurs.The requirement for consideration is why you will sometimes hear of very expensive items being sold for very small amounts of money, such as a house or car being sold for $1. These transactions are essentially gifts, but the token consideration is there to ensure that the agreement is legally binding, in case the donor tries to back out. By making the agreement legally binding, the donor shows good faith.Consideration is considered to be an essential element of a valid contract largely for historical reasons. Because contract law was created to protect the rights and interests of parties to commercial transactions (essentially, its purpose is to ensure that people keep their promises). Commercial transactions always involve some exchange, so it just became an underlying assumption that all contracts would involve an exchange.Also, when an agreement which is completely unsupported by consideration is breached, the victim of the breach hasn't really lost anything, since they didn't give anything up in the first place, so it is not very important for such an agreement to be enforced by a court.However, if there is a breach of a promise supported by consideration, the victim of the breach has suffered a loss, especially if they have already performed their end of the agreement, and are now getting nothing in return.
