Information on these areas: (Business Law) Elements of a Contract UCITA (definit
ID: 426722 • Letter: I
Question
Information on these areas: (Business Law)
Elements of a Contract
UCITA (definition)
Venue/Forum Selection (be able to answer an application question)
ADR (definition)
Fraud (definition, types, elements)
Partnerships - Limited vs General
Derivative Suits
Torts (be able to read a fact pattern and choose the matching tort)
Vicarious/Employee Liability (definition and application)
Agency
Sovereign Immunity
ADEA vs ADA
Defenses to a discrimination case
Collateral, Priority and Endorsement
Definition and elements of a crime;Defenses thereto
A possible application question regarding wills
Explanation / Answer
1 The element of contracts is –
Offer- An offer should be made in order to form a contract.
Consideration- There should be a n exchange of something like money, commodity etc.
Acceptance- The offer should be accepted then only there would be formation of a valid contract.
Mutuality- There should be mutual consent.
Intention to create legal relations- The intension should be legal not illegal such as contract of murdering anyone or robbing a bank.
Competency of parties- The parties should be capable of forming the contract. The partis shold ot be minor, bankrupted etc.
Free consent- One party should not make any pressure to form the contract.
2 UCITA- UCITA is the Uniform Computer Information Transactions Act, and was developed by the National Conference of Commissioners on Uniform State Laws. It is a uniform commercial code for software licenses and other computer information transactions. UCITA provides legal rules for agreements covering all kinds of computer information, such as standard software licenses, contracts for the custom development of computer programs, a license to access an online database, and a website user agreement.
3 According to Black’s Law Dictionary, forum is a “court or other judicial body; a place of jurisdiction,” while venue is “[t]he territory, such as a country or other political subdivision, over which a trial court has jurisdiction.” Put into plain English, this means a forum selection clause chooses the court the trial will occur in and a venue selection clause chooses the geographic location of the trial.
4 It refers as an easier way for U.S. investors to purchase stock in foreign companies. Non-U.S. companies also benefit from ADRs as it makes it easier to attract American investors. An American depositary receipt (ADR) is a negotiable certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign stock traded on a U.S. exchange.
Experts can solve max 4 questions in one go .i will request to ask the rest questions separately.