Notes Thread.

Just Contribute

There's a thread for posting notes, sample answers, and the like on the Junior Cert forum, so I thought it would be a good idea to start one here.

Hopefully, many people will contribute and this will become a valuable resource for all LC'ers.

Repeat2011

great idea!!:D

Ciaramb92

I'll start so!

I wrote these notes myself (from a few sources) so the content mightn't be fully what's required!

BUSINESS Unit 1

The Law of the Contract
A contract is a legally binding agreement that is enforceable by law. If either party breaches the agreement, the contract may be enforced by a court.
EG: Contract of employment
Insurance contract
Mortgage loan

The elements of a valid contract:
1. Agreement: Offer and Acceptance. A legal contract must involve an offer from one party to another and this must be accepted. It can be done orally, written or by conduct (eg. Taking goods to a checkout). Offer must be clear and final. Offer may be withdrawn before it is accepted, an offer lapses if it is not accepted within a reasonable amount of time. An acceptance of an offer must have no conditions attached to it and it must agree fully with the terms of the original offer. If conditions are added it becomes a counter offer.
2. Consideration: An advantage or benefit must move from one party to another. The consideration must be valuable and real. Money is the most common form of consideration.
3. Intention: It must be the intention of both parties that a legal contract exists. The parties agreeing to the contract must know that they are entering into a legal agreement.
4. Capacity: Both parties must have the capacity to make the contract. All human beings and corporate persons (such as companies) have contractual capacity. The following parties do not have the capacity to contract:
• Minors
• Persons under influence (drugs, alcohol, etc.)
• Persons of unsound mind
• Companies acting intra vires (outside the memorandum of association)
5. Consent: Both parties must consent to the contract. They must enter it out of their own free will. A contract must not come about by pressure or undue force (blackmail)
6. Legality:
Legality of Purpose: All contracts must be of legal nature. They must not break the law.
Legality of Form: All contracts must be in the correct form. (Eg. Hire Purchase Agreements, Mortgages etc. must be in written format)

To Terminate a Contract:
1. Performance: When both parties perform their side of the contract, the contract has been completely performed.
2. Agreement: Both parties may, by mutual consent, bring a contract to an end.
3. Breach of Contract: If one party involved breaks their part/fails to perform their duties then there is breach of contract. A condition is a fundamental part of a contract, if it is broken yje contract is broken. A warranty is of less importance and if broken it does NOT render the contract broken.
4. Frustration: Is some unforeseen event occurs then the contract comes to an end. (Eg. Death, bankruptcy etc.)

Remedies for Breach of Contract:
1. Sue for damages: A judge could order the party who broke the contract to pay financial compensation to the innocent party for any losses suffered due to the breach of contract.
2. Specific Performance: A judge could order the party who broke the contract to carry out their side of the deal exactly as originally agreed.
3. Rescind the contract: A judge could cancel the contract. Both parties will be returned to the position they were in before the contract. This would be used in the case of frustration.

Just Contribute

Anyone else, or should I just let this thread die?

TimeToShine

<snip>if you've nothing worth saying, say nothing- Piste</snip>

Just Contribute

TimeToShine wrote: »

LOL @ YOUR NAME

Hilarious!

TimeToShine

See it's ironic because I didn't contribute anything, DOUBLE WHAMMY!

Piste

My friends told me I didn't understand irony, which is ironic seeing as I've just infracted you. Either contribute to the thread or don't post at all.