Contract Law Essay Example | Topics and Well Written Essays - 1750 words

Contract Law - Essay Example In equity, injunctions may be administered or sometimes exact contract performance. Both solutions offer the party that has incurred losses an upper hand in terms of the bargaining benefits or in other words expectation damages that may be of higher value as compared to just reliance damages with regard to promissory estoppels. Generally, one may define a contract in nonprofessional’s language as a promise or responsibility that is legally enforceable to oversee the occurrence or no occurrence of something. However, a contract may not be equalized to a legal promise especially when the agreement larks consideration. Several elements validate a contract as stated below (Richard, 2007). Elements of a contract 1. An offer: This is the willingness expressed by the offering party, on a given set of terms, with a motive that in any case the other party accepts that offer; a contract will bind him or her. It is optional in that it may be written, or it can be orally done. 2. Acceptan ce This is the willingness expressed by a party, to absolutely and unconditionally, accepts all the terms that have been set out in the offer. It can either be done orally or written, and the approval must be a reflection of the initial offer that was made. 3. Consideration A consideration is a valuable offering exchanged between the promisee and the promissor with a reciprocal as an assurance. An act or a payment may be regarded as the valuable thing also an act of forbearance is acceptable. 4. Mutual assent Mutual assent is normally achieved by offer and acceptance under common law, in that, here an unqualified party and that accept an offer causes no variance to the terms of the offer. A counter-offer A counter-offer cannot be equalized to an acceptance. It extinguishes the initial offer. In this case, one is not eligible to accept the initial offer after making a counter-offer. However, asking for more information or clarification may not be regarded as a counter-offer and thus does not render the offer extinguished but the party is still eligible to accept if it so desires. Max-Eco Ltd case study In this project, I will assess Max-Eco Ltd, which has been involved in a business deal with Jack’s company to supply timber according to Fred’s set standards. Fred is the director of Max-Eco Ltd. However, after six months, Fred discovers that Jack was not meeting the standards set in their previous deal and feels like the other party had breached the contract they set together. According to the agreement, Jack was supposed to supply Max-Eco Ltd with timber only from the U.K and that they must be treated with only plant-based varnish. Instead, Jack decided to treat the timber, which sometimes he ordered from South America due to its unavailability in the U.K, with chemical-based varnish. Now Fred wants compensation from Jack for failing to meet the set standards. Contract terms Prior to making a contract agreement, often variety of statements are mad e by either party with an aim of enticing or encouraging the partnering party to sign into the contract. The two parties are required to agree as to which of the made statements qualifies to be a part or a term of that particular contract agreement. At the same time, they must identify which statements should be considered as not a part or a term that make up the contract and should be regarded as just pre-contract talks. Therefore, terms server a pivotal role in the establishment of a contract as they bind the

Software and Data Sharing Essay Example | Topics and Well Written Essays - 250 words

Software and Data Sharing - Essay Example According to Tan & Payton (Eds), data sharing is different in CHIN models from Mayo clinic because CHIN uses data sharing and health IT innovations to improve partnerships between clinicians, public health leaders, policy makers, and informatics experts. CHIN community partners gain from the shared data such as centralized data warehouse a connected electronic health record. Contrary to this, Mayo clinic shares its data through creating software, tools, and services for large scale health records. The risk of a Community Health Information Network (CHIN) is that membership in it, if not controlled can lead to greater risks associated with the law. The benefits include facilitation of care, lower cost of care, and knowledgeable choice to the patients. The providers on the other hand reduce segregation of rural physicians, mange complete cost of therapy, and develop a competitive market