MER102 at University Of The Western Cape | Flashcards & Summaries

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Lernmaterialien für MER102 an der University of the Western Cape

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TESTE DEIN WISSEN
What are the 6 requirements for a contract? 
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TESTE DEIN WISSEN
1. The parties must reach agreement (consensus). 
2. The parties must have contractual capacity. 
3. If there are any formalities such as writing and signature, they must be complied with. 
4. The terms must be certain. 
5. The performance must be possible. 
6. The contract must be legal. 

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TESTE DEIN WISSEN
What is a Reception theory? 
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TESTE DEIN WISSEN
Acceptance by email and fax
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TESTE DEIN WISSEN
What is serious intention to contact?
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TESTE DEIN WISSEN
  • Parties must intend that the agreement they they reach us binding and can be enforced. 
  • When negotiations break down, some terms have been agreed upon but not all the terms have been finalised.
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TESTE DEIN WISSEN
What is information theory?
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TESTE DEIN WISSEN
Acceptance by email
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TESTE DEIN WISSEN
Imposed terms? 
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TESTE DEIN WISSEN
  • There is a specific legislation that requires specific contracts to include particular terms
  • Parties themselves can also include imposed terms. The most common one is exclusion clause as it can prevent a customer from suing the other party. 
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TESTE DEIN WISSEN
What are the observations on consensus?
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TESTE DEIN WISSEN
1. Serious intention to contract 
2. Offer 
3. Acceptance
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TESTE DEIN WISSEN
What is a "right of first refusal"? 
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TESTE DEIN WISSEN
Contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party.
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TESTE DEIN WISSEN
What is an option? 
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TESTE DEIN WISSEN
  • Is an additional feature of a contract. 
  • It's an agreement (contract). 
  • The are two offers : main and additional
  • Additional offer plus acceptance = OPTION CONTRACT. 
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TESTE DEIN WISSEN
What is expedition theory? 
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TESTE DEIN WISSEN
Email acceptance of an offer
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TESTE DEIN WISSEN
What is not considered an offer?
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TESTE DEIN WISSEN
  • Pamphlets 
  • Price list 
  • Advertisements
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TESTE DEIN WISSEN
What is an offer?
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TESTE DEIN WISSEN
  • An offer is made by the offeror and is a statement stating the terms on which the offeror is willing to do business. 
  • The offeror will he bound to the contract if it is accepted by the offeree
  • Offer must be communicated to offeree.
Lösung ausblenden
TESTE DEIN WISSEN
What role does the law play in our lives?
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TESTE DEIN WISSEN
  • Tells us what we must do. 
  • Tell us what we may not do
  • Tells us what we can do if we want to (e.g conclude contracts, get married, adopt a child) 
  • Protect us and our rights 
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  • 24 Lernmaterialien

Beispielhafte Karteikarten für deinen MER102 Kurs an der University of the Western Cape - von Kommilitonen auf StudySmarter erstellt!

Q:
What are the 6 requirements for a contract? 
A:
1. The parties must reach agreement (consensus). 
2. The parties must have contractual capacity. 
3. If there are any formalities such as writing and signature, they must be complied with. 
4. The terms must be certain. 
5. The performance must be possible. 
6. The contract must be legal. 

Q:
What is a Reception theory? 
A:
Acceptance by email and fax
Q:
What is serious intention to contact?
A:
  • Parties must intend that the agreement they they reach us binding and can be enforced. 
  • When negotiations break down, some terms have been agreed upon but not all the terms have been finalised.
Q:
What is information theory?
A:
Acceptance by email
Q:
Imposed terms? 
A:
  • There is a specific legislation that requires specific contracts to include particular terms
  • Parties themselves can also include imposed terms. The most common one is exclusion clause as it can prevent a customer from suing the other party. 
Mehr Karteikarten anzeigen
Q:
What are the observations on consensus?
A:
1. Serious intention to contract 
2. Offer 
3. Acceptance
Q:
What is a "right of first refusal"? 
A:
Contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party.
Q:
What is an option? 
A:
  • Is an additional feature of a contract. 
  • It's an agreement (contract). 
  • The are two offers : main and additional
  • Additional offer plus acceptance = OPTION CONTRACT. 
Q:
What is expedition theory? 
A:
Email acceptance of an offer
Q:
What is not considered an offer?
A:
  • Pamphlets 
  • Price list 
  • Advertisements
Q:
What is an offer?
A:
  • An offer is made by the offeror and is a statement stating the terms on which the offeror is willing to do business. 
  • The offeror will he bound to the contract if it is accepted by the offeree
  • Offer must be communicated to offeree.
Q:
What role does the law play in our lives?
A:
  • Tells us what we must do. 
  • Tell us what we may not do
  • Tells us what we can do if we want to (e.g conclude contracts, get married, adopt a child) 
  • Protect us and our rights 
MER102

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