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  • Assignment A Counter Offer: Background Notes

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    Tây Quan
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    Consideration is the most controversial essential element of a contract and refers to something of value that is exchanged between both parties. While consideration is often monetary, it can be anything that has worth to the parties. An implied contract exists when the actions of the parties imply the three elements of a contract, even if there is no verbal or written agreement. For example, a person who parks their car in a private parking lot has implicitly agreed to pay parking fees. Contracts are commonly needed for company formation, real estate transactions, employment, product or service agreements, and bank loans.

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    22.03.2021 Unit 5 Contract Formation (1)

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    Consideration is the most controversial essential element of a contract and refers to something of value that is exchanged between both parties. While consideration is often monetary, it can be anything that has worth to the parties. An implied contract exists when the actions of the parties imply the three elements of a contract, even if there is no verbal or written agreement. For example, a person who parks their car in a private parking lot has implicitly agreed to pay parking fees. Contracts are commonly needed for company formation, real estate transactions, employment, product or service agreements, and bank loans.

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    143 views3 pages

    Assignment A Counter Offer: Background Notes

    Uploaded by

    Tây Quan
    Consideration is the most controversial essential element of a contract and refers to something of value that is exchanged between both parties. While consideration is often monetary, it can be anything that has worth to the parties. An implied contract exists when the actions of the parties imply the three elements of a contract, even if there is no verbal or written agreement. For example, a person who parks their car in a private parking lot has implicitly agreed to pay parking fees. Contracts are commonly needed for company formation, real estate transactions, employment, product or service agreements, and bank loans.

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    of 3

     Consideration

    + A common-law term
    + The least transparent
    + The most controversial of the three essential elements
    + is often money
    + But it covers everything that is of value to the parties
    + Bothe parties provide consideration for the other party
     Implied contract
    + the three elements are implied by the actions of the parties
    + Even if no conversation takes place
    + And no document change hands
     For example: a man who parks his car in a private car park has entered into
    an implied contract with the car park’s owners to pay their fees
    In what situation do people need contract?
    - Company formation
    - Sale of lease of property (real estate)
    - Recruitment
    - Agreement to supply a product a service
    - Bank loans

    BACKGROUND NOTES
     Assignment: transferring the rights of the contract to another person
     A counter offer: a response to an offer, offering new terms. As such, it is a
    rejection of the original offer – lời đề nghị khác trong hợp đồng
     An instrument: a written legal document, such as a contract or a will
     Statue of frauds: in most common-law jurisdictions, states which types of
    contract must be in writing. This includes not only property, but also
    marriage, etc.
     Acceleration: clause in a contract requiring the obligor to pay all or a part of
    a payable amount sooner than as agreed upon the occurrence of some event
    or circumstance stated in the contract, usually failure to make payment –
    điều khoản hối thúc
     Assignment: clause prohibiting or permitting assignment under certain
    conditions – điều khoản chuyển giao
     Confidentiality: clause concerning the treating of information as private and
    not for distribution beyond specifically identified individuals or
    organizations, nor used other than for specifically identified purposes – điều
    khoản bảo mật thông tin
     Consideration: clause expressing the cause, motive, price or impelling
    motive which induces one party to enter into an agreement – đối ứng
     Force majeure: clause designed to protect against failures to perform
    contractual obligations caused by unavoidable events beyond the party’s
    control, such as natural disasters or wars – điều khoản về điều bất khả kháng
     Liquidated damages = stipulated damages: clause referring to an amount
    predetermined by the parties as the total amount of compensation a non-
    breaching party should receive if the other party breaches a part of the
    contract – điều khoản về thiệt ước tính
     Entire agreement: clause stating that the written terms of an agreement may
    not varied by prior or oral agreements because all such agreements have
    been consolidated into the written document – điều khoản nguyên bản
     Severability: clause providing that, in the event that one or more provisions
    of the agreement are declared unenforceable, the balance of the agreement
    remains in force. – điều khoản hiệu lực từng phần
     Termination: clause outlining when and under which circumstances the
    contract may be terminated – điều khoản giải ước / chấm dứt hợp đồng
     Payment of costs: clause setting out which party is responsible for payment
    of costs related to preparation of the agreement and ancillary documents –
    điều khoản thanh toán chi phí
     Lack of legal capacity: when one party doesn’t have the ability to enter into
    a legal contract, i.e. is not of legal age, is insane or is a convict or enemy
    alien – không có năng lực pháp luật
     Duress: when one party induces another into entering into a contract by use
    or threat of force, violence, economic pressure or other similar means – thúc
    ép ký hợp đồng
     Illegality of subject matter: when either the subject matter (e.g. the sale of
    illegal drugs) or the consideration of a contract is illegal
     Fraud in the inducemet: when one party is intentionally misled about the
    terms, quality or other aspect of the contractual relationship that leads the
    party to enter into the transaction – sự gian lận hối thúc 1 bên ký hợp đồng
    cho nhanh
     Act of god: legal term for natural disasters such as floods, earthquakes, etc.
     To default on a loan: to fail to make a payment on time
     Covenant: legally binding agreement
     Schedule: an appendix to a legal document, such as a table or financial data
    or a list of names and addresses – mục lục
     Exhibit: is also attached to a legal document, and is referred to in the
    document, but it exists independently of the document and may be different
    in style – phụ lục
     Credit rating: mức độ tín nhiệm
     To supersede = to replace
     Respecting: with respect, regarding
     Capitalized terms: these terms are defined
     Precedent: preceding, before
     Execute the covenant: sign the covenant
     Controlling ownership interest:
     Lessee: person who leases sth, typically property, from somebody else
     Wire transfer: electronic transfer of funds
     Provision: a clause which states a condition that must be met – điểu khoản
     Franchising: nhượng quyền
     Power of attorney: ủy quyền
     To take offence: tự ái

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