Fundamental of Law Product or Service

Question: Discuss about the Fundamental of Law for Product or Service. Answer: Introduction: It is not a valid contract as avalid contractis a written or expressed agreement between two parties to provide a product or service. There are essentially six elements of acontractthat make it a legal and binding document. An offer is an expression of readiness to do something which, if followed by the unconditional acceptance of another person (see item (iii)), results in a contract. An offer (unlike a solicitation) is a clear indication of the offeror's willingness to enter into an agreement under specified terms, and is made in a manner that a reasonable person would understand its acceptance will result in a binding contractFor example, if a company tells you that it will sell you 100 boxes of red wine at the price of $100,000, that company is making you an offer. Acceptance occurs when an offeree agrees to be mutually bound to the terms of the contract by giving consideration, or something of value like money, to seal the deal.There is no contract unless and until the offer is accepted by the person to whom the offer is addressed (sometimes called "the offered"). criminal law, intent is one of three general classes of mens rea necessary to constitute a conventional, as opposed to strict liability, crime. A more formal, generally synonymous legal term is scienterAcceptance is normally made orally or in writing, but if the contract allows that the acceptance and performance of contractual duties are to be carried out simultaneously, then acceptance can also be made by conduct. For example, when a supplier receives your cheese, that supplier may immediately deliver the goods to you without saying or writing anything (Hg.org, 2005) It is not valid as there was no proper offer and acceptance as Stein clearly disagreed that he wont be giving an offer. Mutuality is the consent by both parties to a contract to pay, yield, or give up something in return for the benefits received. The capacity of natural and juridical persons, and legal persons in general, determin es whether they may make binding amendments to their rights, duties and obligations, such as getting married or merging, entering into contracts, making gifts, or writing a valid will. To constitute a valid contract there must be meeting of minds and parties should agree to same things at same point of time. When a person makes an offer/ proposal, he signifies to another his willingness to do or to abstain from doing something, o Offer must be given with an intention to create a legal relationship, o There is a clear cut difference between offer and invitation to make an offer, Expression of Opinion, Preliminary Negotiations etc. are not offers, o Offer must be definite, o Offer must be communicated, o Mere statement of price of a piece is not an offer. When a person made a proposal to another and the proposal is assented there to, it is called acceptance, o Voluntary act by the Offered that shows assent to terms of original offer, o Mirror Image Rule: o Offered must unequivocally a ccept offer (Trainagents.com, 2010). If it is valid contract then Doe would not be allowed to work for anybody and he would work for Stein. When two parties make a contract and one breaches it, there are generally two types of remedies that are available to the non-breaching party: equitable remedies and legal remedies. Each type has several subtypes of remedies that may be available. Equitable Remedies Equitable remedies are those that are imposed when money damages would not adequately cure the non-breaching party. The following types of equitable remedies may beavailableinthegivencase: Specific Performance Specific performance is an order by the court that requires the breaching party to carry out the contract as it was originally written. This type of remedy is rare. However, it may be ordered in certain circumstances For example, specific performance may be imposed when the subject matter is unique, such as a famous painting or a specific piece of property. Courts are hesitant to order specific performance because it requires the ongoing monitoring by the court of the contract. Chattel Mortgage : Chattel mortgage, sometimes abbreviatedCM, is the legal term for a type of loan contract used in somestateswith legal systems derived fromEnglish law. Under a typicalchattelmortgage, the purchaser borrows funds for the purchase of movable personal property (the chattel) from the lender. The lender then secures the loan with a mortgage over the chattel. Legal ownership of the chattel is transferred to the purchaser at the time of purchase, and the mortgage is removed once the loan has been repaid. InAustralia, chattel mortgages are commonly used bycompanies,partnershipsandsole tradersto fund the purchase ofcars,commercial vehiclesand other business equipment. perfection: In law,perfectionrelates to the additional steps required to be taken in relation to asecurity interestin order to make it effective against third parties]or to retain its effectiveness in the event of default by the grantor of the security interest. Generally speaking, once a security interest is effectively created, it gives certain rights to the holder of the security and imposes duties on the party who grants that security.However, in many legal systems, additional steps - perfection of the security interest- are required to enforce the security against third parties such as aliquidator. There are three principal modes by which a security interest may be perfected (which method of perfection is applicable depends upon the nature of the security interest and the laws of the relevant country). possession of thecollateral; statutory registration or filing; and notice to the debtor or a fund holder. Fixture: To understand the definition of fixtures, it is first important to comprehend the basics of classification. Almost every thing fits into one of two categories of property: real and personal. Real property includes land and, typically, items that are affixed to land, such as buildings and other improvements. In some jurisdictions the nature of the attachment is specifically described. For example, Cal. Civ. Code 660 provides: A thing is deemed to be affixed to land when it is attached to it by roots, as in the case of trees, vines, or shrubs; or imbedded in it, as in the case of walls; or permanently resting upon it, as in the case of buildings; or permanently attached to what is thus permanent, as by means of cement (Morris, 2010)Fixtures fall somewhere between personal property and real property, but, generally, once a fixture is attached to real estate it is considered real property. Article 9 of the Uniform Commercial Code (Article 9) defines fixtures as goods that have become so related to particular real property that an interest in them arises under real property law. U.C.C. 9-102(a)(41). Blacks Law Dictionary 713 (9th ed. 2009) defines a fixture as personal property that is attached to land or a building and that is regarded as an irremovable part of the real property, such as a fireplace built into a home. Torrens: Torrens title system is a system of land registration in which clear title is established with a governmental authority that issues title certificates to owners. It is a method of registering titles to real estate. Real estate that is recorded using this method is also called registered property or Torrens property. The system was formulated in 1858 by Sir Robert R. Torrens, the then colonial Premier of South Australia to combat the problems of uncertainty, complexity and cost associated with old system title. The first U.S. Torrens system was enacted by Illinois in 1897. In a Torrens system, a court or bureau of registration operates the system, with an examiner of titles and a registrar as the key officers. The landowner files a petition with the registrar to have the land registered. The examiner of titles reviews the legal history of the land to determine if good title exists. The registrar issues a certificate of title to the owner if good title exist. This certificate is conclusive as to the person's rights in the property and cannot be challenged or overcome by a court of law. The drawback of the system is the initial cost of registering a property. The system is most effective when land is subdivided for the first time because it reduces the number of deed entries an examiner reviews. References Hg,org. (2005).Breach of contract. Retrieved 03 Jan 2017 from https://www.hg.org/article.asp?id=20711 Morris. S (2010).Fixtures. Retrieved 03 Jan 2017 from https://www.americanbar.org/content/dam/aba/publishing/probate_property_magazine/rppt_publications_magazine_2010_so_pp_SeptOct10_Morris.authcheckdam.pdf Train agents (2010).Valid contract. 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