Aspects of Contract and Negligence for Business Essay - 10

Aspects of Contract and Negligence for Business - Essay Example When A promises to sell a mobile phone to B for $100 and B promises to buy it from A, the plain giving of a return- promise is already an acceptance. A Bilateral contract differs from the unilateral contract wherein the former is formed upon completed performance Related to bilateral contract is Quasi contract that is not actually a contract, but is applied by courts to unfinished business of bilateral contracts. It is an unbiased system used by the court to: â€Å"avoid unfairness by allowing the plaintiff A to sue to recover the value of the benefit he gave to the other party B.. To compensate for such unfairness, the law implies a promise by B to pay the reasonable value of the benefit which has been conferred on him by the A.†(Stevens, John, 2014) In order to take advantage of the quasi-contract system, plaintiff must show evidence that A actually rendered or expended property that benefitted the B and to allow B to retain the benefits without paying A is unfair. Unilateral contract is not commonly used. In this kind of contract, only one person is obligated to do something. A reward contract is a case in point wherein a person offers a reward to pay a sum of money in exchange for information for the return of something. In this case, the person who received the reward is not obligated to do something. Applying the quasi-contract theory on unilateral contracts, let us look at this situation wherein a doctor rendered medical help to an injured person in an emergency case. Under the quasi-contract theory, the court will imply a promise that the injured person will pay for the value of the medical treatment received.. Implied contracts. There are situations that the terms in the contract are implied and are done as a sign of goodwill. For instance, warranty on the workability, adaptability of the product are illustrations of implied

Lower Division Capstone PowerPoint Presentation Example | Topics and Well Written Essays - 250 words

Lower Division Capstone - PowerPoint Presentation Example (Barro, 2008) GDP is a very important factor which tells the state of an economy. Recession is usually around the corner when GDP has been shrinking for two quarters in a row. Country is usually seen to be recovering back from recession when GDP starts growing again. A high GDP growth country usually attracts a lot of investments. GDP per capita is regarded as an indicator of the overall well being of the citizens of a country. China and India have high GDPs but their GDP per capita is low which is consistent with the millions of poor and malnourished in these countries. The output composition of GDP gives an indication of the type of economy that a country has. A country following an aggressive form of development is most likely to be spending most on investment and very little on consumption. If the GDP data is collected according to various industrial and sectoral categories we can get great insights into the composition of the economy. Normally after a recession just like the one that the country recently witnesses we expect a period of renewal with a high GDP growth .But this time the GDP growth rate has been very lackluster which has raised fears of a double dip recession.GDP as well as total consumer spending in US has declined sharply during the first quarter of 2011 as can be seen from the graph below. The crisis that started a few years ago was largely due to the housing bubble. The great news is that the debt has been reducing continuously and has now reached levels of 1980s and 90s.The burden of debt at present is not too high and will certainly not hamper growth to a large extent (Tilton, August 2011). Household and auto sector were one of the most severely hit sectors during recession. However these sectors are cyclic in nature and are expected to regain some of their lost vigour.This will certainly help in boosting the economy of the country. (Tilton, August 2011) The high deficit of the US government