Essays on Enforceability

US 311: Business Law I

You are the manager of Acme Fireworks, a fireworks retailer who sells fireworks, puts on ground display fireworks, and large aerial display fireworks. The company started in the owner’s garage two years ago and now has 15 employees that you manage. The company started as a sole proprietorship, and the owner has never changed the entity. The owner has informed you that the company has received inquiries from several large businesses wondering if the company could create several fireworks displays on a regular basis. The owner told the inquirers that the company could fill such display orders, and ...

Introduction

Acme Fireworks is a retailer that sells fireworks, large aerial display fireworks, and ground display fireworks. The owner of the business started the producing fireworks in his garage and in two years the business has fifteen employees managed by a manager. The business is operational as a sole proprietorship from the inception. Acme Fireworks expects the business to expand due to the recent offers and inquires by large organizations to provide firework displays regularly. The owner of the business has replied to the inquirers, and the parties have agreed to a price per display. The major costs of the ...

Section

The Bidding Charterparty invited tenders for the construction of a new cruise-liner, to be called the Ocean Carpathia. Donelly was invited to tender. However, the person responsible for receiving tenders left work early.

ISSUE: WON Donelly Brothers can compel recognition of its bid? HELD: Yes

DISCUSSION: Similar to the case of Blackpool v Blackpool, it is the duty of the entity requesting for bids to inspect all those which have been submitted. In the case at bar, MC Donelly was actually able to submit its bid on time. It is not the fault of the bidder that their documents were not received in time, as it was the responsibility of the ...

Define “contract” and briefly describe the four essential elements necessary for a valid contract to be executed.

A contract is an agreement between two or more parties that is enforceable in court. The four essential elements of a valid contract are capacities of the party involved, mutual agreement or assent, consideration and legality of subject matter.

Identify and describe the various ways that a contract can be classified.

Contracts can be classified broadly into three categories- 1) By type of formation, 2) By type of performance and 3) By enforceability. What is meant by a “mistake” within the context of a legal contract? Describe the different types of mistakes that exist. How do each of these types of “mistakes” impact the enforceability of the contract? In the process ...