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Evan Brown has a writeup over on Internet Cases that is a great real life example of Agency Law and a principal being bound to a contract due to the apparent authority of an agent. Summary: Company A used an independent contractor to negotiate an oil lease with Company B Contractor used a Company […]
An accord is an agreement between the parties to a contract to permit some different performance to replace the original promised performance. Accord alone does not discharge (end) the contractual obligation; accord and satisfaction (carrying out the accord) discharges the obligation. An accord usually refers to the settlement of a disputed contract.
Contract Acceptance is the agreement of the offeree to the proposal (the offer) of the offeror. It may be either oral or written and must conform to all the terms of the offer (“mirror image” rule) (U.C.C. 2-207). Acceptance provides an exception for nonmaterial terms in contracts between merchants. Any reply to an offer that […]
Tori is a weekly NINJA CPA Blogger. Hey NINJAs, This week has been another uneventful, yet productive study week. I feel like I am almost ready to schedule my exam and get this thing over with. My goal is to get done with my rematch of REG, then jump straight into BEC. As I stated […]