1 answer

What does the sanctity of contract mean? What significance, if any, does the concept hold in...

Question:

What does the sanctity of contract mean? What significance, if any, does the concept hold in the business community?

1 pg please single spaced.THANKS!


Answers

Sanctity Of Contract is a general idea that they must respect their obligations under that contract once the parties have formally entered into a contract. While effective breach theory is that parties should feel free to infringe a contract and pay damages, as long as this result is more cost-effective than performing under the contract. For the business community, the principle of contract sanctity is important as it promotes the use of contracts as a tool for protecting their resources. No contract is formed where a corresponding proposal and acceptance is not made by the parties.

Consequently, certain cases where the sanctity of contracts has led to further legal action in the business community are typical contract violations and contract breaches. The right to void the contract could be given to the adversely affected party in the process of contract formation which is short of breaching the contract.

The value of a party's duties when entering into a contract lies at the root of these forms of common contract errors.

.

Similar Solved Questions

1 answer
Component Ca(OH)2 Water Mass Fraction 0.583 0.417 Total Mass (kg/s) 0.454 0.325 0.779 Ca(OH)2 solubility is...
Component Ca(OH)2 Water Mass Fraction 0.583 0.417 Total Mass (kg/s) 0.454 0.325 0.779 Ca(OH)2 solubility is 140g/100 gram. Total flow is.779 Kg/s Please explain how individual mass and mass fraction is obtained. Thanks...
1 answer
Please solve this as soon as possible. i have very less time. 1. The competitive market...
Please solve this as soon as possible. i have very less time. 1. The competitive market system: a. Encourages innovation because successful innovators are rewarded with economic profits b. Encourages innovation because government provides tax breaks and subsidies to those who develop new products or...
1 answer
Results Draw the pattern seen on the gel and label each line. Mark the anode and...
Results Draw the pattern seen on the gel and label each line. Mark the anode and cathode. (+) block 0 0 0 hedral Kidney D 0 0 0 0 0 0 0 lungo 10 spleep ID mit I 1. Compare the LDH isoenzyme from different tissues and offer some possible explanations for the differences. 2. Compare the LDH isoenzyme ...
1 answer
When you work in the medical coding field you would be required to COPY the front...
When you work in the medical coding field you would be required to COPY the front and back of the Patient Insurance Card. Provide the Insurance Company group number from the Insurance Identification Card?...
1 answer
Open in Desktop App A A BI U er av 10 5.3 Using the following Balance...
Open in Desktop App A A BI U er av 10 5.3 Using the following Balance Sheet summary information, calculate for the two companies presented: E. working capital F. current ratio Current assets Current liabilities Company N $124,680 63,250 Company o $ 180,550 153,250 PA16. 10 5.4 From the following Com...
1 answer
Assume the hold time of callers to a cable company is normally distributed with a mean...
Assume the hold time of callers to a cable company is normally distributed with a mean of 20 minutes and a standard deviation of 0.5 minute. Determine the percent of callers who are on hold for more than 20 minutes Click here to view page 1 of the standard normal distrbution table, Click here to vie...
1 answer
Preeti has an investment that is worth 58,800 dollars and has an expected return of 11.6...
Preeti has an investment that is worth 58,800 dollars and has an expected return of 11.6 percent. The investment is expected to pay her 47,100 dollars in 3 year(s) from today and X dollars in 8 year(s) from today. What is X?...
1 answer
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms...
1 answer
Information about noncash investing and financing activities must be disclosed in a schedule that is separate...
Information about noncash investing and financing activities must be disclosed in a schedule that is separate from the statement of cash flows. True False...
1 answer
Draw a complete electron pushing mechanism for the following reaction. HOA AN Hg2*, H₂SO4 (dil) H2O,...
Draw a complete electron pushing mechanism for the following reaction. HOA AN Hg2*, H₂SO4 (dil) H2O, A HO) OH HO (10 pts) A)...
1 answer
How do you find the next three terms in the geometric sequence 4, -2, 1, -, ... ?
How do you find the next three terms in the geometric sequence 4, -2, 1, -, ... ?...
1 answer
Please show work for better understanding 13.9 Define coupling constant. The distance between different signals The...
Please show work for better understanding 13.9 Define coupling constant. The distance between different signals The distance between the peaks of a multiplet The distance between the signal and the reference The distance between the first signal and the last signal 13.20 Where do N–H signals...
1 answer
Jack earned a 15.4 per cent return on a share that he purchased one year ago....
Jack earned a 15.4 per cent return on a share that he purchased one year ago. The share is now worth $12.51, and he just received a dividend of $1.11. How much did Jack originally pay for the share? (in dollars to the nearest cent; don’t use $ sign)...
1 answer
(1 point) Use implicit differentiation to find an equation of the tangent line to the curve...
(1 point) Use implicit differentiation to find an equation of the tangent line to the curve 2xy3+xy=302xy3+xy=30 at the point (10,1)(10,1). (1 point) Use implicit differentiation to find an equation of the tangent line to the curve 2xy3 + xy = 30 at the point (10, 1). The equation -3/70 defines the ...
1 answer
12.22 g of the monoprotic acid KHP(MW = 204.2 g/mol) is dissolved into water. The sample...
12.22 g of the monoprotic acid KHP(MW = 204.2 g/mol) is dissolved into water. The sample is titrated with a 0.85 M solution of calcium hydroxide to the equivalence point. What volume of base was used?...
1 answer
A large storage tank, open at the top and filled with water, develops a small hole...
A large storage tank, open at the top and filled with water, develops a small hole in its side at a point 15.2 m below the water level. The rate of flow fron the leak is found to be 2.80 x 10-3 m3/min. (a) Determine the speed (in m/s) at which the water leaves the hole. m/s (b) Determine the diamete...
1 answer
A number of major structural repairs completed at the beginning of the cur rent fiscal year...
A number of major structural repairs completed at the beginning of the cur rent fiscal year at a cost of $1,000,000 are expected to extend the life of a building 10 years beyond the original estimate the building was $8, 190,000, and it has been depreciated by the straight- line method for 50 years....
1 answer
9. Compare and contrast the fertility and mortality rates of Japan and the United States. 10....
9. Compare and contrast the fertility and mortality rates of Japan and the United States. 10. Do the traditional Japanese maintain sustained eye contact with strangers? Why or why not? 11. To which drugs might Japanese people have greater sensitivity than that of white ethnic populations? 12. How do...