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Topic 18: Business Law - 53 B Legal requirements for contracts For a valid contract to exist, ve elements must exist: offer and acceptance, genuine assent, adequate consideration, capacity, and legality (1) Offer and acceptance One party must make a de nite, unquali ed offer, and the other party must accept his offer in total Three conditions must exist for there to be a valid offer: intent, communication, and de niteness Three conditions must exist for there to be a valid acceptance: bilateral contract or a unilateral contract, content, and communication (2) Genuineness of assent It is important that both parties are bound by their promises There are certain conditions that would cause a lack of assent so that no valid contract exists: (a) Misrepresentation (b) Duress, indicating a condition of coercion (c) Undue in uence, indicating a lack of assent by the offeree (d) A unilateral mistake, whereby one party knows or should realize that the other party is relying on a mistaken belief or incorrect information (e) A mutual mistake, indicating a contract that contains latent ambiguities and can be avoided by either the offeror or the offeree (f) A lack of mutuality exists in a situation in which a statement has been made that sounds like a promise but does not, in reality, bind the person making the statement to do anything (3) Adequate consideration Consideration is something that is bargained for and exchanged in a contract (4) Legal capacity The parties to an enforceable contract must be capable of entering into the contract in the eyes of the law There are certain parties who lack legal capacity (a) A minor lacks legal capacity (b) An insane person lacks legal capacity (c) An intoxicated person may lack legal capacity (5) Legality The terms of a contract cannot require any laws to be broken C Types of contracts (1) Nature of the promise (a) Bilateral contract The promise of one party is exchanged for the promise of the other party Both parties make promises that are legally enforceable (b) Unilateral contract The promise of one party is exchanged for the other party s performing some act or refraining from some act Only one party can be forced to comply with the contract For example, insurance contracts are unilateral Only the insurer is legally bound to do something The insured makes no promise to do anything Of course, if the insured does not pay the renewal premium, the policy is canceled (2) Legal validity and enforceability (a) Enforceable contract All conditions and elements are present and clear (b) Void contract A void contract has no legal standing because it lacks one or more of the requirements speci ed by law for a valid contract (c) Voidable contract A voidable contract is a legally enforceable contract, but one from which at least one of the parties can escape liability because of lack of capacity, lack of mutuality, duress, misrepresentation, undue in uence, or mistake. asp.net barcode generator open source Barcode in ASP . NET /C# NET /C# using StrokeScribe barcode generator . Our examples use IStreaminterface to produce barcode images in memory, without use of temporary files. barcode generator in asp.net code project Code 39 ASP . NET Control - Code 39 barcode generator with free ... Code 39 barcode control integrated in .NET Framework 2.0, 3.0, 3.5 and aboveversions; Dynamically stream Code 39 into ASP . NET web solutions, like ... Print, make scannable 1D Code 39 bar code images with high esolution that support all printers. image formats; Free C# sample source code provided to help . 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Topic 18: Business Law - 53 B Legal requirements for contracts For a valid contract to exist, ve elements must exist: offer and acceptance, genuine assent, adequate consideration, capacity, and legality (1) Offer and acceptance One party must make a de nite, unquali ed offer, and the other party must accept this offer in total Three conditions must exist for there to be a valid offer: intent communication, and de niteness Three conditions must exist for there to be a valid acceptance: bilateral contract or a unilateral contract, content, and communication (2) Genuineness of assent It is important that both parties are bound by their promises There are certain conditions that would cause a lack of assent so that no valid contract exists: (a) Misrepresentation (b) Duress, indicating a condition of coercion (c) Undue in uence, indicating a lack of assent by the offeree (d) A unilateral mistake, whereby one party knows or should realize that the other party is relying on a mistaken belief or incorrect information (e) A mutual mistake, indicating a contract that contains latent ambiguities and can be avoided by either the offeror or the offeree (f) A lack of mutuality exists in a situation in which a statement has been made that sounds like a promise but does not, in reality, bind the person making the statement to do anything (3) Adequate consideration Consideration is something that is bargained for and exchanged in a contract (4) Legal capacity The parties to an enforceable contract must be capable of entering into the contract in the eyes of the law There are certain parties who lack legal capacity (a) A minor lacks legal capacity (b) An insane person lacks legal capacity (c) An intoxicated person may lack legal capacity (5) Legality The terms of a contract cannot require any laws to be broken C Types of contracts (1) Nature of the promise (a) Bilateral contract The promise of one party is exchanged for the promise of the other party Both parties make promises that are legally enforceable (b) Unilateral contract The promise of one party is exchanged for the other party s performing some act or refraining from some act Only one party can be forced to comply with the contract For example, insurance contracts are unilateral Only the insurer is legally bound to do something The insured makes no promise to do anything Of course, if the insured does not pay the renewal premium, the policy is canceled (2) Legal validity and enforceability (a) Enforceable contract All conditions and elements are present and clear (b) Void contract A void contract has no legal standing because it lacks one or more of the requirements speci ed by law for a valid contract (c) Voidable contract A voidable contract is a legally enforceable contract, but one from which at least one of the parties can escape liability because of lack of capacity, lack of mutuality, duress, misrepresentation, undue in uence, or mistake. asp.net barcode generator free ASP . 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Because the type II error probability is a function of both the sample size and he extent to which the null hypothesis H0 is false, it is customary to think of the decision to accept H0 as a weak conclusion, unless we know that is acceptably small. Therefore, rather than saying we accept H0 , we prefer the terminology fail to reject H0 . Failing to reject H0 implies that we have not found suf cient evidence to reject H0, that is, to make a strong statement. Failing to reject H0 does not necessarily mean that there is a high probability that H0 is true. It may simply mean that more data are required to reach a strong conclusion. This can have important implications for the formulation of hypotheses. An important concept that we will make use of is the power of a statistical test. De nition The power of a statistical test is the probability of rejecting the null hypothesis H0 when the alternative hypothesis is true. 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