'Aspects of contact and negligence for business'-subject Assignment

'Aspects of contact and negligence for business'-subject - Assignment Example If any of these elements is missing, the agreement cannot be treated as a valid contract. The first element of a valid contract is an offer, which is an expression of the willingness of a party to enter into a contract and intends to be bound if the offer is accepted. The offer should include terms, which are certain and be communicated to the offeree (Bayern, n.d.). An offer should be distinguished from an invitation to treat. An invitation to treat is a declaration to enter into negotiations and cannot be accepted in the formation of a contract. They form part of preliminary negotiations and cannot be deemed an offer. The court in Harvey v Facey (1839) held that an invitation to treat is an indication by the owner that they are interested in selling an item. An offer remains open until the specified time expires or is accepted. Where there is no time limit, it is deemed to have expired after a reasonable time as passed. Death or insanity of either party terminates an offer. It can also cease to exist if it is expressly or by conduct demonstrate d that it no longer exis ts. If an offer is made to the general public, it can only be terminated by communicating through the same channel the offer was made. An offer can be rejected by the offeror or with a counter offer (Bix, 2012). In Hyde v Wrench (1840), the court held that a counter offer kills the original offer and the initial offer cannot be accepted at a future time. In Smith v Hughes (1871), the court pointed out that in determining whether there is a valid offer, the parties’ intentions are not important but rather how a reasonable person would consider the situation. The second element of a valid contract is acceptance, which is an expression of agreeing to the terms of the offer. An acceptance can only be valid if the party agreeing to it is aware of the existence of an offer. It must also be unconditional, clear and mirror the terms of the offer. Acceptance becomes

A Discussion of Macroeconomic Policies used by the USA Government over Essay

A Discussion of Macroeconomic Policies used by the USA Government over the past three years, their impact on the USA Economy and how successful these Policies have been - Essay Example f a real-estate slump and related financial problems, there were predictions that margin squeeze from high energy prices or a dollar shock could be crucial factors tipping US growing economy into a downturn. With the global political situation ever changing, foreign policies fluctuation in split second, the economy has suffered too over the recent years. This paper describes the United States of America’s macroeconomic polices in the recent years and their impact on the people. We shall consider the past three years and look at how the changing economic policies changed business interests and how they impact the overall economic situation of the state. In 2006 U.S economy was still suffering from the effects that the hurricanes such as Katrina had on the U.S. economy and because of their reverberations in 2006. The health of the national economy was facing threat, due to the severe beating that the infrastructure took—most notably the infrastructure for energy. For the preceding year and a half, energy prices had surged worldwide. When the storms hit at the end of August, economic activity had been quite robust for several years, supported by monetary accommodation and strong productivity growth. Real GDP had grown steadily at, or above, its potential or long-run sustainable pace, which is estimated at around three and a quarter percent. This pattern continued even during the third quarter—immediately following the hurricanes—when real GDP grew by just over four percent. In the fourth quarter, growth did drop sharply to about 1 Â ½ percent. However, a good deal of this slowdown appears to have been due to sev eral temporary factors, none of which were related to the hurricanes. In 2006 the US economy was facing a great deal of un-certainty; the economy appears to be approaching a highly desirable glide path. First, real GDP growth currently appears to be quite strong, but there was good reason for it to slow to around its potential rate as the year