Business contract Law Essay Example | Topics and Well Written Essays - 1000 words - 1

Business contract Law - Essay Example In case of a material change in a proposed contract, it must accompany a counteroffer, which has to be acceptable by the other party (Emerson, 2009: p87). A contract cannot only subsist on the basis that their exist agreement between two parties. However, the parties to the stated agreement must intend to form a legally binding agreement (Emerson, 2009: p82). Consideration refers to the price paid for the promise of the other party. The price mentioned must be of value although it may not necessarily refer to money. It may consist of some right, interest, profit of benefit to one party or, on the other hand, loss or responsibility incurred by the other party (Adams, 2012: p65). Parties to a contract must be competent and authorized to enter into a contract, and therefore, not all individuals are fully free to enter into a valid contract. The following group of people involves problematic consent: people with mental impairment, minors, bankrupts, corporations and prisoners (Adams, 2012, 65). Refers to the parties mutual understanding and assent to the expression of their agreement. The consent of each of the parties in a contract must be genuine in the sense that they must agree to the same thing, in the same sense and at the sense time (Gillies, 2006: p143). Annabel Constructions Ltd. only made a contract with Murray & Co. regarding supplying and fixing double-glazed windows. The issues relating to the additional amount of $20,000 bases only on a promise made between Annabel Smith and John Murray, which creates neither a contractual obligation nor a legal right between them. A promise differentiates from a contract in the sense that a valid contract creates an obligation to the parties and is enforceable in the court of law, whereas a promise without any consideration creates no legal obligation to be enforced in a court of laws (Kelly et. al. 2013: p231). Therefore, due to the absence of essential terms of consideration, the

Nintendo Corporation Research Paper Example | Topics and Well Written Essays - 1000 words

Nintendo Corporation - Research Paper Example From this paper it is clear that the internal resources include the strengths and weaknesses while its external resources are the opportunities and threats. Nintendo Corporation should strive to maximize its strengths and opportunities while at the same time minimizing its weaknesses and threats. Nintendo Corporation boasts of strong, formidable and established brands in the world market. Most of its products are unrivalled putting it in a better position to command and dictate the taste of the market. For instance, the Nintendo 3DS that was initiated in the US in March 27, 2011 enables the users to view contents in 3D without necessarily using the special glasses. Additionally, the Wii that comes in different advanced revolutionary features has made the product the best selling in the world. The corporation also has a robust and steady escalation in its revenue. Although the company was founded in Tokyo, Japan, it now has branches in all major world markets of the world. As of March 2011, the conclusion of their economic year, the entire proceeds of the corporation was $ 4799.40. This shows that company stands in better grounds in terms of assets and strengths. Besides, Nintendo Co. Ltd. has a strong cash flow system. The operating cash flow indicates the amount of money in cash that the firm generates when it sells its products or renders the services. It is calculated by subtracting the firm’s taxes from the taxes. As of march, 2011, the cash flow for Nintendo was $ 1.19 billion. The major fault that this corporation faces is the shortages of inventories.