Management Assignment(LAW) Essay Example | Topics and Well Written Essays - 1000 words

Management Assignment(LAW) - Essay ExampleCharles Fried stated that persons entering into a specialise are virtuously bound to keep it.*4 Therefore, a resolve is equivalent to a written promise to deliver a service or goods in sub for some consideration and fairness in transactions is the goal sought to be achieved in contract law.Traditional notions of laissez faire have been eschewed in modern contract law. In interpreting contracts and determining their validity, the courts have demonstrated that it is not the meaning a person actually intended to convey but what a credible person would have construed it as, which is referred to as the process of objective interpretation.*5 In order that a contract be deemed valid, the parties to the contract must be clear specified and the terms upon which the parties agree to conduct business must also be clearly laid out. In the case of Intels suppliers, the contract would thus exist between Intel and the suppliers, since the engineers ar e in effect, acting on behalf of Intel and not as independent agents. This would but qualify as a bilateral contract since it involves the two parties Intel via its engineers and the suppliers.In purchasing their supplies, the engineers functioning as Intels agents will be deemed to have made an offer for buy of goods*6, which will not however be enforceable unless the suppliers have agreed and indicated their agreement through a written contract. An offer which is not communicated to the offerree will be deemed to be invalid or ineffective.*7 Therefore, assuming that Intels engineers have communicated their offer to the suppliers and there is a counter proposal made by the supplier in regard to the purchase price of the goods, this will be deemed to negate the original offer.*8 It is then up to the offerer to either agree with the counter proposal and indicate