by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
Back To: Bankruptcy Law What is bankruptcy? Bankruptcy is both a status and system of laws aimed at protecting individuals and businesses (collectively, individual). An individual is bankrupt when she is insolvent or the value of her debts exceeds the value of her...
by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a contract? A contract is a legally enforceable promise or an exchange of promises. To be enforceable, the contract must meet certain elements. There must be an offer, acceptance of that offer, and then an intended exchange of value between the parties. These...
by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What constitutes an offer to contract? The following elements must be present to establish a valid offer to contract. Offeror and Offeree – An offer to contract must contains a specific promise from the the person making the promise (offeror) and a specific...
by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
When is a contract required to be in writing? Some valid contracts are required to be in writing to be enforceable by a court of law. The requirement that a contract be in writing is generally dependent upon the subject matter of the agreement. A statute requiring...
by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
Who are the beneficiaries of the contract? The parties to the contract are the primary beneficiaries. In general, individuals who are not parties to a contract have no rights to sue to enforce the contract or to get damages for a breach of contract. There are,...
by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
When is a party relieved from her obligations under a contract? Parties to a contract have duties or obligations thereunder. There are generally three options to relieve these obligations: Perform – An individual is relieved from her duties under a contract once...
