The concept of legal consideration

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1) What elements must be present for there to be a meeting of the minds to form a contact? Example: If you are very frustrated with your car after being told that a repair will cost a lot of money and say, “I’d take 2 cents to get rid of this money pit of a car.” Can you say, “sold, here is a nickel and you can keep the change” and have an enforceable contract? (Answer question and add the example to your explanation.)

2) Demonstrate that you understand the concept of legal consideration. If a company promises you a job and you quit your existing job and move to a new state for the job and prior to your first day, the company imposes a hiring freeze and cannot hire you, can you enforce the contract? Would the doctrine of promissory estoppel or some other theory apply in this situation?

 

Sample Solution

At the heart of most professional relationships is a contract. If you are striking a bargain, coming to an agreement, or closing a deal, a contract is what cements the obligations, rights, and duties of all parties involved. And even though contracts are infinitely varied in length, terms, and complexity, all contracts must contain these six elements: offer, acceptance, consideration, meeting of the minds, capacity and legality. When these six elements are present, a contract evolves from a simple agreement to a binding legal document. But if you lack just one of them, a contract may not be enforceable at all.

2. Easily Accessible Information

With a human resources management tool or TMS, it is easy to access essential information from all your employees. It will be available on your laptop when you attend a meeting and receive questions from your employees. Simplify decision-making, as all data is instantly accessible and up-to-date, so you don’t have to worry about having incorrect or old information.

Frees Up A Lot of Time

Talent management software can automate any manual depletion process, allowing you to focus on more productive and important tasks. If your company has a decent number of employees, it will be difficult for you to manage their information on paper. Finding even the most basic details about how many vacations are available for a particular employee can be a complete nightmare, but if you have a human resource management tool, it will allow you to automate key processes such as self-service, training and pain. days and holidays. You can also streamline work flows to improve overall job management and productivity. This way, a human resource management platform can save you a lot of time, which most of the time translates into money.

Simple Employee Development

It is common belief that you need to hire new employees to grow your business / organization, but this is not the case. In fact, it is more convenient and useful to properly train existing employees, and HR software can help you with that. Talent management platforms facilitate employee development from training courses to performance evaluation. Periodic evaluations can increase employee morale and encourage them to maintain high standards of performance: the software stores data on the issues being discussed, the feedback provided, and the goals / objectives they have decided on. Your employees can also acces

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