Business law case study Example | Topics and Well Written Essays - 1000 words

Business law - Case Study Example The nature of the transaction is dependent upon the agreement between the parties. A novation also takes place when the original parties continue their obligation to one another, but a new agreement is substituted for the old. In order for the novation to be legally binding and enforceable, it must be agreed between all the parties involved and must be in writing as required by law. Answer: Breach of contract may be defined as the failure of one of the parties in a contract to abide with the terms or conditions of the contract. It gives rise to a cause of action and the party at fault could be held liable for the payment of damages. The party at fault could be held liable for the actual loss or nominal loss, or both of the aggrieved party. Actual losses are those that can be identified or estimated. Nominal losses are awarded when no apparent loss can be estimated as a result of the breach. In this case, Jettison could be held liable for payment of the actual loss suffered by the lessor which is the payment of the monthly lease for one year. The $250 dollar monthly reduction is not a loss at all so it is not compensable. Answer: One of the essential requisites of an employment contract is acceptance by the other party within a reasonable or a given period. The Big Bucks, Inc. offered an employment contract to Sara Student. ... The non-compete clause is a valid provision in an employment contract. It is an agreement that restricts an employee from seeking an employment to a similar institution, or to use the information gained after the employee had left the employer-company who made the agreement. This is to prevent trade secrets and confidential information from being exposed and utilized by other companies. The New York case of Double Click v. Henderson is the leading authority for this case (Nov. 7, 1997, WL 731413, N.Y. Sup. Crt.) Cyber-Deli Caf case: Issue: Is Kevin and his partners liable for the injury sustained by the customer who slipped and wrenched his back at the main dining area of the caf Answer: The premises liability rule is the body of law which makes the owner or possessor of land or property responsible or liable for injuries sustained by a person who is present in a premise (Expert Law). The US Reinstatement of (Second) Torts drafted by the American Law Institute is one of the legal sources of premises of liability. An example of premises liability can arise from a "slip and fall" accident. Slip and fall accident happens when an invitee, a licensee, or a trespasser slipped or fell in a property maintained by the owner or possessor causing him or her an injury as a result of the "dangerous condition" of the place which is known by the owner or possessor but was not anticipated by the injured party. To be legally responsible for the injuries someone suffered from slipping, tripping, or falling on someone else's property, the owner/possessor or the employee of a store, restaurant, or other business must have caused the spill, worn, or torn spot, or other