CCE3330 Construction Codes Specifications ContractsSpring 2

CCE3330 Construction Codes, Specifications & Contracts-Spring 2018 Homework 82-100 Points DUE 2/02/18 Provide full answers to following questions. You are encouraged to stated in the text. You will be graded on the completeness of your answers, your ability to conduct research outside of what is argue your points/answers, as well as on professional communications grammar, diction, sentence structure, etc Codes effectively the term \"codes\". What does it mean when used in engineering and construction? Hovw do codes differ from specifications and contracts? Define the term \"contract\". What does it mean to enter into a contract with someone? What Describe the five different types of contracting procedures outlined in the text. Include Which types of contracting procedures are more suitable for fast-tracking projects and why? What are the main differences between express and implicit contracts? What are the risks Describe the elements of a contract are the two basic categories of contracts? How are contracts enforced discussion of the advantages and disadvantages of each. associated with each? Real Property What are the major differences between a right-of-way and an easement? What risks do municipalities incur when they have minimal zoning restrictions? Agents Define \"agent\" and \"principal\". What is an agency agreement and what are the major aspects of What are the advantages and disadvantages of using day labor agencies? Compare and contrast independent contractors and statutory employees. Why is it very an agency agreement important to understand the difference and know the status of those with whom you work and employ? Forms of Organizations What are the major differences between a proprietorship and a partnership? What are the essential elements of a partnership? Define \"corporation\". What are the basic elements of a corporation? Compare and contrast and partnerships, i.e. what are the advantages and disadvantages of each compared to the other?

Solution

Contract- An agreement with special terms between two or more person in which there is a promise to do something in return for something of value. A contract is a written or expressed agreement between two parties to provide a product or service. There are essentially six elements of a contract that make it a legal and binding document.

In order for a contract to be enforceable, it must contain-

Two categories of contracts are-

A valid contract is a written or expressed agreement between two parties to provide a product or service. There are essentially six elements of a contract that make it a legal and binding document. In order for a contract to be enforceable, it must contain:

In other words, a contract is enforceable when both parties agree to something, back the promise up with money or something of value, both are in sound mind and intend to carry out their promise and what they promise to do is within the law.

A void contract is missing an element. In this case, the contract does not have to be terminated in court. It simply does not have to be executed, and both parties can walk away. Suppose Dennis offers to sell his neighbour\'s dog to Jean. This would make the contract between the parties void because Dennis does not actually own the pooch. This means the sixth element, legal object, wasn\'t present. It is illegal to sell another person\'s personal property without permission

Entering into contract explained-

HCIM, one of the Defendants, had acquired a 55% membership interest in Hatteras Alternative Mutual Funds (HAMF). At that time, HCIM became the sole managing member of HAMF per an Operating Agreement. Four years later, HCIM signed an Asset Purchase Agreement to sell all the assets of HCIM and HAMF to two unrelated entities.

The HAMF Operating Agreement said that the consent of the non-managing members of HAMF was required before “the entering into any contract . . . with the Managing Member or an Affiliate of the Managing Member.”

HCIM and HAMF were both parties to the Asset Purchase Agreement, but they were both sellers, on the same side of the transaction