Digital Business -6

Namgun
2017년 3월 5일
2분 분량

Hi guys !!

The topic of this week is contract law. But I couldn't attend last Monday's lecture. I had to learn it by myself.

Contract law

So what is contract? Contract is written or expressed agreement between seller and buyer to provide products or service. It is exactly what will be provided in detail. There are legally enforceable terms and conditions, also called object of the contract. Contract law is law for protecting both buyer and seller. If there is no contract law, they can't trust each other and not achieve business. So we need contract law for contract.

There are three questions about contract law. Let's try these.

1. Firm Ltd sent the following offer to Book Store Ltd: "We offer you 100 hundred pieces of children's books at the price of 150 euros. The offer is valid until 1st of December.” Book store Ltd gave the following response: "We order 100 pieces of children's books at the price of 140 euros." The reply arrived at Firm Ltd on the 2nd of December. Had a binding contract arisen ?

2. Restaurant offered to Cafe two used ovens saying the that offer is valid for two weeks. Cafe accepted the offer within four days. Next day Cafe was offered similar ovens at a much lower price in a bankruptcy sale. Now Cafe wanted to cancel their order to Restaurant. Is it possible?

3. Import Ltd sent to Data Ltd an offer concerning Canadian video games. This offer was valid for a week. Data Ltd told Import Ltd straight away that they are not interested. Two days later a sizeable devaluation was announced which would raise the prices of imported goods. The executive director of Data Ltd immediately faxed a letter saying that because the period of validity was still open they wanted to order the video games. Give your opinion on this case.

How is it going? I think it is not easy. I will let you know answers about these questions in next blog.

Contract law differs with countries. It is important to understand about the culture of those countries if you want to do business in other countries. So I would like to introduce South Korea business culture.

South Korea business culture

South Koreans are serious businessmen and passionate about their work. So many Koreans work late every day and even spend the weekend at workplace. Koreans are extremely patriotic. They value honour, sincerity, duty, respect, filial piety, and of course, loyalty in the workplace.

Lapland

Lapland!!Snowworld!! Yes!That's reason why I missed Monday's lecture. I have been there for a week. It was one of the most beautiful places I have been.