elements required for formation of valid contract The contract law is a situation where law is related to business transactions. In the situations good are purchased‚ sold‚ as well as moved through the contract. The employees are hired‚ land are developed‚ sold‚ bought leased or financed under the contract. Most of the businesses are based under contracts. Generally‚ the contracts represent foundation of the most of the commercial activities and therefore contract law stands for one of the crucial areas
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CONTENTS 1. BACKGROUND: 1 2. CONTRACT: 1 2.1 VALID CONTRACT: 2 2.2 VOID CONTRACT: 2 2.3 VOIDABLE CONTRACT: 2 3. SALES CONTRACT: 3 3.1 SUBJECT MATTER (MAL): 3 3.2 CLASSIFICATION OF MAL: 4 3.3 CONDITIONS OF VALIDITY OF SALE: 4 3.4 PROHIBITED SALES: 7 3.5 KINDS OF SALE TRANSACTIONS: 10 3.5.1 BAY AL MUQAYADAH: 11 3.5.2 BAY AL MUTLAQ: 11 3.5.3 BAY AL SARF: 12 3.5.4 SALAM CONTRACT: 13 3.5.5 ISTISNA 16 3.5.6 MURABAHAH 19 3.5.7 BAY’AL-MUAJJAL 22 4
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Part 1 A contract is an agreement between two or more parties‚ which can be legally enforceable. A contract maybe written or oral‚ although an oral agreement can be difficult to prove in court. In order for a contract to exist it must include four elements‚ that being offer‚ acceptance‚ intention and consideration. (Sweeney & O’Reilly 2007 pg 160). A contract only exists when an offer has been accepted‚ an offer has the intention to be legally binding and the willingness to contract on certain conditions
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international contract is a contract that has a foreign element‚ that is to say that the contract is in contact with one or more order (s) legal (s) abroad (s). Specifically‚ the foreign element may be resident abroad‚ a party to the contract‚ nationality‚ place of contract conclusion‚ and many other possibilities. The commercial contract is a contract for a commercial transaction or a contract made by a trader for the purposes of his trade. Therefore an international commercial contract is the addition
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law‚ a contract is a legally binding agreement between two or more parties that sets an exchange of promises of what each party will or will not do".(Elliott‚2011‚p.13) The contract can be unilateral and bilateral. if the oferee can accept simply by promising to perform‚ the contract is bilateral. Bilateral contract is a "promise for a promise"‚ and in order to be formed‚ is not need for consideration to be made at the time when the promises are exchanged . In a unilateral contract‚one party known
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World War 1. On June 28th‚ 1914 in the Austro-Hungary. Gavrilo Princip assassinated Franz Ferdinand‚ heir to the imperial throne. Princip was a member of a Serbian terrorist organization‚ Black Hand. He was trying to spread Serbian nationalism. Instead‚ his reckless act started World War 1. About a month of diplomatic challenges and responses‚ the Central Powers (Germany‚ Austria-Hungary‚ and Ottoman Turkey) and the Allied Powers (Britain‚ France‚ and Italy) went to war. 2. What role did America have
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“The Labour Party is the party of devolution.” Is this a reasonable statement to make? Devolution is defined as “the transfer of power to a lower level‚ especially by central government to local or regional administrations” (oxforddictionaries.com). It can also be defined as “the transfer of power from a superior sovereign to a subordinate parliament or assembly.” (Tonge 2010). Within a devolved state‚ the sovereign power retains the technical power to suspend the devolved government. Since Labour
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The Political climate went through considerable changes over the turn of the century‚ the 1870’s and 1880’s were the height of liberal strength‚ with Gladstone leading the party. The party lead with core messages promoting free trade‚ Home rule and the welfare state. The liberal party found ‘it was difficult in the 1890’s to strike a resounding positive note about liberal virtues’. (Clarke‚ P. 1971 p.3). This was to some extent due the loss of Gladstone and the personal inability of Roseberg‚ Harcourt
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Benga Wednesay 4.00 – 5.00 Word count: 1418 A contract is an agreement containing promises made between two or more parties with the intention of creating legal rights and obligations enforceable in a court of law. There are three essential elements that must be proven to establish a contract. The first element that must be established is whether or not there was an agreement between the parties. There must be an offer proposed by on party‚ and acceptance by the other. The second element is
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ABSTRACT Determining the melting point of a solid organic compound is the easiest way to identify the compound and determine its purity at the same time. For actual samples of compounds‚ the melting will occur over a range of temperatures making the melting points into a melting “range”. The difference between the temperature at which the sample begins to melt and the temperature at which it finishes melting‚ or the magnitude of the melting range‚ is a very important criteria of determining the
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