Introduction To Contract Law: A contract is ’a promise or set of promises which the law will enforce’ (Pollock Principles of Contract (13th Edn) 1). The expression ’contract’ may‚ however‚ be used to describe any or all of the following: 1. that series of promises or acts themselves constituting the contract; 2. the document or documents constituting or evidencing that series of promises or acts‚ or their performance; 3. the legal relations resulting from that series. A contract may be defined
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With the presence of contract law‚ it helps to elimiate any injustice an individual or company might face when engaging in negotiation. It protects the interest of the different parties involved. In the case given‚ contract law will jusitiy an individual legal rights. The element of contract law includes offer‚ acceptance‚ consideration and an intention to create legal relation. In the scarnio give‚ we need to ascertain the basic fundamental of the contract law. The possibility of Bill taking legal
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general offer? How is a contract created through general offer? Refer to leading cases. An offer may be made to the world at large. Such an offer is a general offer. However‚ a contract is not done with the whole world but only with the person who comes forward and accepts the offer. The acceptance might be express or implied. As per Anson‚ "An offer need not be made to an asertained person‚ but no contract can arise until it is accepted by an ascertained person". Case of Carllil vs Cabolic Smoke
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081-AC1221-60 Company Law ASSIGNMENT ONE The case concerns the pre-incorporation contracts. Firstly‚ it is necessary to define the pre-incorporation contracts. They are the contacts which the promoter wants to enter the contract before a company is incorporated. Under Common law position‚ the company cannot gain contractual rights or incurs liabilities from a pre-incorporation contract. Also; the pre-incorporation contracts cannot bind the company. In this case‚ Bosco is the promoter who
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CONSIDERATION A. Legal Sufficiency 1. Adequacy 2. Unilateral Contracts 3. Bilateral Contracts 4. Illusory Promises a. Output and Requirement Contracts b. Exclusive Dealing Contracts c. Conditional Promises 5. Pre-existing Obligation a. Modification of a Pre-existing Contract b. Substituted Contracts c. Settlement of a Undisputed Debt d. Settlement of an Disputed Debt B. Bargained-For-Exchange 1. Past Consideration 2. Third Parties C. Contracts without Consideration 1. Promises to Perform Prior Unenforceable
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ASPECTS OF CONTRACT LAW 1) A contract by definition is a form of agreement that binds two or more parties who can involve in a legal relationship and will be bound to perform according to the terms and conditions that are agreed upon in the contract. 2) The essential elements of a contract are: Agreement: it is determined by the regulations of offer and acceptance. It is the most essential element and the very first one. An agreement is made when the offerer proposes his offer and the offerree
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LAW AND CONTRACTS 1.Eagle Stores‚ Inc. borrows $5‚000 each from EZ Loan Corporation‚ First National Bank‚ and Great Products Corporation. Eagle uses its "present inventory and any thereafter acquired" to secure the loans from EZ Loan and First National. EZ Loan perfects its interest on April 1‚ followed by First National on April 5. Eagle buys new inventory on April 10 from Great Products and signs a security agreement‚ giving Great Products a purchase-money security interest (PMSI) in the new
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the terms outlined in a contract until they find themselves at the receiving end of litigation. In addition‚ they do not recognize that a contract can be established with as little as a verbal agreement between parties which can‚ as with a written contract‚ become the basis to award damages in the event that one or more members default on the agreement. When individuals make purchases they form contracts with the entity whose business they patronize. Formation of a contract for sale need only entail
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Lecture 8 Law of Contract: Genuine Consent INTRODUCTION Although the contract may have the essentials of a valid offer‚ acceptance‚ legal intentions and consideration‚ its validity or enforceability may be affected by a number of factors. The agreement may be wanting in genuine consent between the parties. That is‚ although the parties may appear to have reached an agreement‚ it may not have been genuinely achieved because of misconduct‚ pressure‚ unfairness‚ or fear by those involved
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Question 1. Outline and describe the ways in which an Agency Contract may be established. Agency According to Nicole Busby‚ an agency is a contractual relationships that entitles one party to act on behalf‚ or in favour of‚ the other party in contractual arrangements with a third party. In this regardthese circumstances‚ the former is known as an “agent” and the entity on whose behalf the agent performs is called a “principal”. Generally‚ the agency relationships arises in commercial transactions
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