Unit- 5 Indian Sale of Goods Act‚ 1930 1. Contract of Sale – Meaning A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another [Sec 4(1)]. A contract of sale may be absolute or conditional [Sec 4(2)]. The term ‘contract of sale’ includes both a ‘sale’ and an ‘agreement to sell’. 2. Essentials of a Contract of Sale (Refer text for details)
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Smith but it cannot be enforceable by law. 09. Yes‚ Leitner’s proposal was supported by consideration because he was promised to pay 3‚500 within next 5 years‚ but his son refused to pay the partners the amount agreed on. 10. When the common object of a contract can no longer be carried out‚ the court may declare the contract has been frustrated. There are some ways of frustration. The names are given below: I. Destruction of an object‚ II. Changes of law‚ III. Failure of pre-conditions IV
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refused to carry out it. The different point is case did not have the intention to create a legal relations‚ but Anthony’s case did. Therefore‚ the previous one is not binding‚ but the latter one is binding. The second condition is about the family law‚ there are two different cases and they happened between husband and wife. The first one is Balfour v Balfour (1919)‚ it states that the husband promised to give the wife maintenance payments‚ because he worked overseas. After reaching this agreement
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Business Law I January 31‚ 2013 Corporate Structure Assessments Part A: A sole proprietorship is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. The IRS does not consider the sole proprietorship as a separate business entity. The owner reports
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if management thinks it’s warranted.” Profits remain high‚ but no bonus is paid. If the employees sue‚ would a court enforce the promise? The fact that a promise has been made does not mean the promise can or will be enforced. Under the common law‚ a primary basis for the enforcement of promises is consideration. Consideration usually is defined as the value (such as cash) given in return for a promise (in a bilateral contract) or in return for a performance (in a unilateral contract) Something
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Business Discussion You own University Heights Apartments‚ a business that rents primarily to students. One evening‚ your tenant Sharon is attacked by an intruder who forces the lock on the sliding glass door of her ground-floor apartment. Sharon’s screams attract the attention of Darryl‚ your resident manager‚ who comes to Sharon’s aid. Together‚ he and Sharon drive the intruder off‚ but not before they both are badly cut by the intruder. 1. Is the intruder liable for what he has done? a. Yes
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Any Kind Checks Cashed‚ Inc. v. Talcott it was crucial to determine whether holder of the instrument acted in good faith and fair dealing‚ as is required to have status of holder in due course. The definition of “good faith” is found in Commercial Law Article § 3-103(a)(4): “Good faith’ means honesty in fact and the observance of reasonable commercial standards of fair dealing.” The court upheld a trial court finding’s that Any Kind had not acted in good faith in cashing a check for $10‚000 but
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Sale of Goods Ordinance‚ Cap 26 shall apply in this case given the fact that the motorcycle seller sold the second hand motorcycle to Sam as a course of business‚ a legally binding contractual relationship for sale of goods was established although there was no information as to whether Sam bought the motorcycle was for business or private use. Besides‚ the car shall be defined as goods under (s.2(1)) of the aforesaid ordinance. The motorcycle seller was in breach of the implied conditions in
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adequate steps to shut down such activities or investigate the extent of the employee’s violations of company policy. This is a very chilling opinion for employers to digest. Employer Promises re: Privacy 2. One of the most common questions from our business clients is whether their promises regarding email and other workplace privacy issues are legally binding. Not necessarily is the response we give. Usually‚ when an employer states a policy regarding any issue in the workplace‚ including privacy issues
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registered under the law (if any) for the time being in force for the registration of such documents‚ and is made on account of natural love and affection between parties standing in a near relation to each other. In other words‚ an agreement made on account of natural love and affection is binding if the following requirements are present: It is expressed in writing; It is registered (if applicable); and The parties stand in a near relation to each other --- Tan Soh Sim‚ Chan Law Keong & Ors v
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