that a seller/ retailer must abide by once they have entered into a contract. The goods must be as described (section 13)‚ of satisfactory quality (section 14 [2]) and fit for purpose (section 14 [3]). Both section 13 and 14 have strict liability attached to them. The court will not investigate into the mind of the seller at the time or observe how much they tried but all they will look for is if there is a breach in the contract and if there is‚ the seller is liable. Section 13 states that the
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the following goods on or before May 31‚ 2012 (the “Goods”) a. 10‚000 widgets Purchase Price 2. The Purchaser will accept the Goods and pay for the Goods with the sum of fifty thousand ($50‚000) USD‚ paid as follows: a. Down payment of $5‚000 upon contract execution b. the remainder of the purchase price within 10 day of receipt of delivery of the Goods. 3. Payment of the Goods will be made to the Seller when the Purchaser has confirmed receipt of the Goods. Delivery of Goods 4. The Goods will
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October 27TH‚ 2010 SWITCHING BARRIERS RESEARCH 1 UNDERSTANDING CONSUMER COMPLACENCY TO SWITCHING TO THE BEST OFFER According to behavioral economists‚ consumers don’t always behave rationally‚ like a market (in theory) does‚ and they don’t make decisions based solely on facts or logic such as price or quality. Other psychological factors have an impact on decisions. This explains why very often‚ consumers become complacent when faced with the best value proposition. FEAR OF OVERPAYMENT
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Indian Contract Act states that‚ "every promise on every set of promises forming the consideration for each other an agreement. An agreement is a form of cross reference between different parties‚ which may be written‚ oral and lies upon the honor of the parties for its fulfillment rather than being in any way enforceable. It is also a fact that an agreement is a proposal and its acceptance‚ by which two or more person or parties promises to do abstain from doing an act. But a contract according
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LAW OF CONTRACT The Law of Contract is that branch of law which determines the circumstances in which promise made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some right and duties upon the contracting parties. Indian contract deals with the enforcement of these rights and duties upon the parties. Indian Contract Act‚ 1872 came into effect from 1st September‚ 1872. It extends after
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Behavioral economics Behavioral economics Behavioral economics and the related field‚ behavioral finance‚ study the effects of social‚ cognitive‚ and emotional factors on the economic decisions of individuals and institutions and the consequences for market prices‚ returns‚ and the resource allocation. The fields are primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology with neo-classical economic theory. In so
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This is a case of a sales firm which operates for 203 days in a year. Each day the firm operates‚ it generates revenue (profit) of Rs. 10 Lac. At the beginning of the year‚ the employees’ union confronts the management of the sales firm over wages and the union presents its demand. The management either accepts this‚ or rejects it and returns the next day with a counteroffer for wage to be paid to the employees. The firm can open and start functioning only after an agreement on wage is reached between
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The respondent is unable to justify the violations of Section 8 and 10 of the canadian charter of rights and freedoms (charter) with regards to section 24 (2) of the charter. Section 24 (2) states that where in proceedings under section (1)‚ a court concludes that evidence was obtained in a manner that did not infringe or deny any rights of freedoms guaranteed by the charter‚ the evidence shall not be excluded if it is established that‚ having regard to all the circumstances‚ the admission of it
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Limited Head Office‚ Dhaka. THE CONTRACT ACT‚ 1872 Md. Hasan Imam Manager Board Division Introduction: The law of contract is the foundation upon which the superstructure of modern business is built. It is frequent that in business transactions quite often promises are made at one time and the performance follows later. The law of contract is applicable not only in business community‚ but also to others. Everyone of us enters into a number of contracts almost everyday‚ and most of the
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Contract Cancellation due to a Breach of Contract Submitted by Victoria Wyatt Prepared for Dr. Maverick Acquisition Law Spring 07 18 May 2007 CERTIFICATE OF AUTHORSHIP: I certify that I am the author. I have cited all sources from which I used data‚ ideas‚ or words‚ either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course. ______________________________________________ Signature Date Overview
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