CONTRACT AND RELATED OBLIGATION Prof. Hillman I) Theories of Obligation A) CONTRACT: Agreement with Consideration – Bargain Theory of Consideration Definition: A promise that is supported by consideration because the promisor gets something (extracts) from the promissee in exchange for the promise. Ex: I tell Alice I will sell her my piano for 400 dollars and she agrees. I promised my piano in exchange for something (400 dollars) therefore my promise is enforceable. 1) Bargained
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Contract Law Name BUS 311 Business Law I Professor Date The law of contracts has been a part of our culture for a long time. Contracts are an agreement‚ either written or spoken‚ with a company or person to do something that is agreed upon with binding terms. Contracts are the glue that keeps the world of business together. They bind employees and companies‚ consumers and producers‚ and suppliers and wholesalers. A contract can vary from country to region or even jurisdiction‚ but a
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Introduction The law of contract is applicable not only to the business community‚ but also to others. Every one of us enters into number of contracts almost everyday‚ and most of the time we are doing so without realizing what we are from the point of law. The law of contract furnishes the basis for the other branches of mercantile law. The enactment relating to sale of goods‚ negotiable instruments‚ insurance‚ partnership and insolvency are all founded upon the general principal of contract law. Definition
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consideration. Promissory estoppel like proprietary estoppel is popular types of equitable estoppel. The importance of equitable estoppel was stated in Crabb V. Arun DC (1976) 1 Ch 179 that “equity comes in........ to mitigate the rigours of strict law.......... it prevents a person from insisting on his strict legal rights.... when it would be inequitable for him to do so having regards to the dealings which has taken place between the parties”. An example of promissory estoppel is where A promises
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LAW OF CONTRACT NOTES INTRODUCTION. A contract is an agreement between two parties which is enforceable by law.An agreement is made when a person signifies his willingness to do or to abstain from doing anything with a view of obtaining the assent of the other party. Such act or abstinence is said to make a proposal.The person making the proposal is called the offeror and the person accepting the proposal is called the offeree TYPES OF CONTRACTS: Contracts may be classified into: -Written
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Contracts Summary DAMAGES – REMEDIES FOR BREACH OF CONTRACT THE INTERESTS PROTECTED Fuller and Perdue‚ “The Reliance Interest in Contract Damages” There are three principle purposes in awarding contract damages: restitution interest – object is the prevention of unjust enrichment by the defaulting promisor at the expense of the promisee reliance interest – object is to put the plaintiff in a good position as he was before the promise was made expectation interest – object is to put the
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Contract Law Introduction In the following case note I will examine the High Court case; Smart Telecom Plc. V Radio Teilefis Eireann & Glanbia Plc. [2006] IEHC 176. The essence of this case is one involving a request for tenders put forward by RTE for sponsorship and the subsequent refusal of Smart Telecom’s referential bid thereto. The questions raised were (1) whether referential bidding was a permissible term of RTE’s offer and (2) if not‚ were they were obliged to re-tender the contract
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A contract intends to formalize an agreement of two or more parties‚ in relation to a particular subject. Contracts can cover an extremely broad range of matters including the sale of goods or real property‚ the terms of employment or of an independent contractor relationship‚ the settlement of a dispute and ownership of intellectual property developed as part of work for hire. Essential Elements of a Contract * Clear certain and communicated agreement. Meaning that the parties are consensus
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THE LAW OF CONTRACT IN GHANA (These notes have mainly been culled from Mrs. Christine Dowuona Hammond’s seminal work on the Law of Contracts.) INTRODUCTION Contracts are made by people every day‚ whether the parties recognise it or not. Each time one spends money on anything – a bus ticket‚ an airline ticket‚ a pair of shoes‚ a meal in a restaurant‚ laundry services‚ books‚ or signs a lease‚ etc. one concludes a valid and legally binding contract. Contracts may be oral or written;
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Business Law Assignment; Mistake in contract law‚ is a factual misunderstanding that may lead to a failure of a meeting of the minds. Unilateral mistake is mean that is only one party is mistaken‚ but the other party knows‚ or ought reasonably to be aware of the mistake. Contract may be void or voidable. Void is a contract that is no legal effect. While‚ voidable is an agreement that may be affirmed or rejected at the option of one of the party. The reason why Lord Denning took the view that these
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