4. NOTES 4.1. THE ESSENTIALS OF A VALID CONTRACT A. ESSENTIAL No 1 The Parties Must Act Within Their Contractual Capacity What is contractual capacity? We view it in relation to the concepts of personality and legal status: PERSONALITY – determines that you are a legal entity or persona. As a result of this personality you acquire legal status ie your legal status defines that legal personality further. STATUS then describes your legal “condition” eg a married woman‚ A public
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INTRODUCTION The law of contract is the collection of legal rules which govern contracts. These rules‚ in turn‚ are part of the law of obligations‚ a subdivision of the law of property which is traditionally regarded as part of private law. Private law governs the persons (legal subject) in their personal or private capacity before the law in relation to other legal subjects. In other word‚ private law can be defined as balance and protect legitimate individual interests. Traditionally private law‚ being
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Contract A contract is a promise between two or more persons involving the exchange of some good or service. Some of the basic elements of a contract include: an offer and an acceptance; "capacity‚" or being of legal age and sound competence; "mutual assent‚" or agreement on the terms of a contract; and "consideration‚" or compensation for goods or services rendered. The element that distinguishes a contract from an informal agreements is that it is legally binding:the law provides
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1. Introduction – What is a Contract? 1.1 Definitions Not all agreements will be contract enforceable in law - social arrangements‚ for example‚ or contracts which offend against public decency and public policy and those which involve criminal activity. ‘A contract is an agreement giving rise to obligations which are enforced or recognised by law. The factor which distinguishes contractual from other legal obligations is that they are based on the agreement of the contracting parties.’ Treitel
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Introduction For parties to be bound by an agreement‚ it must first be determined if a prima facie valid and enforceable contract exists. A contract can be defined as an agreement containing promises made between two or more parties with the intention of creating certain legal rights and obligations and enforceable in a court of law [1]. For a legally binding contract to exist the following elements must be satisfied: 1. An offer must exist 2. The offer must be accepted 3
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Different approach taken by the Court of Appeal in Williams v Roffey was it fair or not? It is commonly accepted within the English Contract Law that the models of contractual fairness must exist in contractual disputes. Essential to these models is the doctrine of consideration and the principles that comes under the doctrine of consideration such as laws derived from both Williams v Roffey (1990) and Stilk v Myrick (1809). Starting with the development of the doctrine of consideration and
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In Business‚ contracts can be considered as the heart of dealings and have to be taken with utter most consideration of the acceptance‚ however in order to understand in depth a binding agreement‚ we must first discuss‚ what determines a contract or binding agreement. These can be defined as “an agreement which the law will enforce” as well as a “promise or set of promises which the court will enforce”. To facilitate a binding agreement‚ an acceptance must occur and must be absolutely unconditional
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In Malaysia‚ our contract law is basically governed and enforced by the Contract Act 1950. The remedy of specific performance presupposes the existence of a valid contract between the parties to the controversy. The terms of the contract must be definite and certain. This is significant because equity cannot be expected to enforce either an invalid contract or one that is so vague in its terms that equity cannot determine exactly what it must order each party to perform. It would be unjust for a
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PART I. Introduction England’s contract law is consisted of several laws and they can not be written or at least explained in a student’s assignment‚ which is consisted of 1000 words. Despite that I will try to outline the main points of the contact law and explain briefly what each means. On the second point I will explain the little difference between the English contact law with the equivalent contract law of my home country which is Cyprus. I wrote "little differences " because‚ Cyprus is following
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Management Your name BUS 201 Principles of Management Instructor’s name: Mark Young Date submitted: April 8‚ 2012 Management “The managers role is critical to helping facilitate the establishment of effective peer review structures and processes.” GEORGE‚ V.‚ & HAAG-HEITMAN‚ B. (2011). Without a responsible and effective manager there wouldn’t be a huge camaraderie in the work place environment. A manager is an inspiration for work ethic and helps others be motivated to strive for the
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