requirements for a valid contract. A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. www.wikipedi.org A contract is a binding agreement between two or more people stating to do something or refrain from doing something. Not all agreements are classified as contracts. A contract is known as an acceptance or offer enforced by law between two or more people. When creating a contract all people or parties
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OUTLINE OF LECTURE IN LAW ON CONTRACTS (Defective Contracts) 1. Defective contracts a. Rescissible contract – valid until rescinded; b. Voidable contract – valid until annulled; c. Unenforceable contract – cannot be sued upon or enforced unless ratified; d. Void contract – no effect at all‚ cannot be ratified or validated 2. Rescission Rescission is the remedy granted by law to the contracting parties and sometimes even to third persons in order to recover indemnity
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Introduction Unlike other civil law legal systems‚ such as the German one and the American one‚ United Kingdom’s (UK) and Hong Kong’s (HK) do not recognize the approach of general principle of good faith in contract law‚ as illustrated in Walford v Miles1. Yet‚ good faith should be promoted in UK and HK because one should value fairness in the whole course of dealing‚ from the point of pre-contractual negotiations till the discharge of he contracts. This essay aims at showing the merits of a good
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Contract is an agreement between two or more competent parties in which an offer is made and accepted‚ and each party benefits. No contract can come into being unless the following features exist: an actual offer‚ an acceptance‚ consideration (this means that each party will contribute something of a material value to the bargain) and an intention to create legal relations. The agreement can be formal‚ informal‚ written‚ or just plain understood. (a) For a contract to exist the offer must be made
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Introduction A contract is formed when one of the parties has to accept an offer made by the other. Here‚ David places an advertisement in the local newspaper of a reward‚ £1000 for the safe return of each of his six cats. This shows he is making an offer to all the readers of the Daily Bungle. An offer is defined as follows: “An offer is a statement of the terms upon which the offeror is prepared to be bound if acceptance is communicated while the offer remains alive1.” The critical aspect of
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BUSINESS LAW ASSIGNMENT ------------------------------------------------- “To create a binding agreement the acceptance must occur‚ and that ‘acceptance’ must be final and absolutely unconditional. This is clear under Australian contract law.” ------------------------------------------------- ------------------------------------------------- Discuss the accuracy of this statement. In order to discuss the accuracy of this statement we must first understand the concept of ‘acceptance’.
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Case Presentation Gingerich vs. Protein Blenders Protein Blenders‚ Inc. made written contract with Gingerich to buy from him shares of stock of a small corporation named Maplecrest Turkey Farms. The plaintiff‚ Protein Blenders‚ Inc. agreed to purchase 4‚505 shares of preferred stock from the defendant‚ Gingerich‚ a small corporation named Maplecrest Turkey farms. The price of each stock was $52.50 per share which came to a grand total of $236‚512.50. Protein Blenders‚ Inc. has failed and
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Chapter 1 INTRODUCTION Objectives of Report * To get an idea about the law structure of Sri Lanka * To study about contract law * To get an idea about the low governing offerer and acceptance in Sri Lankan Law. Methodology * Library and Internet research Colonial History and the Law Sri Lanka‚ formally known as Ceylon‚ is a multi-ethnic and multi-religion island nation in the Indian Ocean‚ near the southern coast of India. The ethnic and religious diversity of the nation‚ and
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USIU BUS 3010 BUSINESS LAW LAW AGENCY NOTES AGENCY LAW The law of agency in Kenya is basically that of the English Common Law. It deals with the relationships that arise when one person‚ the agent‚ is used by another‚ the principal‚ to perform certain tasks on his behalf. CREATION OF THE AGENCY RELATIONSHIP Agency may be created in four ways namely‚ i. By contract ii. By Ratification iii. By Estoppel iv. By operation of the law Agency by Contract This may either be by express contract
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GENERAL PRINCIPLES OF THE LAW OF CONTRACT INTRODUCTION Definition S.2(h) Contract Act 1950 : An agreement enforceable by law. Legally binding between parties. 2 INTRODUCTION (continue..) (a) (b) Legislation governing contracts: Contracts Act 1950 English Law - By virtue of S.5 of the Civil Law Act (When there are no provisions in the Contract Act) 3 INTRODUCTION (continue..) 4 OFFER / PROPOSAL Definition S. 2(a) Contracts Act “When one person signifies
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