as “something for something” or the exchange of promises from each party-from the promisor to the promise-which turns the agreement into a contract. Contracts are the basis of the business and therefore understanding the law of contract is essential for persons wishing to engage in business. There would be no business without contracts. To make a contract legally enforceable six prerequisites should be followed. They are intention to create legal relations‚ agreement‚ consideration‚ legal capacity
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Question 1. Outline and describe the ways in which an Agency Contract may be established. Agency According to Nicole Busby‚ an agency is a contractual relationships that entitles one party to act on behalf‚ or in favour of‚ the other party in contractual arrangements with a third party. In this regardthese circumstances‚ the former is known as an “agent” and the entity on whose behalf the agent performs is called a “principal”. Generally‚ the agency relationships arises in commercial transactions
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frustration in contract law can be a difficult precedent to establish. Not to be confused with a contractual mistake‚ frustration occurs when performance is made impossible or is fundamentally changed. Generally‚ when frustration occurs the party suffering loss is established on whom ever provided services before the frustrating event‚ or to the party having already paid a deposit or owing money before frustration date. Self-induced frustration on the other hand is considered a breach of contract (Yates
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occurred. Mary McDonald entered into an agreement in such a way that the contract did not express her true intensions. She thought that the paper she signed was the cancellation of her fire insurance. The mistake that happened is unilateral mistake‚ as only Mary did not recognize what was she signing. The mistake occurred due to Mary’s own negligence. Mary’s daughter is a real-estate agent and the court might rescind the contract to protect an old woman in case Mary’s daughter might has an intention
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Introduction: A contract is described as "an agreement giving rise to obligations enforced or recognised by law" (Doolan‚ 2003)‚ he continues to describe that a contract exists "when legally capable persons have reached agreement‚ or where the law considers them to have reached agreement" Doolan also illustrates that "The Law of Contract concerns itself with all contracts. Not alone does it apply to contracts worth considerable sums of money‚ but the same rules govern simple contracts‚ such as the
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LAW AND CONTRACTS 1.Eagle Stores‚ Inc. borrows $5‚000 each from EZ Loan Corporation‚ First National Bank‚ and Great Products Corporation. Eagle uses its "present inventory and any thereafter acquired" to secure the loans from EZ Loan and First National. EZ Loan perfects its interest on April 1‚ followed by First National on April 5. Eagle buys new inventory on April 10 from Great Products and signs a security agreement‚ giving Great Products a purchase-money security interest (PMSI) in the new
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Introduction To Contract Law: A contract is ’a promise or set of promises which the law will enforce’ (Pollock Principles of Contract (13th Edn) 1). The expression ’contract’ may‚ however‚ be used to describe any or all of the following: 1. that series of promises or acts themselves constituting the contract; 2. the document or documents constituting or evidencing that series of promises or acts‚ or their performance; 3. the legal relations resulting from that series. A contract may be defined
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CURTIN COLLEGE BUSINESS LAW 1100 ASSIGNMENT TWO (30%) Part A - Four step process The case study which students are required to resolve using the four step process is set out below. Students are required to apply the relevant legal concepts and principles to analyse and solve the legal issues arising in the case study by explaining and applying their knowledge of the legal principles and rules arising in Australian legal system: topic four to five inclusive. Please note also that
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Chapter 1 THE NATURE AND SOURCES OF LAW A. Nature of Law and Legal Rights 1. LEGAL RIGHTS 2. INDIVIDUAL RIGHTS 3. THE RIGHT OF PRIVACY 4. PRIVACY AND TECHNOLOGY B. Sources of Law C. Uniform State Laws D. Classifications of Law Copyright 2010 Cengage Learning‚ Inc. All Rights Reserved. May not be copied‚ scanned‚ or duplicated‚ in whole or in part. Licensed to: iChapters User 4 Part 1 The Legal and Social Environment of Business law – the order or pattern of rules that society establishes
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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 the sales agreement that the goods are correspond with the description
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