ingredient of a contract is the offer‚ the acceptance‚ the consideration and the intention to create legal relation. Consideration refers to what one party to an agreement is giving or promising in exchange for what is being given or promised by the other contracting party. There are certain rules that govern a valid contract. THE ISSUE: The issue in the case is whether the agreement was legally binding upon Dream Design or whether it failed for want of consideration. THE LAW: If the promise merely
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covering the additional cost of materials and additional work needed to construct the swimming pool. Principle The underline legal principle applicable to this situation is that ‘once an offer is complete‚ or in this case accepted‚ the offer cannot be revoked’. Doing so would constitute to a breach of contract. The offer shows a clear intention (to pay additional $5‚000 on top of the original agreed amount of $30‚000) of the offeror (Damien) that he intends to enter into a legal relationship with the
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Comparative Law Case 1-1. IGNACIO SEQUIHUA V. TEXACO INC. ET AL. United States District Court for the Southern District of Texas‚ 1994. FACTS: Plaintiffs‚ Ecuador residents‚ filed suit in Texas over alleged environmental damage in Ecuador. Plaintiffs pray for money damages‚ an injunction to clean up‚ and a court-administered trust fund. Defendants bring motions to dismiss. ISSUE: Should the court decline to exercise jurisdiction based on the doctrine of comity of nations? HOLDING: Yes. LAW: Section
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metal‚ for RM150‚000.00 or nearest offer. A new motorbike of the same type would cost 250‚000.00. Dahari knew that the motorbike is worth more than RM150‚000.00. He responded quickly to say he accepted the offer. However James informed him that he has sold the aluminium BMW lightweight motorbike and now he has only a racing motorbike available for sale for RM220‚000.00. Advise Dahari. (Total: 20 marks) Question 1 is about the law contract it entails issues regarding
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Business Law Common Law Assignment Hayley Gramson Student No. 17004217 Word Count 1003 a) In a letter dated 14/02/2011‚ the manager (Dave) of Excellent Foods (EF) outlined conditions in writing to the manager (Ben) of Safe Foods (SF) in relation to the purchase of EF. These conditions were that SF must pay the valued amount of EF‚ which totaled $120‚000‚ $30‚000 more than the original amount that SF had been prepared to pay and stipulated
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Case Study‚ Susan v The House of Lewis Outlined below is a neutral perspective on a civil law scenario. The text will include an unbiased opinion on whether Susan had any form of contract with House of Lewis Stores LTD and a personal opinion in relation to a compensation claim. Contract law and a personal interpretation will also be discussed. The presence of a contract is only determined when a certain criteria is met‚ this is what known as the elements of a contract‚ these are as follows;
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B Bai 1 : Business Law: 40. Principle of Law: In this case‚ Esposito hired Excel Construction Company to repair a porch roof. All terms of the agreement were specified in a written contract. And the dispute occurred when Excel had repaired the rear porch roof because in the agreement failed to specify whether it was the front or rear porch that needed repair. Under civil law‚ two parties here had signed a civil contract in writing. Because the contract failed to specify clearly front or rear
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Case Study 1 Ebbers vs. Central Apartments Ltd. In this case Central Apartments Ltd has borrowed $800‚000 from exchange bank and secured the loan by a five year mortgage on the apartment building. Since the bank required additional security the president of the corporation at the time named Ebbers personally signed the guarantee. This makes Ebbers the guarantor and responsible for the debt if the principle debtor‚ Central Apartments Ltd‚ should default in the payment of their debt. Ebbers who
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Business Law Final Denise Capalbo Chetum v. Knarles Issue: Defamation Rule: Under the common law‚ defamation requires a false statement of fact‚ of or concerning plaintiff‚ published to a third party and causing damages. Also‚ where defamation is about a public person or matter of public concern‚ the plaintiff must prove that the statement is false‚ and that the defendant either knew of its truth or acted with reckless disregard of the truth (malice). Analysis: Knarles’ statements
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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‚ genuine consent and legal consent. Unlike the other elements‚ consideration is not necessary in all cases. Some agreements do require consideration
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