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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Business Law is a subject that business and commerce students study in their course. Because they are not the students of Law therefore a question may arise in the mind of a student “Why I am studying business law?” but the answer is quite reasonable that a business student has to run some business in future‚ either his own or he may be a manager in some business owned by other individuals. In order to start and run the business smoothly he must know about the laws relating to his business issues
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when a party is stopped from going back on his promise if that promise has been acted upon by the party whom the promise was made to. This is binding to the promising party so as to prevent the promisee from suffering any form of injustice. In the case before us‚ Roy is a rent-paying tenant in a condominium that is situated near a construction site for an MRT train station. The second year into the construction‚ the level of noise and dust from the site increased to such an unbearable state that
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MANAGEMENT SUBJECT; BUSINESS LAW LECTURER; MR MWAKAJINGA TYPE OF ASSIGNMENT: INDIVIDUAL ASSIGNMENT DATE OF SUBMISSION; 09 DECEMBER 2013 NAME: URASSA FAITH BHRM/T.2012/20 Question: Choose any legal source of law in Tanzania and explain its relevance to Tanzania development According to Carl F.Stydvin and Linda Mulcahy [2007}Law is the set of rules that governs a society and create a structure of authority or government to run the social order. Law is binding on the person
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Breach of Contract Reading: George Shenoy and Loo Wee Ling (eds)‚ Principles of Singapore Business Law (“PSBL”)‚ (Cengage 2013)‚ Chapter 18. We will concentrate in class mainly on Damages. Note that PSBL chapter 18 addresses the topics in a different order from this Outline; we will in general follow the order of the Outline Note: References below to Poole are to Jill Poole‚ Casebook on Contract Law (10th ed‚ 2010)‚ which is available at Course Reserve in the Library. References to previous
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Case 1: In this case about 200 customers of Potter’s business were not notified of the termination of the agency and Aker who had been a sales agent for Potter for twenty years was also fired along with the termination of the company. Typically when there is a termination of an agency or a agency relationship the agent no longer represents the principal (Potter). However‚ if an agency is terminated the principal is under a duty of notification of the termination of the agency to the third parties
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Chapter 12 Legal Value * Promise to do something that one has no PRIOR legal duty to do. * A performance of an action that one is not obligated to do * Refraining from an action that one has a legal right to do (forbearance) Rescission- the opposite of forming a contract‚ and bring the parties to the positions they occupied before the contract was made Past consideration- no consideration or a promise to give another something of value in return for goods or services rendered and
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Part A Question 1 Step 1 Identify the legal issue The legal issue is whether the element of agreement requires the formation of a valid contract. Step 2 Explain the principles of law relevant to that issue with reference to authority (cases and/or legislation) The element of an agreement is one of the three elements of a contract intention to be legally bound either in formal execution in a deed; or consideration. Agreements means a meeting of the minds on at least those essential
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University of Macau BBEL 230 –Business Law I Macau‚ 28 March 2010 MID-TERM EXAM (Part I) |Write your full identification‚ Western name and section. | |Only the legislation‚ without any forbidden notes‚ can be used. | |Dictionaries are allowed.
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1. Give an example of a case that would fall under diversity jurisdiction. Explain all of the key elements of such a case. A federal court’s power to hear any case where the amount in controversy exceeds $75‚000 and no plaintiff shares a state of citizenship with any defendant. See 28 U.S.C. § 1332(a). Diversity jurisdiction is one of the two main types of subject-matter jurisdiction in federal court. Definition from Nolo’s Plain-English Law Dictionary The power of the federal courts to decide
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