Common Contracts paper Alyssa Baker-Brake LAW/421 Lina Malanzo 07/01/13 Contracts are a written promise to do something‚ or not to do something. The purpose of the contract is to ensure that both parties will perform the duties that they have promised to do‚ or to prevent something that was promised to prevent. Contracts are here to ensure that people follow through with their word when they promise to do something. With a contract‚ you can make a promise a legal obligation. I have personally
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INTRODUCTION AND RATIONALE OF QUASI CONTRACTS:- Under the general heading of the Quasi contract there has been grouped a number of cases which have little or no affinity with contract. A simple illustration is afforded by the action to recover money paid by mistake. If the plaintiff on an erroneous interpretation of the facts‚ pays to the defendant a sum of money which he does not really owe‚ law‚ no less than justice‚ will require he defendant to restore it. But his obligation is manifestly not
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of the contract Termination of the contract Under common law‚ a contract of employment may be terminated by: (a) Agreement with notice; (b) Death of the employer or employee; (c) Frustration; (d) Insolvency; or (e) Breach. Termination by agreement with notice The ending of a contract of employment is most often achieved without any breach of its terms. A contract can be terminated at common law by either party giving the notice required by the terms of the contract‚ or by
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It is trite law that an insurer under a contract of indemnity insurance‚ who has satisfied the claim of the insured‚ is entitled to be placed in the insured’s position in respect of all rights and remedies against other parties which were vested in the insured in relation to the subject-matter of the insurance1. Where the insured has proceeded against the third party after the insurer had paid out the claim and without the insurer’s authority as happened in Visser v Incorporated General Insurances
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enter into a short futures contract to sell July silver for $17.20 per ounce. The size of the contract is 5‚000 ounces. The initial margin is $4‚000‚ and the maintenance margin is $3‚000. What change in the futures price will lead to a margin call? What happens if you do not meet the margin call? Problem 5.2. What is the difference between the forward price and the value of a forward contract? Problem 5.3. Suppose that you enter into a six-month forward contract on a non-dividend-paying stock
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CIPD Factsheet The psychological contract Revised July 2011 ------------------------------------------------- What is the psychological contract? The term ’psychological contract ’ was first used in the early 1960s but became more popular following the economic downturn in the early 1990s. It has been defined as ’…the perceptions of the two parties‚ employee and employer‚ of what their mutual obligations are towards each other ’1. These obligations will often be informal and imprecise:
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DISCHARGE OF A CONTRACT Normally the completion of a contract is straightforward as parties carry out their tasks as required. There are four main different ways of ending a contract: a) Discharge by performance b) Discharge by agreement c) Discharge by breach d) Discharge by frustration DISCHARGE BY PERFORMANCE For this the courts expect performance to be exact and complete. This means that it must match contractual obligations RE MOORE AND LANDAUER (1921) If requiring a contract to be complete
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Contracts Summary DAMAGES – REMEDIES FOR BREACH OF CONTRACT THE INTERESTS PROTECTED Fuller and Perdue‚ “The Reliance Interest in Contract Damages” There are three principle purposes in awarding contract damages: restitution interest – object is the prevention of unjust enrichment by the defaulting promisor at the expense of the promisee reliance interest – object is to put the plaintiff in a good position as he was before the promise was made expectation interest – object is to put the
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Contract Creation and Management Simulation LAW/531 Span Systems entered into a six billion dollar bilateral contract with Citizen-Schwarz AG (C-S) to develop and implement their new banking software. (University of Phoenix‚ 2002) This paper will discuss an analysis of the issues presented in the Contract Creation and Management Stimulus. C-S personnel started to protect C-S personnel because of the quality of their work. It is possible
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Voidable contract is a contract that has legal effect and force when it is made‚ but is liable to be subsequently annulled or set aside by the courts through the process of recission. Due to the section 10 of the Contracts Act provides‚ all agreements are contracts if they are made by the free consent of the parties competent to contract. As what i’ve been thought and my understanding‚ there are five causes which lead to the voidable contract. They are : 1. Coercion (S.15) 2. Undue influence (S.16)
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