A stranger to a contract can’t sue…!!!! Submitted by:- Ankit Bhardwaj 091004 M.B.A. III sem. The basic answer to this question is ‘NO’‚ as the following literature supports and explains this fact effectively. A contract is an agreement between two or more parties that creates an obligation to do or not to do something. The parties
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Construction Contract Assignment A normal contract is an agreement with specific terms to do something in return for something and follows the procedure of offer‚ acceptance‚ consideration‚ contractual intention and form of contract. A standard building contract in essence has a lot of similarities however there are four main differences making it ‘special’. A normal sale of good contract has a visible end product‚ in construction on the other hand it’s a concept to start with; this creates a large
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A contract is a legally binding agreement or relationship that exists between two or more parties to do‚ or abstain from performing certain acts. A contract can also be defined as a legally binding exchange of promises between two or more parties that the law will enforce. For a contract to be formed an offer made must be backed with an acceptance of which there must be consideration. Both parties involved must intend to create legal relation on a lawful matter which must be entered into freely and
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ASPECTS OF CONTRACT AND NEGLIGENCE OF BUSINESS Task: 1.1: Explain the importance of the essential elements required for the information of a valid contract? Offer A valid offer identifies the bargained-for exchange between the parties and creates a power of acceptance in the party to whom the offer is made. The communication by one party known as the offeror to the another party called the offeree b) Acceptance To constitute a contract‚ there must be an acceptance of the offer
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Acceptance 3 2.2 Consideration 4 2.3 Discharge of contract 5 2.3.1 Discharge by Breach 5 2.3.2 Discharge by Performance 5 2.4 Remedies 6 2.4.1 Unliquidated Remedies 6 2.4.2 Injunction Remedies 6 2.5 Intention to Create Legal Relations 7 2.6 Free Consent 8 3.0 Conclusion……………………………………………………………………...9 4.0 References…………………………………………………………………….10 1.0 Introduction Contract is a customary of procedures guiding the relationship‚
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To what extent does a currency forward contract need to play a formal role in multinational companies? A globalisation has risen over the last 20 years. Because of this factor‚ international markets have increased rapidly‚ therefore a large number of companies have been particularly interested in global operatings‚ such as‚ export trade‚ import trade‚ overseas sales (Moosa‚ 2003). A subsequent significant trouble looming large for
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Introduction A contract is defined as an agreement enforceable by law. Hence for all contracts there should have an agreement. The agreement arises by one of the parties making an offer and its acceptance by the other party. Both offer and acceptance create an agreement. In simple contract should first contain an offer made by one party to the other. What is an offer? As per Sec 2(a) of the contract act “When one person signifies to another his
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BREACHING A CONTRACT First What is a Contract? A Contract is defined as a binding agreement between two or more persons or parties; Especially; One legally enforceable. When signing a contract the person signing signs the contract‚ to render services for a certain amount of time or for a certain amount of material‚ which is labeled a term in the agreement. In every contract there are certain duties and rules that are to be followed and obeyed. When disobeyed or rules are broken then that leads
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Essentialia The contract of employment is an agreement between two parties in terms of which one party (Mr. Phage) places his labour potential at the disposal and under the control of the other party (Lifeline services)‚ in exchange for some form of remuneration. From this definition‚ it is clear that the essentialia of a contract of employment are 1. Work and 2. Remuneration. This contract does not meet the requirement for work because even though an ambiguous job title of ‘General Worker’
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CONTRACTS IN BUSINESS On the 10th of September an offer was distinguished between Huddersford Electronics Ltd (HE ltd) and Gem Computer Stores (GCS). The offer was an invitation to treat as there is an entitlement that an offer could accepted and therefore‚ a contract could be formed. An offer is formed as HE ltd posted an offer to sell 10 laptops to GCS‚ keeping the offer open until the 24th September. A statement is made by HE ltd who is giving information to GCS expressing an intention to sell
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