ESSENTIAL REQUISITES OF CONTRACTS Article 1318. There is no contract unless the following requisites concur: 1. Consent of the contracting parties; 2. Object certain which is the subject matter of the contract; 3. Cause of the obligation which is established. Article 1319. Consent is manifested by the meeting of the offer and the acceptance upon the thing and the cause which are to constitute the contract. The offer must be certain and the acceptance absolute. A qualified acceptance
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Bank Deposit Contract Reference No: C89364520358 Deposit contract concluded on 20th of January‚ 2013‚ in Skopje between: Stopanska Banka AD – Skopje‚ Head Office‚ Represented by Ana Nikolovska‚ Manager of the Legal Division Address: 11 Oktomvri 7‚ 1000 Skopje‚ Republic of Macedonia Unique Tax Number: 07495305 Unique Identification Number: 92593630 And Name:
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Executive Summary There are different types of contracts bilateral‚ unilateral‚ expressed and implied-in-fact. What are the four elements of a valid contract? These elements required for a valid contract consists of; a meeting of the minds between the parties‚ consideration‚ an agreement to enter into the contract and legal competence of each party. (Allbusiness.com‚ 2007) A meeting of the minds between the parties is where both parties agree on what is being sold‚ purchased or traded. Consideration
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CONTRACT No. FRKL145 Between the undersigned: Bradiaga Krills Ltd‚ a company whose head office is located at 5 Profsouznaya st.‚ Murmansk‚ Russian Federetion‚ represented by General Manager Mr. Ivan Ivanov hereinafter referred to as the “Seller” on the one hand and Bizzard Ltd‚ a company whose head office is located at 34 King st.‚ Aberdeen‚ United Kingdom‚ represented by General Manager Mr. Elton John hereinafter referred to as the Buyer on the other hand WHEREAS the Seller
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watches. First in order for a contract to be binding‚ all elements must be included. These elements include the offer‚ acceptance‚ and the consideration. Since this is a contract for goods it must clearly state that this contract is for the sale of goods. In order for the contract to be valid in accordance with UCC policy‚ it only requires that the quantity of goods being sold be identified in the contract. “Except as otherwise provided in this section a contract for the sale of goods for the price
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determine the issue whether she is can discharge the contract that she has made with GRG International Music Hall and whether she have to return back the RM6‚ 000 that she received in advance as a deposit from GRG International Music Hall. The principal that can be used as a reference in order to solve this problem is section 57(2) and section 66 of Contracts Act 1950. According to section 57(2)‚ it is clearly stated that when the contract is impossible to perform due the personal incapacity
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Supporting Contract. Among the supporting contract that used by Islamic financial institutions are: 1. Contract of Rahn (Pledge) 2. Contract of Kafalah or Dhaman (Guarantee) 3. Contract of Wakalah (Agency) 4. Contract of Wadiah (Safe Custody) 5. Contract of Ibraa (Rebate) Contract Of Rahn (Pledge) The conditions to each essential elements of Rahn are as follows: a. Pledgor (customer) b. Pledgee (eg: Islamic Bank) 3 necessary conditions of ‘Pledgor and Pledgee’ as follows:
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Why do they call these contracts derivatives? Where is the optionality in these contracts? Weather derivatives structures commonly used are: i) cap - a call option; ii) Floor - a put option; iii) Collar - a put and a call option‚ usually with little or no premium; iv) Swap - a derivative with a profit and loss profile of a futures contract v) Digital option - an option that pays either a predetermined amount if acertain temperature or degree day level is reached‚ or nothing at all in other
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THE INDIAN CONTRACT ACT‚ 1872 CONTRACT Section 2(h) defines a contract as “an agreement enforceable by law” Thus to make a contract there must be – (i) an agreement (ii) the agreement should be enforceable by law. All agreements are not enforceable by law and‚ therefore‚ all agreements are not contracts. Some agreements may be enforceable by law and others not. For example‚ an agreement to sell a radio set may be a contract‚ but an agreement to go to see a movie may
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Long-Term Sales Contract Seller: Greatest Phone Company Co Add: 645 West Road‚ Accra; Ghana Post code: 6679087 Bank: Bank de National‚ Caracas; Venezuela Account number: 739153091438091001 Buyer: Greatest Purchaser Company Add: 57 Rue de Confederation‚ Geneva; Switzerland Post code: 1208 Bank: Barclays Bank‚ Geneva; Switzerland Account number: 678153091778091090 The buyer and Seller agree to conduct transactions according to the terms and
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