By use of examples‚ explain how an agreement recognized by the law of contract Law of contract is body of legal rules governing the conclusion and consequences of contract. Contract is an agreement based on consensus between legal subjects with contractual capacity. Which is legal‚ physically possible and complies with the prescribed formalities and which is reached with the intension of creating a legal obligation with resultant rights and duties? 1. Consideration It’s the price paid by
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November 13‚ 1891‚ claiming that it would pay £100 to anyone who got sick with influenza after using its product according to the instructions provided with it. “ | £100[1] reward will be paid by the Carbolic Smoke Ball Company to any person who contracts the increasing epidemic influenza colds‚ or any disease caused by taking cold‚ after having used the ball three times daily for two weeks‚ according to the printed directions supplied with each ball.£1000 is deposited with the Alliance Bank‚ Regent
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NATIONAL LAW INSTITUTE UNIVERSITY A PROJECT OF CONTRACT-I Government Agreements under Contracts and Constitution SUBMITTED TO :- SUBMITTED BY: DR.(Prof.)MOHD. ISHAQ QURESHI SIDDHARTH SHARMA PROFESSOR 2012BALLB100
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Evaluating Contracts Michael A. Clinton Professor Canuto Campos Contract Administration and Management – BUS 330 Sep 4‚ 2012 The federal government contracts for an enormous amount of its goods and services‚ whether big or small‚ with the intent of fulfilling the request with a fair and reasonable price. This cannot always be accomplished due to the various types of contracts and the numerous characteristics that go along
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A standard form contract (sometimes referred to as an adhesion contract or boilerplate contract) is a contract between two parties that does not allow for negotiation‚ i.e. take it or leave it. It is often a contract that is entered into between unequal bargaining partners‚ such as when an individual customer is given a contract by the salesperson of a multinational corporation. The customer is in no position to renegotiate the standard terms of the contract and the company ’s representative usually
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Assignment 1 – Understanding the legal requirements for a valid contract The essential elements for a contract‚ who apply in all cases‚ are: 1. Offer- made by offeror to the offeree ‚ it is very important to distinguish this from invitation to treat ( which invites offers to be made) 2. Acceptance – Offeree accepts the offer that has been made. Rolls Royce Car 3. Consideration- Something of value passes between the two parties e.g.: A
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Misrepresentation Step 1. Determine whether the meaning of the representation is false or not – objective test Step 2. Three possibilities of a misrepresentation: 1) It is a term of the contract; 2) It constitutes a collateral contract; 3) Does not acquire contractual status at all. Step 3. Results: 1) Rescission of the contract; 2) Damages in tort (if the tort of deceit or the tort of negligence can be made out) Smith v Lane & House Property Corp This case deals with the situation that a statement
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COMMERCIAL CONTRACTS UNDER NIGERIAN LEGISLATION Introduction A contract is an agreement which is legally binding on the parties to it and which if broken may be enforced by action in court against the party that has broken it. A contract may be void or voidable. A void contract is that which lacks the essential ingredients or elements of valid contract and therefore of no legal effect. A voidable contract is that which is valid in the first place but may be ended at the instance of one of the
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Ans: Section 2(h) of the Indian Contract Act‚ 1872 defines a contract as an agreement enforceable by law. Section 2(e) defines agreement as "everypromise and every set of promises forming consideration for each other." Section2(b) defines promise in the word: "When the person to whom the proposal ismade signifies his assent thereto‚ the proposal is said to be accepted. A proposalwhen accepted becomes a promise." From the above definition of promise‚ it is obvious that an agreement
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It is quite complicated to incorporate the GAAP criteria to the contract. The contact does not clearly identify what the $5‚000‚000 fee is for. One can imply that it provides PACE the exclusive rights to show these films in their own theatres. If that was the case then the $5‚000‚000 is realized when the contract is signed however $2‚500‚000 is earned at the time of signing the contract and the remainder is not earned until PACE uses these rights for six months. They will recognize it as revenue
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