the American one‚ United Kingdom’s (UK) and Hong Kong’s (HK) do not recognize the approach of general principle of good faith in contract law‚ as illustrated in Walford v Miles1. Yet‚ good faith should be promoted in UK and HK because one should value fairness in the whole course of dealing‚ from the point of pre-contractual negotiations till the discharge of he contracts. This essay aims at showing the merits of a good faith doctrine and possible implications on the UK and HK legal system so as to
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Definition Bilateral Contract A bilateral contract is a legal agreement formed between two parties where both parties involved give mutual promises that they both are legally obligated to perform an act in exchange for the other party’s act in future. It means the promise of one party is consideration supporting the promise of the other party. Each party is both promisor and promisee. A bilateral contract specifies a duty to act in exchange for another party’s duty to act. It is also called "reciprocal"
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Elements of a Contract Bus 670 Legal Environment Abstract In order for a contract to be valid‚ it must meet certain standards. Contracts can be formed by two parties for multiple reasons‚ but must hold up to the same standards in court to be valid. The first element of the contract is the offer. The offer is very important because it is where the contract initializes‚ and is presented to the offeree by the offeror (Mallor et al.‚ 2010‚ p. 307). The second element is acceptance. In this
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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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In Business‚ contracts can be considered as the heart of dealings and have to be taken with utter most consideration of the acceptance‚ however in order to understand in depth a binding agreement‚ we must first discuss‚ what determines a contract or binding agreement. These can be defined as “an agreement which the law will enforce” as well as a “promise or set of promises which the court will enforce”. To facilitate a binding agreement‚ an acceptance must occur and must be absolutely unconditional
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CONTRACT AND RELATED OBLIGATION Prof. Hillman I) Theories of Obligation A) CONTRACT: Agreement with Consideration – Bargain Theory of Consideration Definition: A promise that is supported by consideration because the promisor gets something (extracts) from the promissee in exchange for the promise. Ex: I tell Alice I will sell her my piano for 400 dollars and she agrees. I promised my piano in exchange for something (400 dollars) therefore my promise is enforceable. 1) Bargained
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ETHICS IN CONTRACTS Abstract: When creating a contract‚ a negotiator is not only doing so to reach an agreement between two or more parties‚ but to create an agreement that is durable; whereby parties of the contract are legally bound and committed to its promises . “A legally binding contract is defined as an exchange of promises or an agreement between parties that the law will enforce‚ and there is an underlying presumption for commercial agreements that parties intend to be legally
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of a Contract “A contract is an agreement that can be enforced in court. It is formed by two or more parties who agree to perform or to refrain from performing some act now or in the future.” (pg 208) Recently I was faced with a situation regarding a contract that was not in writing and I had to explain that as long as a verbal contract contains the four essential elements of a contract it is binding. We are so accustomed to seeing contracts in writing that many people assume that a contract must
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Contract Remedies BA265 Business Law II Terrance L. Williams Grantham University December 8‚ 2012 Contract Remedies In our case of National Drilling Company filing suit against Overland Transport‚ Inc. asking compensatory‚ consequential‚ and punitive damages‚ the recovery of National will be based on Quasi Contract. As one reads through the scenario‚ he or she may ask themselves a few questions. What were the exact terms of the contract between National Drilling and Overland Transport
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contract but do not appear to be a relevant issue here. While it is possible for offers to be "made to the world”1‚ K ’s advertisement is an "invitation to treat"2. It cannot be construed as an offer as it shows no intention on K ’s part to be bound to its terms‚ in contrast to the wording of the advertisement in Carlill v Carbolic Smoke Ba// Co3. Thus A ’s letter to K dated 21 April is the first possibility of an offer. However the terms of this letter are too vague to be construed as an offer
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