DeVry University Business Law Week 5 Assignments June 4‚ 2013 What is a contract? A contract is a formal agreement with two parties that need to come to a conclusion‚ dealing with any situation. What is fraud? Fraud is when you give false information on any documents. There are all sorts of different forms when it comes to discovering about a contract dealing with sales. There are codes that must be followed‚ in order for the contract to be valid and not have any future
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CONTENTS PAGE SECTION CONTENTS PAGE A QUOTATION CONDITIONS OF CONTRACT 3 B REQUIREMENT SPECIFICATIONS 6 C EVALUATION CRITERIA 7 D COMPLIANCE TABLE 8 E SCHEDULE OF PRICES OF SUPPLIER’S OFFER 9 ANNEX 1 PAST CONTRACTS 10 SECTION A QUOTATION CONDITIONS OF CONTRACT Suppliers to note that should your offer be accepted‚ the Terms and Conditions as set out in this
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At any point between the signature of the contract and the final payment for the goods. 7. How many kinds of delay in delivery? • Excusable delay • Non- excusable delay 8. What events does delivery date trigger? • -Exporter fulfills duties under the contract. • Payment may become due. • Risk and title pass to the buyer. 9. How to fix delivery date? To use a straightforward calendar date. 10. When is a contract binding? After the signature date.
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Law of Precedent One of the major considerations on how someone is tried in a court of law depends upon the previous convictions of similar cases. This law of precedent (stare decisis) was founded hundreds of years ago as part of our common law. The literal translation of stare decisis is "that like cases be decided alike." Precedents in law play a fundamental role in the judicial processes of Canada. From stealing a loaf of bread ranging to murder in the first degree‚ there are precedents for
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Question 1: Explain the different sources of Law in England. The legal system in the UK has expanded over many centuries and has also changed regularly during this period. The present UK law consists of four major sources that include the Interpretation of Statues (Acts of Parliament)‚ Common Law‚ European law and European Court of Human Rights. ‘These sources of Law have all one common element‚ influenced by political‚ social and technological change.’ (Open University‚ Block 1‚ Pg 89)
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Genuine Consent For contract to valid ‚ both party must genuinely consent ‚ or agree to the contract 1. Unconscionability 2.Duress 3.Undue Influence 4.Mistake 5.Actionable Misrepresentation * Unconscionaboility ( extremely unfair ): Both pt need to have equal power BUT Only 1 pt has superior bargaining power . The other pt has special disability and pt enter to the one-sided ‚ take it or leave it ‚ unfair -- the court decide the contract was unconscionable ( unfair) ++ Special disability
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Contracts IS THERE A VALID CONTRACT 1) Was a Contract Formed? 2) Is the Contract Validly Enforceable? 1. Offer 2. Acceptance 3. Consideration 4. In Writing Contract is Void Contract is Voidable Making an Offer Methods of Acceptance Rule: Must have bargained for exchange. may be an exchange of promises. Illusory: only one party is bound to perform. Past Consideration: not consideration‚ But may= implied in fact K. EXCEPTION: Promissory Estoppel (reasonably relied to
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MW-1 2003 The MW-1 2003 Contract was developed and published by the Royal Australian Institute of Architects (RAIA) and the Master Builders Association (MBA). This contract is the revised edition of the original ABIC MW-1 2001 contract AS 4000 1997 General Conditions of Contract The AS 4000 contract was developed through the joint Standards Australia & Standards New Zealand Committee OB/3. The contract was developed as a result of a consensus to push for the contract to become an Australian Standard
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INTRODUCTION We enter into contracts day after day. Taking a seat in a bus amounts to entering into a contract. When you put a coin in the slot of a weighing machine‚ you have entered into a contract. You go to a restaurant and take snacks; you have entered into a contract. In such cases‚ we do not even realize that we are making a contract. In the case of people engaged in trade‚ commerce and industry‚ they carry on business by entering into contracts. The law relating to contracts is to be found in the
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sold his car to Badrul for RM30‚000. The consideration in this case comes in the form of the RM30‚000 paid to Aini. The consideration is in monetary value. South East Asia Insurance Bhd v Nasir Ibrahim [1992] 2 MLJ 355‚ SC The Supreme Court in this case held that the essence of consideration is that the promisee has taken upon him some kind of burden or detriment. Curie v Misa (1875) LR 10 Exch 153. Consideration under common law has been defined to ‘consist in some right‚ interest‚ profit or
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