other….The principle is…sometimes expressed by saying that insurance contracts are contracts uberrimae fidae.” (Petony‚ Graw‚ Lennard and Parker‚ Understanding Business Law‚ 5th ed‚ Lexis Nexis‚ 2011‚ p702) Required: a. Explain what is meant by “utmost good faith” and why it is of particular importance in the context of insurance contracts. (10 marks) b. How is this principle reflected in the provisions of the Insurance Contracts Act 1984 (Cth) as amended? (5 marks) Part B (20 marks)
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CHAPTER 19 FORMATION AND TERMS OF SALES CONTRACTS Outline I. Introduction The Uniform Commercial Code was prepared to simplify and modernize the rules of law governing commercial transactions. A. Sale of Goods Article 2 applies to all contracts for the sale of goods. Some contracts are "mixed" (include both sale of goods and provision of services). In this case‚ the test is "which predominates." Example: Heart of Texas Dodge‚ Inc. v. Star Coach L.L.C.: The customization
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Contract of Sale. By the contract of sale one of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing and the other to pay therefore a price certain in money or its equivalent. |Contract of Sale |Contract to Sell | |Title over the property passes to the buyer upon delivery unless |Ownership is retained by the seller whether or not there is |
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Whether ABC Bhd can persue their claim against any other party related to ABC Bhd. Law: S.4(1) Company Act 1965 (CA1965) states that director includes any person occupying the position of director of a corporation by whatever name called and includes a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act and an alternate of substitute director. For example‚ in the case of Datuk Sahar bin Arpan v PP followed Re Hydrodam which decided that‚ to establish
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the quantity of the goods at the start of the defendant’s period of responsibility‚ the claimant will be able to rely on the common law and statutory rules that governs the effect of the statements in shipping documents‚ such as bill of lading. As to this case there are no information about the about the period when the wine were transported‚ date when the contract has taken place and delivery terms‚ no information about how the cargo was stowed and also no information from the claimant about how
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Business Law Tutorial 11 1. [ Refer notes - creation of agency ] 2. [ Refer notes - Duties of Agent to Principal ] 3. [ Refer notes - Duties of Principal to his Agent ] 4. 4 remedies available: Principal may repudiate the contract - Section 168 Contracts Act‚ 1950 Principal may recover the bribe from agent - Section 169 Contracts Act‚ 1950 Principal may refuse to pay commission to Agent Principal may dismiss agent for breach of duty 5. [ Refer notes - Termination
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CONTRACT – REMEDIES (Pg 183) Damages |Damages is the principal common law remedy for a breach of contract. It refers to the monetary compensation payable by the defaulting party. | |Assessment |Aim of unliquidated damages | | |The general principle of assessment is that the injured party is to be placed in the same financial position he
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DO JUDGES MAKE LAW? There are two main sources of English Law- legislation and cases. When interpreting legislation judges must ascertain the intention of Parliament and‚ except insofar as they apply the mischief rule of interpretation‚ they do not make law. Traditionally and due to the doctrine of the separation of powers judicial role is really not properly legislative at all‚ but consist merely in stating what the existing law actually is‚ and interpreting authoritatively doubtful points as
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UNIVERSITI TUNKU ABDUL RAHMAN ACADEMIC YEAR 2005/2006 DECEMBER EXAMINATION UBML1053 BUSINESS LAW THURSDAY‚ 15 DECEMBER 2005 TIME: 2.00PM – 4.00PM (2 HOURS) BACHELOR OF COMMERCE (HONS) ACCOUNTING YEAR ONE Instructions to Candidates: Section A : [Total: 40 marks] 1. This section consist of ONE (1) compulsory question 2. Answer ALL the sub-questions. Section B : [Total: 60 marks] 3. This section consists of THREE (3) questions. 4. Answer only TWO (2) questions. 5. No marks will be given for any extra
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Conditions A condition is a major term or the ’essence ’ of a contract which goes to the root of the contract. If a condition is breached the innocent party is entitled to repudiate (end) the contract and claim damages. Case example: Poussard v Spiers (1876) 1 QBD 410 Madame Poussard entered a contract to perform as an opera singer for three months. She became ill five days before the opening night and was not able to perform the first four nights. Spiers then replaced her with another opera
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