Contract costing is a type of a specific order costing: Contractor costing is generally used for the works of constructional nature such as civil engineering works etc.‚ Each contract is considered as a separate unit of cost and a separate account is kept for each individual contract. The special features of contract costing are as detailed below: Materials: The materials purchased directly or issued from the stores or transferred from other contracts are recorded on the debit side of the
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consideration is irrelevant because the law does not prohibit bargains. 5. Is there consideration when a secured note for a lesser amount is given and accepted in discharge of an unsecured note for a greater amount? Explain. No‚ because if a secured not for a lesser amount is given and accepted in discharge of an unsecured note for a greater amount‚ the difference between the two notes is discharged. The security is the consideration to support the contract to settle for a lesser sum. 6.
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Considering Elvis Abstract A contract is formed when the offerer promises to do or not to do something. Acceptance is the offeree agreeing to do what is requested in the offer. An offer may end in several ways‚ in particular‚ by the death of the offerer or offeree. In order for the agreement to be effective both parties to contract must give consideration‚ the offer must be serious‚ and clearly stated. The promise Elvis Presley made prior to Jo Laverne Alden prior to his death may be enforceable
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Issue: The issue in this problem have 4 problems. This is whether or not there is fraudulent misrepresentation. And whether or not there is the legal contract. At the same time‚ whether or not the oral evidence rule it included. And it have whether or not the consumer guarantee. Rule- Fraudulent misrepresentation Fraudulent misrepresentation occurs when one makes representation with intent to deceive and with the knowledge that it is false. According to Andy and Douglas1 .An action for fraudulent
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The Indian Contract Act‚ 1872 Contract – Meaning and Nature: The law of contract constitute the most important branch of mercantile or commercial law. The law relating to contracts is governed by the Indian Contract Act‚ 1872. This act mostly deals with general principle and rules governing contracts. The act is divisible into 2 parts: 1. Section 1 to 75 – deals with general principle of contract and applies to all contracts irrespective of their nature. 2. Section 124 to 238- deals
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KIIT UNIVERSITY KIIT SCHOOL OF LAW Subject- Law of Contracts-I(101) Topic: ENFORCEABILITY OF CONTRACT AND BENEFITS OF THIRD PARTY Submitted by- Name : Arnabi Dutta Course: B.A. LL.B Roll No: 1283024 (A) Session: 2012-13 [First Semester] Acknowledgement This project bears on imprint of many peoples. I sincerely thank to Sir Puranjoy Ghosh and Ma ’am Jinia Kundu‚ faculty members of KIIT School of Law‚ KIIT University for providing me an opportunity to do my project work on
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Chapter 2 : The Indian Contract Act 1872 Definition Sir Frederic Pollock - “Every agreement and promise enforceable at law” According to Sec 2(h) “An agreement enforceable by law Agreement – Every promises and set of promises forming consideration for each other. Essential Elements of Valid Contract Minimum Two Parties – one party has to make an offer and other must accept it. Offer & Acceptance – There must be an offer and acceptance to the offer‚ resulting into an agreement. It should
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Critique on “Damages” as a remedy for breach of contract under Indian‚ American‚ English and Chinese law. Project: Law of Contracts [pic] |Submitted to: |Submitted by: | |Prof (Dr.) Amar Singh | | |Principal Faculty‚ |Dheerak
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Indian Contract Act 1872 Indian Contract Act 1872 is the main source of law regulating contracts in Indian law‚ as subsequently amended. It determines the circumstances in which promise made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some right and duties upon the contracting parties. Indian contract deals with the enforcement of these rights and duties upon the parties. The
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I. What is the Consideration on both sides of this contract? Defined (in my own words)‚ consideration is something of value that is given in exchange for getting something from another person. In my case‚ rent payments are paid to my landlord in exchange for the right to rent the house. II. Are there any conditions in the contract (precedent‚ subsequent‚ or concurrent)? Concurrent. There is a part in our lease that states that we receive a check back from our landlord‚ in the amount of $400.00 every
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