5 Indian Sale of Goods Act‚ 1930 1. Contract of Sale – Meaning A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another [Sec 4(1)]. A contract of sale may be absolute or conditional [Sec 4(2)]. The term ‘contract of sale’ includes both a ‘sale’ and an ‘agreement to sell’. 2. Essentials of a Contract of Sale (Refer text for details) a. Two
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AirMalaysia for her damages because of the flight cancelled? Law and Application: On the fact Theresa booked the ticket from Kuala Lumpur fly to Melbourne on 1st December 2009 the flight was confirmed and paid‚ so Theresa was enter into contract with AirMalaysia‚ but on 1st December 2009 AirMalaysia cancelled the flight and the airline can’t give alternative flight to Theresa‚ according to contract act 1950 section 40 when a party to a contract has refused to perform‚ or disabled himself from performing
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– OCTOBER SEMESTER 2012 STUDENT NAME: CHU THI HONG TUYEN ID No.: 2448481 BMLW5103 – BUSINESS LAW ASSIGNMENT Question 1 Discuss the enforceability of an agreement which lacks consideration. Using legal authorities (relevant statutes and cases) to support your discussion. Answer: A valid contract is an agreement made between two or more parties that creates rights and obligations that are enforced by law. What does the consideration mean? And what does it effect to the agreement? Consideration is
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TOPIC THREE: LAW OF AGENCY * Nature and Creation of an Agent * Duties of an Agent to his Principal * Duties of a Principal to his Agent * Termination of Agency Contract NATURE OF AGENCY What is an agency? Section 135 of Contract Act 1950: “Agency is the relationship which subsists between the principal and the agent who has been authorized to act for him or represent him in dealings with others.” There are two types of agency contracts:- 1. Contract between principal & agent
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Having entered into a written contract to purchase the premises Paul mentioned of the changes that took place. Advise Jenny Issues • Whether or not Pauls actions contributed to misrepresentation‚ if yes what remedies are available to Jenny • Are there any arguments available to Paul as it relates to counter claiming the action of misrepresentation brought against him Rules • A misrepresentation is a false statement of fact‚ inducing another to enter into a contract. There are different types
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behind on their mortgage payments‚ they entered into an oral contract to sell the house to Winfield and Emma Sackett if the Sacketts would pay the three months’ arrearages on the loan and agree to make the future payments on the mortgage. Mrs. Briggs and Mrs. Sackett were sisters. The Sacketts paid the arrearages‚ moved into the house‚ and continued to live there. Fifteen years later‚ Robert Briggs filed an action to void the oral contract as in violation of the Statute of Frauds and evict the Sacketts
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------------------------------------------------- LECTURE 8: Void/voidable Contracts‚ Illegality and Termination of Contract CONTRACTS MUST BE ENTERED WITH FREE CONSENT OF THE PARTIES (Section 10). ‘Free consent’ can be impaired by coercion‚ fraud‚ undue influence‚ misrepresentation and mistake. Without free consent‚ the contract can be voidable or void‚ depending on the circumstances. English | BM/Mandarin | Example | Effect on contract | Coercion | | | | Fraud | | | | Undue influence |
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Discuss the grounds of termination of contract and remedies available for breach of contract. Further‚ discuss the most appropriate remedy (in your opinion) for breach of contract in a market economy. Grounds of Termination of Contract: Termination of a contract takes place when the parties to the contract are released from their contractual obligations. Contract termination may take in a number of ways which are: 1. By breach of contract. A breach of contract takes place when a party fails to
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Formation of the contract Terms of the contract Transfers of the property Transfer of the title Performance of the contract Remedies for breach 1.1 Definition of Goods Sale of Good Act 1957 defines the word goods as meaning ‘every kind of movable property other than actionable claims and money‚ and includes stock and shares‚ growing crops‚ grass and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale. By virtue
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agreement and the proceedings after the breach of contract between two parties: Trans Trust SPRL versus Danubian Trading co. The agreement was about the sales of 1‚000 tons of rolled steel sheets which were supposed to deliver FOB in Antwerpen on 1950. Due to this agreement there got another party involved; the American company S.A.Azur‚ which was a wholesaler for the manufacturer‚ S.A. Metallurgique d’Esperance Londoz. Because of the contract‚ the seller ordered a sufficient amount of steel from
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