LAW 203 – LAW OF CONRACT 1 ASSIGNMENT 2 STUDENT ID: S120343 LECTURER/TUTOR: MR HUMPHREY MARAU NUMBER OF WORDS: 2284 Contract law is a body of law that governs oral and written agreements associated with exchange of goods and services‚ money‚ and properties. Not only does contract law set out the rules and guidelines of how to form a contract but also teaches us how the parties to a contract are to fulfil it and what may happen when the terms of a contract are not fulfilled. The background
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which binds the parties under normal contract law. If falling under the statutory provision in s.380 (CA 1985)‚ the agreement must be registered in the same way as the memorandum and articles‚ though clauses in the shareholders agreement cannot contravene
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Case Scenario: Big Time Toymaker LAW/421 Case Scenario: Big Time Toymaker At what point‚ if ever‚ did the parties have a contract? Chou and BTT reach the point of having a contract when they agree to all terms. In the email send by BTT covering the obligations of the parties and the terms of the agreement‚ BTT showed objective intent. According to Melvin‚” Objective intent Requirement for an offer to have legal effect necessitating that generally‚ the offer or must have a serious intention to become
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Case Scenario: Big Time Toymaker. The parties did have a contract for exclusive negotiation rights as stated in the case scenario. Big Time Toymaker (BTT) paid Chou $25‚000 for a 90-day period of exclusivity‚ thus prohibiting Chou from soliciting or entertaining offers from other parties. The agreement stipulated that unless it was written no distribution contract existed. Prior to the 90-days elapsing‚ the parties reached an oral agreement and BTT sent Chou an e-mail titled “Strat Deal” covering
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David Cho LAW/421 Week 4 November 19‚ 2014 Dr. Mark Pugatch BS‚ MBA‚ JD Big Time Toymaker According to Melvin‚ 2011 “an agreement may result in a binding contract‚ whether it is an oral or written agreement between parties”. Big Time Toymaker (BTT) had shown interest in the new strategy game developed by Chou‚ called Strat. There were oral agreements for exclusive distribution rights‚ but had stipulations that it must be in writing. There were also emails sent‚ but a formal contract was never
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one who bought it. Instead‚ she sued the manufacturer‚ Stevenson‚ for negligence. Stevenson argued that he was not liable for the injuries as there were not any contracts between them.[2] d) Mrs. Donohue did not have any contracts with anyone. Stevenson did not make any offer to her‚ which meant that the first basic element of a contract between two parties‚ an offer‚ was missing. Thus‚ it also meant that between Stevenson and Donohue‚ there were none any of the rest elements which are acceptance
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process of contract formation explaining the methods by which the courts decides whether or not the parties have reached an agreement. INTRODUCTION To establish whether the parties have formed a contract‚ the courts begin from examining the elements of offer‚ acceptance‚ whether or not there was a consideration or the bargain and the contractual intent to make a binding contract and any other external positive factors. The coincidence of offer and corresponding acceptance results in a contract. In some
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Based on the Contracts Act 1950‚ there are four ways to discharge a contract. The methods are performance‚ agreement‚ breach and frustration. Performance The general rule of performance defines that the performance must be strictly in accordance with the terms of the contract unless the parties have agreed otherwise. A promisor must be prepared to carry out his obligation at the time and place at which he has agreed to do so. Agreement A contract can be discharge by consent‚ under Section
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Question 1 “Australia’s legal system is based on the English legal system.” To what extent is this statement correct? Discuss. [10 marks] Word limit = 750 Question 2 Discuss the importance of the case of Central London Property Trust Ltd v High Trees House Ltd [1947] KB 130 [20 marks] Word limit = 1000 Question 3 Simon owns two motor cars. Both cars are the same make and model. Both cars are black. However one of the cars has had its motor replaced with a diesel motor rather than
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Decrease in trades and other payables + provisions (inclu NCL) Cash flow statement reports amount as - 6129 This includes the $714 CSR adj that we made in calculating NPAT (which doesn’t appear in the actual reported NPAT) So this figure needs to exclude the $714 otherwise we will double counting it The amount of decrease should be -6129 + 714 = -$5415 The 714 represents a loss that would reduce decrease in the payable that is a negative cash flow and reason why we making adjustment if
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