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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-1Question 6 of Examination paper 2007 (a) The contract for sale which Macbeth had entered with Weetocrunch Ltd is a separate contract with that of the contract entered with the banks with regards to the documentary credits. For the purposes of this question‚ we are only dealing with the contract of the documents between Macbeth and the confirming bank‚ Noddy Bank. Noddy bank had been authorized in this case by the issuing bank‚ Toytown Bank to pay the beneficiary‚ also known as the seller‚ Macbeth
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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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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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CONTRACT LAW IN GREAT BRITAIN AND THE USA Key terms and specific concepts I FORM Deeds‚ specialty contracts‚ contracts under seal (# simple contracts) Statute of Frauds 1677‚ s.4 Property Act 1925‚ s.1‚ s.40‚ s.136 ; 1989‚ s.1(3)(a)‚ s.2(1) Consumer Credit Act 1974‚ s.67‚ s.68 Uniform Commercial Code 2-201 ( 2-202 Parol Evidence Rule) Jinright v. Russell (1971) Mulford v. Borg-Wagner Acceptance Corp. (1985) II TERMS A) TERMS IMPLIED BY STATUTE Sale of Goods Act
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generally and in relation to the learning contract? I find self-directed learning to be a very challenging especially with just 3 classes for the semester. It becomes a great responsibility to get perfect after each assessment feedback is provided. After each feedback I improved my mistakes and tried my best to write a perfect blog for the next submission. In relation to the learning contract I had to research for a while to get an exact idea on how to write a contract and how to handle each argument.
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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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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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IDENTIFICATION OF ISSUE: Whether there is a valid contract between Gary and Sam? EXPLANATION OF THE RELEVANT LAW Proposal is defined under S.2 (a) of Contract Act 1950‚ proposal is made‘when one person signifies to another his willingness to do or to abstain from doing‚ with a view to obtaining the assent of that other to the act or abstinence’. In short‚ we can say that ‘Proposal’ is an expression of a definite and certain willingness on the part of the proposal to be found by the terms of the
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Principles of Contract The law of contracts touches equally upon the lives of ordinary persons and the activities of small and big business. This branch of law deals with law relating to promises‚ their formation‚ performance and enforceability. It is scattered over several legislations. There are special legislations dealing with particular contractual relationships‚ e.g. The Sale of Goods Act‚ 1930‚ The Partnership Act‚ 1932. This paper will include a study of general principles of contracts spelt out
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