A contract is a "promise" or an "agreement" that is enforced or recognized by the law‚ whether implied or expressed. There must be an agreement‚ which consists of an agreement‚ an intention to create legal relations‚ and consideration. A contract is said to come into existence when acceptance of an offer has been communicated to the offerer by the offeree. An offer is an expression of willingness to contract on certain terms‚ made with the intention that it shall become binding as soon as it is
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FORM OF CONTRACT (Arts 1356-1358) 1. What is the form of a contract in order that it will of obligatory force? (Art. 1356‚ CC) GENERAL RULE: Whatever may be the form in which a contract may have been entered into‚ the general rule to 1356 of the Civil Code‚ is that it shall be obligatory provided all of the essential requisites for its validity are present. EXCEPTIONS: 1) When the law requires that the contract must be in a certain form in order to be valid; and 2) When the law requires that the
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FACTS: SS/Alicante‚ belonging to Compania Transatlantica de Barcelona was transporting two locomotive boilers for the Manila Railroad Company. The equipment of the ship for discharging the heavy cargo was not strong enough to handle the boilers. Compania Transatlantica contracted the services of Atlantic gulf and Pacific Co.‚ which had the best equipment to lift the boilers out of the ship’s hold. When Alicante arrived in Manila‚ Atlantic company sent out its floating crane under the
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Understanding the concept of contract is the important thing in answering this question.” A contract may be defined as an agreement between two or more parties that is intended to be legally binding”. This answer will highlight the main points to see the differences between an offer and an invitation to treat.” An offer may be defined as a statement of willingness to contract on specified terms made with the intention that‚ if accepted there will arise a binding contract”. On the other side‚ invitation
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Part A For a contract‚ it is necessary to decide what the parties have agreed‚ otherwise it is not possible to know whether the parties have done what they contracted to do. However‚ not all the statements made during negotiations are contractual terms. Therefore‚ here to discuss terms of the contract. Terms of the contract According to James (2010)‚ the terms of the contract are the specific details of the agreement‚ including each party’s rights and obligations. Broadly speaking‚ there are
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Contract: a legally enforceable agreement General Rule (GR) for an agreement to be legally enforceable‚ following requirements must be satisfied: 1. There is an agreement between the parties (2 or more persons) 2. The parties intended to create legal relations 3. Each party has provided consideration‚ that is‚ paid a price or made a promise GR for an agreement to be formed: 1. One person (the offeror) has made an offer 2. Another person (the offeree) has accepted the offer 3. The offeree
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2.3 Impact of Different Types of Contracts The agreement was binding. The Court of Appeal distinguished the case of Balfour v Balfour (HPH 202) on the grounds that the parties were separated. Where spouses have separated it is generally considered that they do intend to be bound by their agreements. The written agreement signed was further evidence of an intention to be bound.. In this case of husband and wife is a domestic agreement‚ they jointly owned a house. Husband left to live with another
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Aspect of contract and business law Assignment 1: The requirements for a valid contract P1: Identify the legal criteria for offer and acceptance in a valid contract. In order for a contract to be legally binding‚ both parties must make an offer and an acceptance of that offer. An offer‚ by law it is generally presumed that in a commercial transaction‚ the contracting parties must have the intention to create a legally binding contract. This means that if they have signed a contract for business-related
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Business Law Tutorial 6 1. Void contract is defined in Section 2(g) of Contracts act‚ 1950 as an agreement which is not enforceable by the law‚ which gives rise to no rights or obligations. Under Section 11 of Contracts Act‚ 1950‚ every person is competent to contract who is of age of majority‚ and who is of sound mind and is not disqualifying from contracting by any law to which he is subject to. The Age of Majority Act‚ 1971 states that the age of majority is 18. The Privy Council in MOhori
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Bank Deposit Contract Reference No: C89364520358 Deposit contract concluded on 20th of January‚ 2013‚ in Skopje between: Stopanska Banka AD – Skopje‚ Head Office‚ Represented by Ana Nikolovska‚ Manager of the Legal Division Address: 11 Oktomvri 7‚ 1000 Skopje‚ Republic of Macedonia Unique Tax Number: 07495305 Unique Identification Number: 92593630 And Name:
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