Commercial Law Questions 1 What is meant by the terms "void" and "Voidable"- give examples quoting relevant case law. Void = is where there is no contract and never did exist in the first place‚ and a third party has no rights at all under a void contract. Case law: J Loudon & Co v Elder’s Curator Bonis. Voidable = is where a contract is valid until the court sets it aside‚ and a third party has good title if contracted before the contract being set aside or reduced by the courts. (The timing
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Introduction to Commercial Law Jasper Goh Jia Qing We would need to establish if there was a valid contract formed. As per Lord Wilberforce in The Eurymedon‚ an enforceable contract would have to consist of a valid offer and agreement‚ consideration‚ an intention to create legal relations and there has to be no vitiating factors. The first issue would be as to whether there was an offer on the advertisement regarding
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and consent by the other so to act”. A party who employs another person to act in his behalf and subject is called a Principal. A party who agrees to act on behalf of another is called an Agent. Agency is governed by a large body of common law known as agency law. Eg: A real estate broker who is employed to sell a house. 2. What are the duties of a Principal to its Agent? A Principal owes following duties to its agent: * Duty to compensate: A principal owes a duty to compensate an agent
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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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to have a legally binding contract. Consideration can be anything of value (such as an item) which each party must agree to exchange for the contract to be valid. For consideration to be sufficient‚ both parties have to have an agreement. If only one party agrees to it‚ then the agreement is not consider a legally binding contract. Something must be given or promise in exchange for the promise. Consideration must be sufficient but it need not be adequate to form a contract. The courts will not measure
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Question 1 In relation to the doctrine of consideration‚ is it possible for David Properties Ltd. to not pay the extra $10‚000 that was promised to tom? Enforceable promise must be supported by consideration under the contract law. The definition of consideration was defined by the courts based on the case of Dunlop Pneumatic Tyres against Selfridge. On the facts‚ David Properties Ltd. has promised to pay an extra $10‚000 and the issue that arose was whether Tom provided any consideration
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CHAPTER 19 FORMATION AND TERMS OF SALES CONTRACTS Outline I. Introduction The Uniform Commercial Code was prepared to simplify and modernize the rules of law governing commercial transactions. A. Sale of Goods Article 2 applies to all contracts for the sale of goods. Some contracts are "mixed" (include both sale of goods and provision of services). In this case‚ the test is "which predominates." Example: Heart of Texas Dodge‚ Inc. v. Star Coach L.L.C.: The customization
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UNIVERSITI TUNKU ABDUL RAHMAN ACADEMIC YEAR 2005/2006 DECEMBER EXAMINATION UBML1053 BUSINESS LAW THURSDAY‚ 15 DECEMBER 2005 TIME: 2.00PM – 4.00PM (2 HOURS) BACHELOR OF COMMERCE (HONS) ACCOUNTING YEAR ONE Instructions to Candidates: Section A : [Total: 40 marks] 1. This section consist of ONE (1) compulsory question 2. Answer ALL the sub-questions. Section B : [Total: 60 marks] 3. This section consists of THREE (3) questions. 4. Answer only TWO (2) questions. 5. No marks will be given for any extra
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Lecture 4 & 5 - CISG- International Contracts of Sale of Goods Contract The issues in this case is -- what is the governing law? -- Does CISG apply? -- Is there a breach of contract by (seller) as regards to (a) Delay of delivery (b) quality if wines? -- What are the remedies available to (buyer)? 1. Is there a choice of law clause? ( Yes – Australian is the governing law ) ( No- where there is no choice of law clause in the sale contract‚ courts will choose the law of nation which has the ‘ closest
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