Business Law Exam 2 Final Review Three questions on the exam… #1 Q. Natasha Rostov is asserting rights as a third party donee beneficiary on a contract made by mike… A. The terms of the contract and the surrounding circumstances show a clear intent to benefit her. #2 Q. Which of the following statements is correct with regard to anticipatory breach of contract? A. It occurs when one party indicated with definiteness she/he will not or cannot perform under the terms of the contract
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1. Which of the following is not an essential element of a Contract of Sale? a. Consent b. Subject Matter c. Delivery d. Price 2. What is the effect when all the three (3) elements of a valid contract of sale are present but there is a defect or illegality constituting any of such elements? a. Contract is Void. b. Contract is Voidable. c. Contract is Unenforceable d. Contract is Rescissible. 3. It takes place upon the concurrence of the essential elements
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Due Process of Law In our government today we have due process of law. Due process of law simply means that we have protection against a chance deprivation of life‚ liberty or property. Within the due process law‚ if you are to be accused of something it has to be under fair and reasonable circumstances. If we are ever to be arrested of something‚ under due process it commands that we are taken to court and showed a cause. It is very important that we have due process in the law for the people
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the plaintiffs wish to sue Defendant for breach of contract. This will depend on whether there is a valid contract formed in each respective case. Rules/Principle The law of contract: There must be a legally binding contract between two or more parties. On
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STAY OF PROCEEDINGS PENDING ARBITRATION: DOES IT APPLY TO INSOLVENCY PROCEEDINGS? By Bwire B. Kuboja There are two main sources of law in Tanzania Mainland regulating stay of proceedings pending arbitration namely section 6 of the Arbitration Act and section 64 of the Civil Procedure Code Act read together with the Second Schedule to the Civil Procedure Code Act. Under section 6 of the Arbitration Act‚ a party to a submission against whom a proceeding connected to any matter agreed to be
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A contract is an enforceable agreement between two or more persons or entities pursuant to which the parties undertake binding obligations. The vast majority of all business --- both personal and commercial --- is conducted pursuant to contracts‚ either oral or written‚ and courts of law decide disputes between parties to contracts. The four basic elements necessary for formation of a valid contract are capacity‚ offer and acceptance‚ consideration and compliance with law and public policy. Also
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Outcome-4………………………………………………………………….8 Bibliography………………………………………………………………...10 Outcome 1: Before describing Bill and James legal position according to their activities‚ the formation of a contract has given below in Figure 1: [pic] By the formation of contract‚ the legal position of Bill and James has been analysed as following: Invitation to Treat: When Bill said to James‚ “I may be prepared to buy ten televisions from you for £2000”. Then
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A contract is an agreement between two or more parties to perform a service‚ provide a product or commit to an act‚ and is enforceable by law. There are several types of contracts‚ and each have specific terms and conditions. All contracts‚ whether verbal or written‚ must include specific components that will make them legally enforceable in a court of law. If any of the components are missing‚ the courts will consider the contract unenforceable. To be enforceable‚ a contract must be legally valid
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PART A – Four Step Process (20 marks) Question (a) 10 marks The legal issue in question was the elements of agreement that are required for the formation of a legal contract. The elements of an agreement that are required for the formation of a legal contract is that it should consist of both offer and acceptance. This being said‚ there are principles that constitute an offer and acceptance. An offer consists of the element of promissory. This means that there must be an undertaking or promise
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SALE OF GOODS Ref: Sale of Goods Act‚ 1930. SALE A contract to transfer the ownership (title) of the goods from one person (seller) to another (buyer) for a price as consideration is called Sale. ESSENTIALS OF A SALE 1. Two Parties 2. Transfer of title. 3. Goods. 4. Price. AGREEMENT TO SELL Where under a contract of sale the transfer of ownership in the goods is to take place at some future time subject to some condition thereafter to be fulfilled the
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