Question a) Step One The principle of law is that for a valid contract to be formed there must be an agreement reached by both parties. Step Two There are three main elements for the formation of a legally binding contract‚ intention‚ agreement and consideration. The requirement that requires discussion here is the existence of an agreement by the parties to enter into a legally binding contract. An agreement means a consensus on at least those essential terms needed for a workable transaction
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Business Advisory Service Legal responsibilities for business owners Advise for new business owners about: * Legal status and risk involved * Contract Law * Consumer legislation Legal Status When starting up a business‚ one should decide which legal status to choose. Each legal status has its own different responsibilities and there are some risks involved. There are three types of legal status: sole trader‚ partnership and limited companies (Ltd & Plc). * Sole
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NATIONAL LAW INSTITUTE UNIVERSITY A PROJECT OF CONTRACT-I Government Agreements under Contracts and Constitution SUBMITTED TO :- SUBMITTED BY: DR.(Prof.)MOHD. ISHAQ QURESHI SIDDHARTH SHARMA PROFESSOR 2012BALLB100
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“A common mistake‚ even on a most fundamental matter‚ does not make a contract void at law; but it makes it voidable in equity.” To what extent does this statement represent the law after Great Peace Shipping Ltd. V Tsavliris‚ The Great Peace (2002)? A mistake is an erroneous belief held by one or more contracting parties at the time of entering the contract‚ as to whether certain details pertaining to the contract were true. Mistakes can be classified in three categories; common‚ mutual‚ or
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Assignment 1 – Understanding the legal requirements for a valid contract The essential elements for a contract‚ who apply in all cases‚ are: 1. Offer- made by offeror to the offeree ‚ it is very important to distinguish this from invitation to treat ( which invites offers to be made) 2. Acceptance – Offeree accepts the offer that has been made. Rolls Royce Car 3. Consideration- Something of value passes between the two parties e.g.: A
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formation of a contract between the parties. However‚ she experienced numerous problems after the booking. First of all‚ as Sylvie’s son was ill‚ she wanted to transfer the holiday booking to her nephew. However‚ the travel agent did not allow this transfer. Secondly‚ Tours R Us wanted an extra payment of £50 because of a fault in the computers of the travel agency after the booking process. These two incidents caused the breach of the contract as the money was paid and a contract was formed between
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7/01/13 Business Contracts: Protocol‚ Laws & Ethicality There are various kinds of contracts which arise within our business world today; contracts are an essential component to business livelihood. Although a contract is an agreement‚ not all agreements are valid contractual obligations. In order for any contract to be an official and legally binding agreement‚ there are essential requirements which must first be fulfilled. Because contracts are vital to the organization and
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supplementation of contracts by international arbitrators has always been one of the most important and also one of the most debated issues of international arbitration law. Two reasons account for this. First‚ the international arbitrator’s competence to adapt a contract to changed circumstances or to fill gaps in the contractual stipulations of the parties always involves a complex interaction of the applicable procedural law (the lex loci arbitri) and the substantive law applicable to the contract (the lex
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for breach of contract When signing a contract not only are you agreeing to the terms of this contract you are agreeing to the consequences if breach the contract. There are many remedies available if one of the party’s breaches the contract and if the party who breached the contract doesn’t agree to the consequences then the matter will be taken to court. A breach of contract can be defined as a party failing to perform‚ precisely and exactly‚ his obligations under the contract. However a party
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Contract Law Presented by Kerra Bazzey Contract Law Formation of a Contract Terms of a Contract Discharge of a Contract Remedies for Breach of a Contract Formation of a Valid and Enforceable Contract Offer Acceptance Consideration Intention to Create Legal Relations Privity of Contract Capacity to Contract Must not be illegal or contrary to public policy Formation of a Contract A contract is an agreement which creates legal rights and obligations between the parties to
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