It is trite law that an insurer under a contract of indemnity insurance‚ who has satisfied the claim of the insured‚ is entitled to be placed in the insured’s position in respect of all rights and remedies against other parties which were vested in the insured in relation to the subject-matter of the insurance1. Where the insured has proceeded against the third party after the insurer had paid out the claim and without the insurer’s authority as happened in Visser v Incorporated General Insurances
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enter into a short futures contract to sell July silver for $17.20 per ounce. The size of the contract is 5‚000 ounces. The initial margin is $4‚000‚ and the maintenance margin is $3‚000. What change in the futures price will lead to a margin call? What happens if you do not meet the margin call? Problem 5.2. What is the difference between the forward price and the value of a forward contract? Problem 5.3. Suppose that you enter into a six-month forward contract on a non-dividend-paying stock
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Wilburn Western Civilization II Allison Elledge 2/28/14 What is the Social Contract? How was one to be able to be governed and still remain free men? The Social Contract was an agreement that was part moral and part political obligation that depended on the people to form society. The entire contract explains the aspects to answer this question (Rousseau‚ Jean Jacques. "The Social Contract."). The contract states that there is a way for a person to be part of a society‚ yet still be able
Free Political philosophy Social contract Jean-Jacques Rousseau
law including identifying key vitiating factors‚ including duress and undue influence and illegality as well as forms of discharge of a contract and remedies for that. It will also apply these laws to the cases provided to illustrate the application of these laws. Vitiating factors represent some sort of defect in the formation of the contract. Examples of this are that the contract is based on a mistake or a misrepresentation. Illegality on the other hand‚ is much more to do with the actual character
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Psychological Contracts: an introduction to the concept Richard Hall Associate Professor in Work and Organisational Studies University of Sydney While the origins of the concept of ‘the psychological contract’ can be traced to the 1960s‚ the idea gained widespread currency in the academic and research fields of organisational psychology‚ organisational behaviour and HRM in the 1990s following the publication of a key article‚ then a book‚ by Rousseau (1989‚ 1995) which stimulated renewed interest
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charter‚ the evidence shall not be excluded if it is established that‚ having regard to all the circumstances‚ the admission of it in the proceedings would bring the administration of justice into disrepute (charter). If the court finds that a Charter breach has occurred‚ the evidence should not be excluded pursuant to section 24(2) of the Charter. The test set out in R v. Grant
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Number: Identification card number : Group : Lecturer’s name: The issue in this case deals with invatition to treat ‚ offer ‚ counter-offer ‚ conditional acceptance and acceptance . It also deals with the elements of valid contract. General rule for a binding contract is an offer and an acceptance of the proposal. There must be effective communication to the proposer. It is very important to differeciate a proposal from an invitation to treat. Invitation to treat is a stage of negotiation and
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CONTRACTS OUTLINE Prof. Page – Contracts I – Fall 2011 |CONSIDERATION | - A legal contract only exists when there is an exchange – whether that’s a promise for a promise‚ performance for a promise‚ etc… this is called consideration. The promises/performance have to be influencing the other party to act/promise. *i.e. the ‘fuzzy coughdrop’ rule* i. RESTATEMENT
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2.1 Definition of Proposal/Offer Section 2(a) of the Contract Acts 1950 provides that: “when one person signifies to another his willingness to do or to abstain from doing anything‚ with a view to obtain the assent of that other to the act or abstinence‚ he is said to make a proposal”. Eg: Ali advertised in Malay Mails that he will give a reward of RM100 to anyone who finds his pet. He signified his willingness to do an act‚ which is to pay a reward‚ upon certain terms‚ with a view of obtaining
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of Frauds was satisfied by performance when Randy sent over the watches. First in order for a contract to be binding‚ all elements must be included. These elements include the offer‚ acceptance‚ and the consideration. Since this is a contract for goods it must clearly state that this contract is for the sale of goods. In order for the contract to be valid in accordance with UCC policy‚ it only requires that the quantity of goods being sold be identified in the contract. “Except as otherwise provided
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