INTRODUCTION The law of contract is the collection of legal rules which govern contracts. These rules‚ in turn‚ are part of the law of obligations‚ a subdivision of the law of property which is traditionally regarded as part of private law. Private law governs the persons (legal subject) in their personal or private capacity before the law in relation to other legal subjects. In other word‚ private law can be defined as balance and protect legitimate individual interests. Traditionally private law‚ being
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Contract Law Name BUS 311 Business Law I Professor Date The law of contracts has been a part of our culture for a long time. Contracts are an agreement‚ either written or spoken‚ with a company or person to do something that is agreed upon with binding terms. Contracts are the glue that keeps the world of business together. They bind employees and companies‚ consumers and producers‚ and suppliers and wholesalers. A contract can vary from country to region or even jurisdiction‚ but a
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Discuss the requirements for a valid contract. A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. www.wikipedi.org A contract is a binding agreement between two or more people stating to do something or refrain from doing something. Not all agreements are classified as contracts. A contract is known as an acceptance or offer enforced by law between two or more people. When creating a contract
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Business Law Assignment; Mistake in contract law‚ is a factual misunderstanding that may lead to a failure of a meeting of the minds. Unilateral mistake is mean that is only one party is mistaken‚ but the other party knows‚ or ought reasonably to be aware of the mistake. Contract may be void or voidable. Void is a contract that is no legal effect. While‚ voidable is an agreement that may be affirmed or rejected at the option of one of the party. The reason why Lord Denning took the view that these
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OUTLINE OF LECTURE IN LAW ON CONTRACTS (Defective Contracts) 1. Defective contracts a. Rescissible contract – valid until rescinded; b. Voidable contract – valid until annulled; c. Unenforceable contract – cannot be sued upon or enforced unless ratified; d. Void contract – no effect at all‚ cannot be ratified or validated 2. Rescission Rescission is the remedy granted by law to the contracting parties and sometimes even to third persons in order to recover indemnity
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In Malaysia‚ our contract law is basically governed and enforced by the Contract Act 1950. The remedy of specific performance presupposes the existence of a valid contract between the parties to the controversy. The terms of the contract must be definite and certain. This is significant because equity cannot be expected to enforce either an invalid contract or one that is so vague in its terms that equity cannot determine exactly what it must order each party to perform. It would be unjust for a
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LAW OF CONTRACT NOTES INTRODUCTION. A contract is an agreement between two parties which is enforceable by law.An agreement is made when a person signifies his willingness to do or to abstain from doing anything with a view of obtaining the assent of the other party. Such act or abstinence is said to make a proposal.The person making the proposal is called the offeror and the person accepting the proposal is called the offeree TYPES OF CONTRACTS: Contracts may be classified into: -Written
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A contract intends to formalize an agreement of two or more parties‚ in relation to a particular subject. Contracts can cover an extremely broad range of matters including the sale of goods or real property‚ the terms of employment or of an independent contractor relationship‚ the settlement of a dispute and ownership of intellectual property developed as part of work for hire. Essential Elements of a Contract * Clear certain and communicated agreement. Meaning that the parties are consensus
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4. NOTES 4.1. THE ESSENTIALS OF A VALID CONTRACT A. ESSENTIAL No 1 The Parties Must Act Within Their Contractual Capacity What is contractual capacity? We view it in relation to the concepts of personality and legal status: PERSONALITY – determines that you are a legal entity or persona. As a result of this personality you acquire legal status ie your legal status defines that legal personality further. STATUS then describes your legal “condition” eg a married woman‚ A public
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1. Introduction – What is a Contract? 1.1 Definitions Not all agreements will be contract enforceable in law - social arrangements‚ for example‚ or contracts which offend against public decency and public policy and those which involve criminal activity. ‘A contract is an agreement giving rise to obligations which are enforced or recognised by law. The factor which distinguishes contractual from other legal obligations is that they are based on the agreement of the contracting parties.’ Treitel
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