“The parties to an executory contract are often faced‚ in the course of carrying it out‚ with a turn of events which they did not at all anticipate – a wholly abnormal rise or fall in prices‚ a sudden depreciation of currency‚ an unexpected obstacle to the execution‚ or the like. Yet this does not in itself affect the bargain which they have made…” (per Lord Simon in British Movietonews Ltd. v. London and District Cinemas [1952] A.C. 166 at 185). Discuss this dictum and explain the respects in
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In Business‚ contracts can be considered as the heart of dealings and have to be taken with utter most consideration of the acceptance‚ however in order to understand in depth a binding agreement‚ we must first discuss‚ what determines a contract or binding agreement. These can be defined as “an agreement which the law will enforce” as well as a “promise or set of promises which the court will enforce”. To facilitate a binding agreement‚ an acceptance must occur and must be absolutely unconditional
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Contract A contract is a promise between two or more persons involving the exchange of some good or service. Some of the basic elements of a contract include: an offer and an acceptance; "capacity‚" or being of legal age and sound competence; "mutual assent‚" or agreement on the terms of a contract; and "consideration‚" or compensation for goods or services rendered. The element that distinguishes a contract from an informal agreements is that it is legally binding:the law provides
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THE LAW OF CONTRACT IN GHANA (These notes have mainly been culled from Mrs. Christine Dowuona Hammond’s seminal work on the Law of Contracts.) INTRODUCTION Contracts are made by people every day‚ whether the parties recognise it or not. Each time one spends money on anything – a bus ticket‚ an airline ticket‚ a pair of shoes‚ a meal in a restaurant‚ laundry services‚ books‚ or signs a lease‚ etc. one concludes a valid and legally binding contract. Contracts may be oral or written;
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CONTRACT AND RELATED OBLIGATION Prof. Hillman I) Theories of Obligation A) CONTRACT: Agreement with Consideration – Bargain Theory of Consideration Definition: A promise that is supported by consideration because the promisor gets something (extracts) from the promissee in exchange for the promise. Ex: I tell Alice I will sell her my piano for 400 dollars and she agrees. I promised my piano in exchange for something (400 dollars) therefore my promise is enforceable. 1) Bargained
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PART I. Introduction England’s contract law is consisted of several laws and they can not be written or at least explained in a student’s assignment‚ which is consisted of 1000 words. Despite that I will try to outline the main points of the contact law and explain briefly what each means. On the second point I will explain the little difference between the English contact law with the equivalent contract law of my home country which is Cyprus. I wrote "little differences " because‚ Cyprus is following
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Acceptance 3 2.2 Consideration 4 2.3 Discharge of contract 5 2.3.1 Discharge by Breach 5 2.3.2 Discharge by Performance 5 2.4 Remedies 6 2.4.1 Unliquidated Remedies 6 2.4.2 Injunction Remedies 6 2.5 Intention to Create Legal Relations 7 2.6 Free Consent 8 3.0 Conclusion……………………………………………………………………...9 4.0 References…………………………………………………………………….10 1.0 Introduction Contract is a customary of procedures guiding the relationship‚
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------------------------------------------------- HND BUSINESS CONTRACT LAW | Aspects of Contract and Negligence | | | HND BUSINESS - CONTRACT LAW Case 1 1.1 Introduction A contract is a legally binding agreement between two or more people in writing or in words that includes a valid offer and acceptance. The essential elements of a binding contract are: 1. Offer and Acceptance 2. Consideration given by both sides 3. The intention to create legal relationship 4. Privity
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Contract Law LA4001 In order to able to outline the contract law on capacity in the light of this statement basically means how does the contract is being issued to the lay people who has no or little knowledge about law and how does it seek to protect the interests of those making the contracts. Contracts are of course not only made between individual
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CONTRACT LAW – LECTURE 4 Promissory estoppel Is about the enforceability of all alteration promises (promises to pay more and promises to accept less) and by contrast estoppels does not apply to promises about the formation of initial contracts Ex. If a creditor promises to accept a smaller sum in full settlement intending the debtor to rely on that promise‚ and the debtor does rely on it‚ the debtor may have a defence of promissory estoppels when sued for the balance by the creditor. The promise
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