Defective Contracts Contract Classification Basis of Defect Status of the Contract Legal Effects Prescriptive Period Ratifiability A.Rescissible There is damage or injury either to one of the contracting parties or to a third person. Valid Considered valid and enforceable until they are rescinded by a competent court. The action for prescription may prescribe. NO 1. Contracts entered into in behalf of wards 2. Contracts agreed upon in representation of absentees 3. Contracts undertaken
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unlawful means to induce BOAC to terminate his contract. The strike was alleged to be the unlawful means. -The case was almost immediately reversed Miliangos V George Frank Textiles George Frank Ltd was a Swiss textile producer who sold and delivered textiles to Miliangos‚ textile trade located in England. Miliangos refused to pay for the textiles. George Frank sued Miliangos in England for the amount of the debt in the currency of the contract which was Swiss francs. -Overruling a decision
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report is to discuss the theory of psychological contracts in organizational employment and to see its evolution by discussing various theories of different authors‚ its present form‚ issues related to it and its importance in training and apprenticeship programs. This report basically discusses both the theoretical and practical aspects of psychological contract. This report shows how that how the concept of psychological contract has evolved and what different authors have said about this. And sees
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Construction Contract Assignment A normal contract is an agreement with specific terms to do something in return for something and follows the procedure of offer‚ acceptance‚ consideration‚ contractual intention and form of contract. A standard building contract in essence has a lot of similarities however there are four main differences making it ‘special’. A normal sale of good contract has a visible end product‚ in construction on the other hand it’s a concept to start with; this creates a large
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There were many things I learned in this class from week one to week seven. In week one‚ I learned the concept of a social contract between the government and the people. It deals with the agreement made by both parties to regulate society. Under this contract‚ members of society agree to give up certain natural rights in exchange for security‚ comforts and order. The government is entrusted with creating an effective system for regulating conduct that are in the best interest of the people and creating
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Title Name BUS 311 Business Law I Professor Date Situations that involve written and oral contracts between clients and contractors happen every day. Quite often‚ a price is agreed upon based on a completion date and the performance that happens along the way. One such situation that I have experienced was when my Dad decided to purchase a brand new townhouse in a downtown Cincinnati residential redevelopment project. A private contractor named Drees had won the rights from the city to
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‘Natural Law is the most reliable approach when making judgements about sex and relationships’ Discuss. Aquinas developed the Natural law Theory‚ with which he proposed five ‘telos’ that he believed were our duty to follow. His 5 primary precepts- ‘Worship God Ordered society‚ Reproduction‚ Learning and Defend the innocent’ are deontological. However‚ whilst being deontological‚ Natural Law does have some flexibility with the more teleological‚ secondary precepts. The doctrine of Double effect
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ESSENTIAL ELEMENTS OF A VALID CONTRACT: To be enforceable by law an agreement must possess the essential elements of a valid contract as laid down by Sec.10 of Contract Act in the following terms; ‘All agreements are contracts if they are made by the free consent of parties competent to contract‚ for a lawful consideration and with a lawful object‚ and are not hereby expressly declared to be void.’ Following are the conditions for validity of the contract in detail. 1. Offer and Acceptance:
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Business Law | Contract Analysis | Westwood College | Eric Givens 2/12/2013 | Contract Analysis A contract is a legal document between two or more parties. There are several elements that are necessary in order to make a contract enforceable. The specifics of these various elements may differ from state to state‚ but all seven of the elements must be present in order for the contract to exist. As such‚ if one of these elements is missing‚ a contract can be voided and the parties
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------------------------------------------------- Gibrat’s law Gibrat’s law‚ sometimes called Gibrat’s rule of proportionate growth is a rule defined by Robert Gibrat (1904–1980) stating that the size of a firm and its growth rate are independent.[1] The law of proportionate growth gives rise to a distribution that is log-normal.[2] Gibrat’s law is also applied to cities size and growth rate‚ where proportionate growth process may give rise to a distribution of city sizes that is log-normal‚ as predicted by Gibrat’s law. While the city size
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