LAW ON OBLIGATIONS AND CONTRACTS* I. Introduction A. Law - from the Latin word “lex” which is derived from the verb “Ligare” meaning “to bind” - a rule of conduct‚ just and obligatory promulgated by legitimate authority for the common observance and benefit (as defined by Sanchez Roman‚ a Spanish Civilist) B. Sources of Law 1. Legislative- Congress 2. Constitution- supreme law of the land 3. Administrative or Executive Orders‚ Regulations and Rulings-
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Part 1 A contract is an agreement between two or more parties‚ which can be legally enforceable. A contract maybe written or oral‚ although an oral agreement can be difficult to prove in court. In order for a contract to exist it must include four elements‚ that being offer‚ acceptance‚ intention and consideration. (Sweeney & O’Reilly 2007 pg 160). A contract only exists when an offer has been accepted‚ an offer has the intention to be legally binding and the willingness to contract on certain conditions
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2 MAIN CONTRACT The Employer shall make the Main Contract (other than the details of the Employer’s prices thereunder as stated in the bills of quantities or schedule of rates and prices as the case may be) available for inspection to the Contractor with and‚ if so requested by the Contractor‚ shall provide the Contractor with a certified true copy of the Main Contract (less such details of the Employer’s price)‚ at the cost of the Contractor. The Contractor shall be deemed to have examined the
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Area of law for this case is law of contract. Contract is defined of section 2(h) of the Contract Act (CA) as a contract is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation‚ which may have elements in writing‚ though contracts can be made orally. A contract is a legally enforceable promise or undertaking that something will or will not occur. The word promise can be used as a legal synonym for contract. Although care is required as a promise
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there is a remedy’ ubi jus ibi remedium; which provides the fundamental concept that the complainant who has a grievance cognizable by the law may be assured of a remedy through the courts. Ubi jus ibi remedium has been a fundamental concept of our legal system‚ and the complainant who has a grievance cognizable by the law may be assured of a remedy through the courts. The work of the constitutional mandate is that courts must grant ‘appropriate relief’ or ‘appropriate and just’ remedy where there
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|This Employment Agreement (“Agreement”) is made and entered into on | | |between | |whose principal place of business is located at | | |(hereinafter referred to as "Employer") and | | |whose present address and telephone number is
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Contracts Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class‚ I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach
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undue influence? Undue influence define under Section 16(1) of the Contract Acts where a contract is induced by undue influence if one of the parties is in a position to dominate the will of the other and uses that position to obtain an unfair advantage over the other. Section 16(1) of the Contract Acts 1950 lay down the principal in general terms and gives the element necessary to establish undue influence where the elements are the wrongdoer was in a dominant position in his relationship with
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Intro and formation of contracts . Basic Legal Contract Principles People have a right to contract – conduct is voluntary. Anything that takes away voluntariness is questionable‚ e.g.‚ duress‚ economic duress‚ fraud‚ coercion. People have right to breach. But must place other party in the same position for which they contracted‚ so must pay them damages. If legal remedy does not work and P is entitled to be placed into performance‚ then must order specific performance. Specific performance
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A contract is an enforceable agreement between two or more persons or entities pursuant to which the parties undertake binding obligations. The vast majority of all business --- both personal and commercial --- is conducted pursuant to contracts‚ either oral or written‚ and courts of law decide disputes between parties to contracts. The four basic elements necessary for formation of a valid contract are capacity‚ offer and acceptance‚ consideration and compliance with law and public policy. Also
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