SUMMER REVIEWER OBLIGATIONS AND CONTRACTS TITLE 1 - OBLIGATION • Art. 1156. An obligation is a juridical necessity to give‚ to do or not to do. (n) • neither party may unilaterally evade his obligation in the contract‚ unless: a. Contract authorizes it b. Other party assents Parties may freely enter into any stipulations provided they are not contrary to law‚ morals‚ good customs‚ public order or public policy CHAPTER 1. – GENERAL PROVISIONS See Arts. 1156 - 1162 ELEMENTS OF AN OBLIGATION: 1. Active
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Question Martina owns two houses in Loughchester. In May‚ she entered into a contract with Loughchester University for it to rent the houses for the coming academic year for use as student accommodation. The University paid Martina £750 straight away‚ with the rent to be paid to Martina by the University monthly in arrears. Martina then engaged Roger Roofers Ltd to carry out repairs on the roofs of the houses‚ to be completed by 23 September‚ in time for the arrival of the students. She paid Roger
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Purpose The purpose of this paper is address the issue of turnaround time in contract negotiations. We will present recommendations on how to streamline the contract negotiation process by implementing a change in the current process and creating a standard contract. Background Liferay‚ Inc. is a software and service oriented company who has an open-sourced product. It was founded in 2004 in response to growing demand for Liferay Portal‚ the market’s leading independent portal product that was garnering
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Contract between MAANO TECHNICAL SERVICES CC (Builder) Represented by Mr. Herman Lukas And Mr. Joao de Sousa Satata (Client) Represented by Mr. Zenildo Calueto For THE CONSTRUCTION OF AN OUTBUILDING AT ERF 1387‚ MOUNTAIN THORN STREET‚ DORADO PARK‚ WINDHOEK – NAMIBIA. CONTRACT BETWWEN THE OWNER AND THE BUILDER CONTENTS SECTION 1. Articles of Agreement. SECTION 2. General Information. SECTION 3. Standard Conditions of Contract. Section 1 ARTICLES OF AGREEMENT ARTICLES OF
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Financial Risk Management‚ FIN3FRM Semester 2‚ 2012 Assignment 1 Q.1 An investor enters into a short forward contract to sell 100‚000 British pounds for U.S. dollars at an exchange rate of 1.9000 U.S. dollars per pound. How much does the investor gain or lose if the exchange rate at the end of the contract is (a) 1.8900 and (b) 1.9200? (2 points) Solutions: a) The investor as part of obligation for selling pounds‚ because of his obligation to sell
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Contract is an agreement between two or more competent parties in which an offer is made and accepted‚ and each party benefits. No contract can come into being unless the following features exist: an actual offer‚ an acceptance‚ consideration (this means that each party will contribute something of a material value to the bargain) and an intention to create legal relations. The agreement can be formal‚ informal‚ written‚ or just plain understood. (a) For a contract to exist the offer must be made
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Indian Contract Act states that‚ "every promise on every set of promises forming the consideration for each other an agreement. An agreement is a form of cross reference between different parties‚ which may be written‚ oral and lies upon the honor of the parties for its fulfillment rather than being in any way enforceable. It is also a fact that an agreement is a proposal and its acceptance‚ by which two or more person or parties promises to do abstain from doing an act. But a contract according
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Intel shares. As indicated in the table below‚ the share price is $19.56 and January put option with a strike price of $17.50 costs $0.475. The investor is comparing two alternatives to limit downside risk. The first is to buy 1 January put option contract with a strike price of $17.50. The second involves instructing a broker to sell the 100 shares as soon as Intel’s price reaches $17.50. Discuss the advantages and disadvantages of the two strategies. Strike Price 15.00 17.50 20.00 22.50
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accepts the offer and they sign a contract to that effect. After the contract is signed‚ Teri learns of a Boston rule that all firefighters must live within the Boston city limits. Teri decides not to move and contacts Jack to let him know she won’t be moving after all. Jack sues Teri in municipal court‚ asking for specific performance in accordance with the original deal. Teri argues that‚ although specific performance is usually appropriate in land sales contract cases‚ the judge has the discretion
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common law‚ a contract is a legally binding agreement between two or more parties that sets an exchange of promises of what each party will or will not do".(Elliott‚2011‚p.13) The contract can be unilateral and bilateral. if the oferee can accept simply by promising to perform‚ the contract is bilateral. Bilateral contract is a "promise for a promise"‚ and in order to be formed‚ is not need for consideration to be made at the time when the promises are exchanged . In a unilateral contract‚one party
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