Caltex Philippines v. Court of Appeals Chester Cabalza recommends his visitors to please read the original & full text of the case cited. Xie xie! How Negotiability is Determined? Caltex (Philippines) vs CA 212 SCRA 448 August 10‚ 1992 Facts: On various dates‚ defendant‚ a commercial banking institution‚ through its Sucat Branch issued 280 certificates of time deposit (CTDs) in favor of one Angel dela Cruz who is tasked to deposit aggregate amounts. One time Mr. dela Cruz
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compensation. In equity‚ the remedy can be specific performance of the contract or an injunction. Both remedies award the damaged party the "benefit of the bargain" or expectation damages‚ which are greater than mere reliance damages‚ as in promissory estoppel. Origin and scope Contract law is based on the principle expressed in the Latin phrase pacta sunt servanda‚ which is usually translated "agreements to be kept" but more literally means "pacts must be kept".[1] Contract law can be classified‚ as
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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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principal. Creation of agency is essential to commercial and financial transactions‚ because and organization can function only through it’s agents. Creation of Agency An agency relationship can arise by agreement‚ necessity‚ ratification and estoppel. By Agreement: Express Authority: According to Doolan (1981)‚ express authority is a situation in which an individual provides definitive privileges of representation to a particular party‚ with the ability to make decisions on behalf of that
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capacity to enter into such an agreement. An Agency relationship can arise by: 1. Express Authority 2. Implied Authority 3. Apparent or Ostensible authority 4. Agency By Ratification 5. Agency By Necessity 6. Agency By Estoppel Express Authority Where an agent’s power to act on behalf of a principal will be explicitly granted to the agent by an agreement between the agent and principal.
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WHEN DOES AN AGREEMENT BECOME A CONTRACT? (1) There must be some consideration for it According to Section-2(d) of the Indian Contract Act‚ 1872 “When‚ at the desire of the promisor‚ the promisee or any other person has done or abstained from doing‚ or does or abstains from doing‚ or promises to do or to abstain from doing‚ something‚ such act or abstinence or promise is called a consideration for the promise.” According to Section-25 “Agreement without consideration‚ void‚ unless it is in writing
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1 Task – 1 1.1 Importance of Essential Elements of Contract Contract represents the instrument to enforce promises. Not all statements amount to enforceable promises or contracts. To enforce statements there are a number of elements which courts look for and these mainly include the presence of offer‚ its communication‚ its unconditional acceptance and communication of the acceptance. Once this has taken place then the element of consideration gives the badge of enforceability to the contract and
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STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION In re: BAMBI A. HERRERA-EDWARDS‚ Case No. 8:12-bk-15725-KRM Chapter 11 Debtor. / MOTION TO DETERMINE PROPERTY OF THE ESTATE DUE TO CLAIMS OF EQUITABLE ESTOPPEL‚ PROMISSORY ESTOPPEL AND RES JUDICATA Creditor‚ ERIC MOORE does hereby file this motion to determine property of the estate and alleges as follows: FACTUAL ALLEGATIONS 1. Creditor‚ Eric Moore and Debtor‚ Bambi A. Herrera-Edwards entered into a Consulting
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Royal hotel would be going to Wayling he just hadn’t altered his will). Equity maxim – Equity looks to the intent rather than the form Difficulties encountered by the plaintiff The judge at first instance held that the claim in proprietary estoppel failed because the plaintiff was unable to prove in cross-examination that the promises that he would inherit property after the death of the deceased influenced him to remain working for Mr Jones. How the court resolved the dispute They
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by previous situations which they have dealt with. Equity" may generally be defined as the correction of a defect or error in the law. This idea is apparently of ancient origin‚ tracing back at least as far as Aristotle‚ who defined equity as an exception to the rule where the lawgiver ’s pronouncement is defective and erroneous. ACKNOWLEDGEMENT Sincere thanks to our Professor‚ Dr. Anupam Acharya for guiding me throughout the assignment. I would also like to thank my
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