acceptance * ‘Capacity or the ability to understand the consequences of a contract by persons of such age prescribed by law & those with sound mind. * ‘Mutual consent’ or agreement on the terms of a contract ‘consideration’‚ or reward for goods or services rendered. The element that distinguishes a contract from casual agreements is that it is legally binding: The law provides a remedy in the event that the promise is broken. Legally‚ certain types of contracts should be in writing‚
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Unit- 5 Indian Sale of Goods Act‚ 1930 1. Contract of Sale – Meaning A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another [Sec 4(1)]. A contract of sale may be absolute or conditional [Sec 4(2)]. The term ‘contract of sale’ includes both a ‘sale’ and an ‘agreement to sell’. 2. Essentials of a Contract of Sale (Refer text for details)
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used mainly for transporting goods on public roads. S 3(2) a person is not a consumer if the goods (regardless of price paid) are acquired: -for the purpose of re-supply or -for using them up or transforming them‚ in trade or commerce (business) in production or manufacture or -repairing or treating other goods for fixtures on land. Crago v Multiquip Pty Ltd (1998) Ostrich egg incubator is not ordinarily acquired for personal‚ household or domestic use. Atkinson v Hastings Deering
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The action failed because there was no indication that the arrangement was intended to be a contract. .1 Difference between the Tortuous Liability and Contractual Liability. 3.1.1 Contract Law Contract law is that body of rules that govern contractual agreements between persons or merchants. Contract laws outline what a person can or cannot include in a contract‚ and what the remedies are if a party breaches their contractual duties. For example: Silva contracts with James to purchase a van for
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1. Invested $70000 in business. 2. business purchased supplies and carpet the amount of supplies 500 and the amount of carpet was $50 paid in cash 3. The advertising of business on cash of 200 4. The business collected loan from bank of 8000 5. The business purchased truck of 9000 in cash 6. Business purchased 100 computer systems of 60000. The business pay 30000 in cash and the rest of amount will after 3 week 7. Business purchased supplies of $500 and write on note that will return after
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single European act became law among member states of EU Goal: To remove barriers to cross border trade & investment within confines of EU Benefits: Increased competition & corresponding reduction in prices Jan1‚ 1999: EU’s member states adopted Euro as common currency Benefits: Would make it easy for the European consumers to compare prices across nations leading to harmonization of prices within Euro Zone Reason for Persistence of price differentials within EU Since 1985: Block Exemption
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Issue Is there a valid contract between Khalid and Siti? Law and Application When Khalid is interested in buying Siti’s painting which she had named “Hawa”‚ Khalid met Siti and told her that he will pay her RM5‚000 for “Hawa”. This is an offer. Offer had be defined in S2(a) Contracts Act 1950 as “when one person signifies to another his willingness to do or to abstain from doing anything‚ with a view to obtaining the assent of that other to the act or abstinence‚ he is said to make a proposal”
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takes longer and cost more because the arbitrator needs time to hear from both parties‚ analyze facts‚ examine evidence and determine a ruling that is legally binding. Usually parties who decide to use the mediation process will continue to conduct business with each other; typically parties who use arbitration
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European Business Task 1 Richard Wilson S1076510 Kandis Watson Contents pages Introduction Page 1 Equal pay Page 2-3 Equal treatment in employment (Race and ethnicity) Page 4-5 Employee’s rights during parental leave
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Stakeholders – individuals and groups who may affect or be affected by the actions‚ decisions‚ policies‚ practices or goals of an enterprise PESTLE – Political‚ Economic‚ Social cultural‚ Technological‚ Legal‚ Environmental or Ecological 1.2 Law Law – the total of rules at a certain point in time within a territory and or market‚ which companies and stakeholders must or can implement and which are created and enforced by bodies with the authority thereof Positive law – the sum of all legal rules in effect
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