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 the contract is then enforceable
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Part A Contracts are an integral part of business and everyday life‚ and are fundamental to construction as the industry relies on the formation of contracts for business agreements. “Contracts are based on the idea of a bargain‚ where each side must put something into the bargain. A contract may be defined as ’an agreement which is binding on the parties’” (Galbraith‚ 1998‚ pg78). There are a number of key components which must be present in the formation of such contracts. Firstly‚ there
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DISCHARGE Written by Mardi Szantyr Discharge of a contract refers to the way in which it comes to an end. Contracts can come to an end in the following ways: 1. by performance 2. by agreement 3. by frustration 4. by breach Each one of these methods of discharge will be considered. Discharge by performance The contract comes to an end when both parties perform their contractual obligations. Performance must substantially correspond with what the parties agreed allowing for minor
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reported an IT security breach. The intrusion involved the portion of its network that handles credit card‚ debit card‚ check‚ and merchandise return functions. Facts slowly began to emerge that roughly 94 million customers’ credit card numbers were stolen from TJMaxx and Marshalls throughout 2006. It was believed that hackers sat in the parking lots and infiltrated TJX using their wireless network. Most retailers use wireless networks to transmit data throughout the stores main computers and for
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ETHICS IN CONTRACTS Abstract: When creating a contract‚ a negotiator is not only doing so to reach an agreement between two or more parties‚ but to create an agreement that is durable; whereby parties of the contract are legally bound and committed to its promises . “A legally binding contract is defined as an exchange of promises or an agreement between parties that the law will enforce‚ and there is an underlying presumption for commercial agreements that parties intend to be legally
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CONTRACTS Stages in the life of a contract: 1. Preparation/Generation 2. Perfection/Birth 3. Consummation/Death Characteristics of Contracts: (ROMA) 1. Relativity (Art. 1311) 2. Obligatoriness & Consensuality (Art. 1315) 3. Mutuality (Art. 1308) 4. Autonomy (Art. 1306) Stipulation pour Autrui - stipulation in favor of a 3rd party. Requisites: 1. The stipulation must be part‚ not whole of the contract; 2. the contracting parties must have clearly and deliberately conferred
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Asif Tufal Contract-Law-page CASES ON FORMATION OF A CONTRACT OFFER Payne v Cave (1789) The defendant made the highest bid for the plaintiff’s goods at an auction sale‚ but he withdrew his bid before the fall of the auctioneer’s hammer. It was held that the defendant was not bound to purchase the goods. His bid amounted to an offer which he was entitled to withdraw at any time before the auctioneer signified acceptance by knocking down the hammer. Note: The common law rule laid down in
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majority of people always ask‚ “Why is Kim Kardashian famous?” Well‚ Kim Kardashian has won three awards‚ has multiple clothing stores‚ and stars in her family television show‚ Keeping Up with The Kardashians. She lives in her 11 million dollar mansion in Bel Air‚ California with her husband‚ Kanye West‚ and her two children‚ North West and Saint West. Kim Kardashian is influential because of her social media apps‚ television career‚ and her fashion lines. Kim Kardashian has an interesting life. Kimberly
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Soli Gustafson Honors English Mr. A Lee Period 3 11/16/13 Major Essay: Compare and Contrast Pictures and Words Movies have long been struggling to capture a book in pictures and sound and have long been failing. So much more can be put into a few pages of a book than ten minutes of a movie‚ and books can be much longer without the author worrying about the reader losing interest. Anyone who has read and liked the book before going to see the movie will automatically find the book to be far
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Part 1 THE FORMATION OF A CONTRACT There are five basic requirements that need to be satisfied in order to make a contract: ● An agreement between the parties (which is usually shown by the fact that one has made an offer and the other has accepted it). ● An intention to be legally bound by that agreement (often called intent to create legal relations). ● Certainty as to the terms of the agreement. ● Capacity to contract. ● Consideration provided by each of the
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