A contract is a legally binding agreement or relationship that exists between two or more parties to do‚ or abstain from performing certain acts. A contract can also be defined as a legally binding exchange of promises between two or more parties that the law will enforce. For a contract to be formed an offer made must be backed with an acceptance of which there must be consideration. Both parties involved must intend to create legal relation on a lawful matter which must be entered into freely and
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bound by an agreement‚ it must first be determined if a prima facie valid and enforceable contract exists. A contract can be defined as an agreement containing promises made between two or more parties with the intention of creating certain legal rights and obligations and enforceable in a court of law [1]. For a legally binding contract to exist the following elements must be satisfied: 1. An offer must exist 2. The offer must be accepted 3. Consideration must pass between the parties
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What is Contract? Discuss Essentials of Contact. According to Section 2 (h) of the Indian Contact Act‚ 1872‚ "A contract is “an agreement enforceable by law”. A contract therefore‚ is an agreement the object of which is to create a legal obligation i.e.‚ a duty enforceable by law. From the above definition‚ we find that a contract essentially consists of two elements: (1) An agreement and (2) Legal obligation i.e.‚ a duty enforceable by law. As per section 2 (e) "Every promise and every set of
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The Effectiveness of Acceptances Communicated by Electronic Means‚ or — Does the Postal Acceptance Rule Apply to Email? Eliza Mik* The ‘traditional’ classification into ‘instantaneous’ and ‘non-instantaneous’ methods of communication must be abandoned. As all Internet transmissions are instantaneous‚ the choice between the principle of receipt and the postal exception must be based on other criteria. The focus must be shifted from communication devices to the characteristics of the communication
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Family and Acceptance Alex Haley once said‚ “In every conceivable manner‚ the family is link to our past‚ bridge to our future.” Jane Yolen also wrote a book based on that theme of family and acceptance. In her book‚ The Devil’s Arithmetic‚ a young 12-year old girl named Hannah Stern dislikes her Jewish tradition Passover and is ignorant toward her family’s Holocaust experiences. But when she symbolically opens the door for Elijah‚ she is instantly transported back to 1942 Poland during WWII. As
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GENERAL PRINCIPLES OF THE LAW OF CONTRACT INTRODUCTION Definition S.2(h) Contract Act 1950 : An agreement enforceable by law. Legally binding between parties. 2 INTRODUCTION (continue..) (a) (b) Legislation governing contracts: Contracts Act 1950 English Law - By virtue of S.5 of the Civil Law Act (When there are no provisions in the Contract Act) 3 INTRODUCTION (continue..) 4 OFFER / PROPOSAL Definition S. 2(a) Contracts Act “When one person signifies
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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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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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syllogism is valid or not‚ if the premises are true‚ than the conclusion must be true. Accordingly‚ this means that when the major premise(including the predicate) and the minor premise(including the subject) are true‚ the conclusion(including both the subject and the premise) must in fact be true. Furthermore‚ out of the two hundred fifty six logically distinct syllogisms‚ only twenty four are valid types. Additionally‚ a way for the audience to tell whether or not a syllogism is valid is if there
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white knight. She offers Lisa a tender offer better than the white knight’s offer. This seems to cool down Lisa as they now converse on a much lighter note Lisa. The resolution of this anticlimax comes when Paul stands and begins to sing “Nothing could be finer than to be in Carolina‚” the same song Lisa was singing at the beginning of the play. This brings about the resolution of the conflict inherent at the beginning. The main characters talks about in the play‚ “Tender Offer” are Lisa who plays
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