OBLIGATIONS AND CONTRACTS REVIEWER TITLE I – OBLIGATIONS CHAPTER 1 GENERAL PROVISIONS 1156. An obligation is a juridical necessity to give‚ to do‚ or not to do. JURIDICAL NECESSITY – juridical tie; connotes that in case of noncompliance‚ there will be legal sanctions. - An obligation is nothing more than the duty of a person (obligor) to satisfy a specific demandable claim of another person (obligee) which‚ if breached‚ is enforceable in court. - A contract necessarily gives rise to an obligation
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REMEDIES FOR BREACH OF CONTRACT Failure of buyer to take delivery Section 44 states that‚ when the seller is ready and willing to deliver the goods and requests the buyer to take delivery‚ and the buyer does not‚ within a reasonable time after such request‚ take delivery of the goods‚ he is liable to the seller for any loss occasioned by his neglect or refusal to take delivery‚ and also for a reasonable charge for the care and custody of the goods: Provided that nothing in this section shall
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Rainfall Future Contracts Throughout the year‚ there are different seasons that could have several impacts on many industries. To be precise‚ the elements of weather can actually impact a company and how well they do during the different seasons of the year. Rainfall is a part of our life in some areas‚ almost daily‚ and others randomly‚ affecting every business in some sort of way. Although we can’t predict or control the weather‚ there is a way companies can hedge any losses that weather could
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Racial Contract is a deliberate and essential piece of the Social Contract‚ and then prejudice is as yet the true practice and belief system among political and monetary establishments around the globe which are ruled or impacted by individuals from the tribes of Europe. The asserted advances in racial balance are just shallow "window-dressing" to give the presence of advance; however‚ in actuality‚ they just fill in as token motions to respite minorities into an incorrect conviction that all is
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Angie Z. Tutorial Section: D115 December 6‚ 2010 Compare and contrast the ‘social contract theories’ of Thomas Hobbes and John Rawls. Which theory is more persuasive? Be sure to explain what Rawls means by ‘the original position‚’ and the ‘veil of ignorance‚’ and why those concepts do not figure in Hobbes’ theory. Social Contract Theory holds that the only consideration that makes actions right is that action is in accordance with an agreement made by the rational people for governing their
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Contract Law Assignment Advise Grab From looking at the facts laid out by Grab regarding the purchase of a sandwich shop‚ it seems that the most likely action is that of misrepresentation. A misrepresentation is defined at common law as "a statement of fact made by one party to the other party‚ which is false. While not necessarily forming a term of the contract‚ is yet one of the main reasons which induces the one party to enter into the contract" and is supported by the Misrepresentation Act
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Furrow et al. (2013) noted the physician-patient relationship is primarily an implied contract because a written contract is not standard practice for delivery of health care. According to O’Connor (2010)‚ the basis for medical negligence for physicians‚ is the physician-patient relationship‚ which can become a contractual relationship if all elements of a contract are present including an offer‚ an acceptance‚ and consideration. For example‚ when a patient contacts a doctor’s office for an evaluation
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ethical theories discussed in chapter 2 of Ethics for the information age‚ I would choose Social contract theory. While there is no single framework that I absolutely and wholeheartedly agree with‚ I believe integrating Social Contract theory for making my ethical decision making would yield the best interaction with society. I personally view general society as a united organism‚ and since Social Contract theory has a primary focus on stable and balanced societal attributes‚ universal use of that framework
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the futures market hedges to prevent a loss in a business transaction‚ but also gives up: a. A sizable fee to the exchange b. The loss on the futures contract c. The opportunity to gain from a favorable turn in prices of the item d. The potential gain on the futures contract. 4. All the following are risks associated with futures contracts except: not good question a. Margin risk b. Basis risk c. Price risk d. Manipulation risk 5. What action would the holder of a maturing (expiring)
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he sent Bob an offer to lease Oceanhaven for the season. Was there an indirect revocation of the offer on February 4th? The knowledge by an offeree from a reliable source that offeror can not perform. It requires acts inconsistent with the contract. The facts assert that Bob learned about Oceanhaven no longer being available on February 4th. Further‚ Bob heard this information from his real estate agent. Since his real estate agent is probably in the business of knowing what properties are
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