no excuse. Introduction to Indian Contract Act Definition of a Contract :- Sec. 2(h) of the Act defines the term contract as "An agreement enforceable by law is a contract”. Flow of the definition :- Contract Agreement Promise Accepted proposal Proposal/offer Contract as defined by Eminent Justists :- 1. “Every agreement and promise enforceable at law is a contract.” – Pollock 2. “A Contract is an agreement between two or more persons
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equipment on a long lease and not outright purchase The committee formed by CORPORATION didn’t want to take the responsibility of the each and every item that was being purchased because in that case they would have had to run behind 100 vendors for the warranty and related problems usually surfacing in a contract of such scale. Also‚ this would lead to a hassle filled atmosphere in successive months‚ on part of CORPORATION involving at the very least set-up of a dedicated communications channel/team
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CONTRACTS OF INDEMNITY Definition Section 124 of the Contract Act defines a contract of indemnity as a contract by which one party promises to save the other party from loss caused to him by the conduct of the promisor himself‚ or by the conduct of any other person. P. contracts to indemnify Q against the consequences of any proceeding which R may. take against Q in respect of a certain sum of Rs. 200. This is a Contract of Indemnity: P is called the indemnifier and Q the Indemnity-holder. Characteristics
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The Void City In The Great Gatsby‚ written by Scott Fitzgerald‚ the overarching themes of the text can be analyzed by Fitzgerald’s use of grammatical structure‚ diction‚ and figurative language to establish his argument that the city’s mysterious and beautiful allure is all superficial and that humans would rather value extreme pursuits of materialism rather than real human experiences. Most notably‚ Fitzgerald argues that society values material objects and that axiologically‚ humans intrinsically
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discuss. In Contracts‚ What is "Consideration"? In order for any contract to be enforceable‚ courts generally require three things: mutual assent (agreement to the contract terms)‚ a valid offer and acceptance‚ and consideration. Consideration in law is one of the three main building blocks of a contract. It can be anything of value‚ which each party to a legally binding contract must agree to exchange if the contract is to be valid. If only one party offers consideration in contract‚ the agreement
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Breach of Contract BUS311: Business Law Instructor Katheryne Rogers 3/18/2011 Breach of Contract Breach of contract can happen by a party intentionally breaching the contract or because of unexpected delays. In this paper I will discuss the contract my brother had with an in home appliance sales company. My brother and his wife purchased all of their appliances for their new home from an appliance company. The written agreement was that payment for the appliances was to be made upon delivery
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WEEK 3 – THE FORMATION OF CONTRACTS Apply Your Knowledge (EXERCISE 4 – CONTRACT OR NOT?) Review the essential elements of a valid and enforceable contract and decide whether a valid‚ void or voidable contract has been formed in each of the following situations. Provide a legal explanation for your decision. 1. Last year‚ Smith‚ the owner of a retail business‚ in an attempt to reduce employee absenteeism due to illness‚ offered to give any employee who quit smoking for a year a $500
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Authentically‚ We’re All Fake Often times‚ children are told by their parents “you can be anything you want to be‚ all you have to do is be yourself!”. However‚ according to existential philosophers‚ the message should be worded differently: “You are defined by your actions‚ and you are responsible for the outcomes of your actions‚”. Existentialism is a school of thought that emerged with a focus on the human individual; followers of existentialism believe that “existence precedes essence”‚ or
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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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LAW OF CONTRACT Thursday 9:00 Summer Term‚ 2014 Lecturer and Module Co-ordinator: John Halladay Texts: Poole‚ Textbook on Contract Law McKendrick‚ Contract Law Casebook: Both Poole and McKendrick have casebooks which are very good. There are also many others on the market. Statute book: There are not many statutes in the course but there are some and this will be useful for the exam. Any Contract or Commercial Law statute book should do. A. WHY CONTRACT? A
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