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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accepts the offer and they sign a contract to that effect. After the contract is signed‚ Teri learns of a Boston rule that all firefighters must live within the Boston city limits. Teri decides not to move and contacts Jack to let him know she won’t be moving after all. Jack sues Teri in municipal court‚ asking for specific performance in accordance with the original deal. Teri argues that‚ although specific performance is usually appropriate in land sales contract cases‚ the judge has the discretion
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Introduction A contract is defined as an agreement enforceable by law. Hence for all contracts there should have an agreement. The agreement arises by one of the parties making an offer and its acceptance by the other party. Both offer and acceptance create an agreement. In simple contract should first contain an offer made by one party to the other. What is an offer? As per Sec 2(a) of the contract act “When one person signifies to another his
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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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Why do they call these contracts derivatives? Where is the optionality in these contracts? Weather derivatives structures commonly used are: i) cap - a call option; ii) Floor - a put option; iii) Collar - a put and a call option‚ usually with little or no premium; iv) Swap - a derivative with a profit and loss profile of a futures contract v) Digital option - an option that pays either a predetermined amount if acertain temperature or degree day level is reached‚ or nothing at all in other
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traditionally a law driven enterprise‚ that of negotiation. It is argued that the stability of contract which results from an earlier application of equitable principals in the negotiating process is just as crucial to integrative bargaining as the desire to increase the pie. With this conclusion‚ it becomes apparent that solutions which encourage integrative bargaining will result in more stable contracts. The increased stability rationale holds true even where there is no increase in the fixed sum
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Fixed-Price Contract or Cost-Reimbursement Contract Willie Glover BUS 501 February 20‚ 2011 Dr. Nick Nayak Abstract Fixed-price contracts and cost-reimbursements are two different forms of contracts used by the federal government while determining contract pricing. Contracting officers may use either when contracting however there are several types of fixed-price contracts. Fixed-price type of contracts provide for a firm price or an adjustable price. Fixed-price contracts consist of firm-fixed-price
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CONTRACT LAW NOTES It is a legal enforceable agreement entered into by two or more different persons with legal capacity. The parties should have serious intention to create legally binding obligations. Their agreement needs to be within parities’ contractual capacity. Furthermore‚ parties should communicate such intention without vagueness each to the other and being of the same mind to the subject matter. Essentials of a contract a) it should be lawful b) possible of performance c) within
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grounds of void contract under Nepalese Contract Act by illustrating the cases. Any contract which is not enforceable by law is said to be void. A void contract is one which has no legal effect whatsoever owing to the fact that a transaction which is void. Even if they satisfy some of the conditions of a valid contract‚ they are not enforceable. In the eye of law such contract is no contract at all. There are some contracts which have been declared as void by section 13 of Nepalese Contract Act 2056.
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Six Essential Elements of an Enforceable Contract In normal everyday life contracts are utilized for various situations and reasons. Some contracts are more binding as compared to others based on the six elements of offer‚ acceptance‚ consideration‚ the parties’ capacity to contract‚ the parties’ intent to contract and the object of the contract. This paper examines the above mentioned elements using a contract existing between a customer and a phone dealer. The phone dealer dealt with used but
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