4. NOTES 4.1. THE ESSENTIALS OF A VALID CONTRACT A. ESSENTIAL No 1 The Parties Must Act Within Their Contractual Capacity What is contractual capacity? We view it in relation to the concepts of personality and legal status: PERSONALITY – determines that you are a legal entity or persona. As a result of this personality you acquire legal status ie your legal status defines that legal personality further. STATUS then describes your legal “condition” eg a married woman‚ A public
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To: Controller of LOI‚ Files From: Accounting Class Re: Recognition of Asset Retirement Obligations for Lack of Information Date: June 2‚ 2014 Background Lack of Information (LOI) owns and operates 50 warehouses throughout the country. As part of LOI’s efforts to identify potential asset retirement obligations‚ LOI’s internal audit group held interviews with all 50 of the warehouse managers and also performed site visits at each of the 50 locations. The related findings of the interviews and
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Contracts Summary DAMAGES – REMEDIES FOR BREACH OF CONTRACT THE INTERESTS PROTECTED Fuller and Perdue‚ “The Reliance Interest in Contract Damages” There are three principle purposes in awarding contract damages: restitution interest – object is the prevention of unjust enrichment by the defaulting promisor at the expense of the promisee reliance interest – object is to put the plaintiff in a good position as he was before the promise was made expectation interest – object is to put the
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INTRODUCTION Indian Contract Act 1872 is the main source of law regulating contracts in Indian law‚ as subsequently amended. It determines the circumstances in which promise made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some right and duties upon the contracting parties. Indian contract deals with the enforcement of these rights and duties upon the parties. The Indian Contract Act 1872
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characteristics of a consumer contract. Sale of Goods Act 1979 (SOGA 1979) is amended by Sale and Supply of Goods Act 1994 and the Sale and Supply of Goods to Consumers Regulations 2002 The Contract for Sale of Goods A contract for the sale of goods is ‘a contract in which the seller transfers‚ or agrees to transfer‚ the property in goods to a buyer for a money consideration‚ called the price’ This contract contains two conditions‚ Both ‘sale’ and ‘agreement to sell‚ the seller can transfer the goods
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Chapter 1: Negotiating Delivery 1. The five steps in Negotiating Delivery. To deal with problems arising if there is a delay or if delivery is not as planned the Buyer and the Seller should negotiate delivery systematically. That means making sure all foreseeable problems are discussed and approaches to solving such problems are agreed. An overview of the five negotiating steps is suggested to simplify discussion of the ideas and to avoid problems: Timing‚ Location‚ Transport‚ Risk
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Conversational Selling Top agents makes as much as 30% of their business from for sale by owners (FSBO). Anyone who wants to build a bigger and stronger business will prospect FSBOs since they are a constant and continuous source of business. Don’t let somebody talk you out of this great prospecting source‚ because FSBOs should be a key component in building your business. We have included a few steps in which we are outlining the conversational selling process. Contact Landvoice at 888-678-0905
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sense of law‚ may consist either in some right‚ interest‚ profit or benefit accruing to the one party or some forbearance‚ detriment‚ loss or responsibility‚ given‚ suffered or undertaken by the other”. In relation to Rent a Tents contract with Susie the terms of the contract are that in return for Rent a Tent providing a marquee for the birthday weekend Susie will pay £2‚000. This is a binding contract as the several requirements to make a binding contract are‚ offer and acceptance‚ intention
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THE LAW OF CONTRACT IN GHANA (These notes have mainly been culled from Mrs. Christine Dowuona Hammond’s seminal work on the Law of Contracts.) INTRODUCTION Contracts are made by people every day‚ whether the parties recognise it or not. Each time one spends money on anything – a bus ticket‚ an airline ticket‚ a pair of shoes‚ a meal in a restaurant‚ laundry services‚ books‚ or signs a lease‚ etc. one concludes a valid and legally binding contract. Contracts may be oral or written;
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the concepts of Natural Rights and the Social Contract. Locke’s idea that all individuals possess certain natural rights‚ such as life‚ liberty‚ and property‚ is reflected in the Declaration’s assertion that "all men are created equal" and are endowed with "unalienable Rights‚" including "Life‚ Liberty‚ and the pursuit of Happiness." Locke argued that governments are established to protect these natural rights‚ and when a government fails to do so‚ it is not only the right but also the duty of the
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