that a seller/ retailer must abide by once they have entered into a contract. The goods must be as described (section 13)‚ of satisfactory quality (section 14 [2]) and fit for purpose (section 14 [3]). Both section 13 and 14 have strict liability attached to them. The court will not investigate into the mind of the seller at the time or observe how much they tried but all they will look for is if there is a breach in the contract and if there is‚ the seller is liable. Section 13 states that the
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enter into a short futures contract to sell July silver for $17.20 per ounce. The size of the contract is 5‚000 ounces. The initial margin is $4‚000‚ and the maintenance margin is $3‚000. What change in the futures price will lead to a margin call? What happens if you do not meet the margin call? Problem 5.2. What is the difference between the forward price and the value of a forward contract? Problem 5.3. Suppose that you enter into a six-month forward contract on a non-dividend-paying stock
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Formation of Contract 2 Offer ............................................................................................................... 2 Acceptance ................................................................................................... 4 Certainty ........................................................................................................5 Consideration ............................................................................................... 6
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Sample International Contract for Sale of Goods‚ pursuant to the United Nations Convention on Contracts for the International Sale of Goods TERAMATE‚ Ltd. with its principal office West Road Drive27‚ Hopson Chart‚ Briston‚ AN4 4FL‚ UK represented by Matt Wattson‚ on the basis of Power of Attorney from 23 June 2008 (hereinafter referred to as the „Seller“ on the first side) and AGFH‚ a. s. ID: 783 33 998 having its principal office at: Palachova 152‚ Prague 2‚ Zip Code: 120 00 registered
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Problem Set 2: Week Four ACC/300 P12‑1A You are given the following transactions that occurred in the latest fiscal year. Distinguish among operating‚ investing‚ and financing activities. Complete the table‚ indicating whether each item (1) should be reported as an operating (O) activity‚ investing (I) activity‚ financing (F) activity‚ or as a noncash (NC) transaction reported in a separate schedule‚ and (2) represents a cash inflow or cash outflow or has no cash flow effect
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2.1 Definition of Proposal/Offer Section 2(a) of the Contract Acts 1950 provides that: “when one person signifies to another his willingness to do or to abstain from doing anything‚ with a view to obtain the assent of that other to the act or abstinence‚ he is said to make a proposal”. Eg: Ali advertised in Malay Mails that he will give a reward of RM100 to anyone who finds his pet. He signified his willingness to do an act‚ which is to pay a reward‚ upon certain terms‚ with a view of obtaining
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Number: Identification card number : Group : Lecturer’s name: The issue in this case deals with invatition to treat ‚ offer ‚ counter-offer ‚ conditional acceptance and acceptance . It also deals with the elements of valid contract. General rule for a binding contract is an offer and an acceptance of the proposal. There must be effective communication to the proposer. It is very important to differeciate a proposal from an invitation to treat. Invitation to treat is a stage of negotiation and
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are black. However one of the cars has had its motor replaced with a diesel motor rather than a petrol motor. Simon wants to sell the car with the diesel motor to his nephew Ben. Ben is eager to purchase the car but he does not realise that one of his uncle’s cars is diesel. Simon writes a letter to Ben as follows: Dear Ben‚ I know that you are interested in buying one of my cars. I would like to give it to you but I know that you won’t accept charity. Therefore I will offer it to
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"Smoke Signals" This story began at the Coeur d’Alene reservation in Idaho Victor had a troubled childhood marked by all things that plague Native Americans in 20th Century United States. Many years earlier Victor had watched his drunken father argue with his mother and drive off in his pickup‚ leaving the reservation and his family forever. Until now Victor had tried to forget that day. This was a day in his life that Victor wanted to erase form his memory. Victor was about to embark on a reluctant
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has recently entered his life but he can not do anything about it because it is all he has known while he was living in the white man’s world. The biggest doubt that he has is when he questions himself on a deeper level‚ asking himself “‘Am I Indian‚ or am I White?’” (30). This question is his biggest fear of all because he knows that they changed him but he will not know how much they changed him until he goes back home and is reunited with his family‚ but more importantly what his father will think
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