ASSIGNMENT THE THEORY OF CONTRACTS MEMBERS MOHD AMINUL HAKIM BIN HANI SALMAN 1124539 AHMAD ZUBAIDI BIN MAHMUD 1127783 AHMAD SYAHIR BIN MOHD ZAKARIA 1123419 SITI SHARINA BINTI SEMAN 1120902 NURHANI BINTI ABDUL RAHMAN 1118618 NURASHIKIN BINTI MOHD PILUS 1125834 INTRODUCTION Basically‚ human beings are dependent with each other to fulfil their needs and wants. We need to interact‚ communicate‚ trade and collaborate with others. Specifically ‘aqd or contract means a connection
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Part A For a contract‚ it is necessary to decide what the parties have agreed‚ otherwise it is not possible to know whether the parties have done what they contracted to do. However‚ not all the statements made during negotiations are contractual terms. Therefore‚ here to discuss terms of the contract. Terms of the contract According to James (2010)‚ the terms of the contract are the specific details of the agreement‚ including each party’s rights and obligations. Broadly speaking‚ there are
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Islamic Contract Law TYPES OF COMMITMENTS 1. Wa‘d – • • • – وunilateral promise One party binds itself to perform a function for another Does not normally create legal obligation Legal obligation is created: • • Genuine need of the masses – (ر Contingent promise ا س )رد ا ز ن ز ا إذ ا 2. Muwaa‘ada – ا ة • • • • – bilateral promise Two parties performing two unilateral promises on the same subject Use of two unilateral promises can lead to a forward contract‚ which
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Void and Illegal Contracts Void Contracts Void contracts are basically those which contravene a provision in a statute or are contrary to public policy at common law but to which the ex turpi causa principle does not apply. Void by Statute A statute may declare expressly that a particular contract is void‚ eg s 45 of the Trade Practices Act 1974 which provides that clauses purporting to exclude‚ restrict‚ or modify the liability of a corporation imposed by Division 2 Part V of the Act (that
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valid contract is that the parties entering the contract are those who have the competency to contract. This is based on section 10 (1) of the Contract Act 1950 which states: “All agreements are contracted if they are made by the free consent of parties competent to contact‚ for a lawful consideration and with a lawful object‚ and are not hereby expressly declared to be void.” Competency refers to the capacity of being an adult‚ having a sound mind and not forbidden by law to enter any contract (e.g
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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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Analyse the major problems surrounding the pre-incorporation contracts and evaluate how fare these problems have been resolved by the provisions of section 36C of the Companies Act 1985‚ as amended by the Companies Act 2006. 1) what are pre-incorporation contracts 2) problems surrounding pre-incorporation contracts 3) how fare have these problems been resolved A company cannot enter into a contract before it exists as a legal person by being incorporated on its registration by the
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Essential elements of Contracts BUS 670 Legal Environment Instructor: Mark Cohen 09/26/2011 Essential elements of Contracts All contracts share some common elements. A contract starts when an offer is made‚ certain requirements need to be satisfied to ensure the agreement is legal‚ in particular a capacity of parties to contract has to be proven‚ the legal purpose of the agreement and the satisfaction of consideration‚ before the offer is accepted. Contracts have common elements in
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TYPES OF PROCUREMENT CONTRACTS 1.0 INTRODUCTION Sollish et al (2011) states that the decision over what contract type to use is one of the most important strategic decisions; because the type of contract has an influence on how the contractor is paid and the risk allocation between the contracting parties. In making such a decision the goal should be to get the optimum project objective attainment likelihood. 2.0 CONTRACT TYPES According to Sollish et al (2011)‚ there are two major types
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Understanding Contracts Sultan Shabazz September 29‚ 2013 International Legal and Ethical Issues in Business‚ Sunday‚ 10:00 p.m. American InterContinental University Professor Jarrod Burch Certification of Authorship: I certify that I am the author of this paper and that any assistance received in its preparation is fully acknowledged and disclosed in this paper. I have also cited any sources from which I used data‚ ideas‚ words‚ either quoted directly or paraphrased. I
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