09811599587 THE INDIAN CONTRACT ACT‚ 1872 CHAPTER 1- NATURE OF CONTRACT The law of contract is that branch of law which 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. Indian Contract Act‚ 1872 came into
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[pic] “CONTINGENT & QUASI CONTRACTS” [pic] Contents 1. Contract. 2. Types of contract. 3. Contingent contract. • Definition. • Illustration. 4. Essentials/characteristics of contingent contract. 5. Rules regarding contingent contract. 1. Uncertain event. 2. Impossible event. 3. Performance dependent on non-happening of
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For a contract to be legally binding all of the following elements must be present. If one or more is absent the contract will be considered invalid or void. The first element of the contract is Offer and Acceptance. For a contract to be considered valid one party (the offer) must make an offer to another party (the offeree). Before an offer is accepted it must be communicated to the offeree. A offer is immediately made into a contract when the offeree accepts the offeror’s tender. An offer can be
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Effects of a Breach of Contract There are various types of contract with in the world of law such as civil law which deals with relations between individual citizens where as private law focuses on the relations between ordinary people on a day to day basis‚ both types of law include the law of contract. A contract is an agreement that is legally enforceable and therefore can be settled within a court of law‚ however how can we distinguish between a contract and any other form of non-legally enforced
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Overview‚ Part Two Procurement and Contract Law Procurement Law Overview‚ Part Two Payments under Fixed-Price Construction Contract clause permits the government to partially compensate contractors for supply and services which have been accepted by the Government‚ as long as the contractor demand it and the sum is no less than $1‚000 or 50% of the full contract amount. These interim payments diminish the contractor needs to finance expenses to fulfill the contract. As permitted by the Contracting
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The Law‚ Contracts and Me Laws are made by legislatures and judges‚ although there is no universally accepted definition for law‚ one definition states that law is a system of rules and guidelines which are enforced through social institutions to govern behavior. [Lord Lloyd of Hampstead. Introduction to Jurisprudence. Third Edition. Stevens & Sons. London. 1972. Second Impression. 1975. Page 39.] In a society‚ rules and regulations exist in order to control peace and order‚ without these rules
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Psychological contract breach Nowadays managing the psychological contract is the main goal for organizations that strive for a ‘people building’ rather than a ‘people using’ organization (Guest & Conway‚ 1999). The concept of the psychological contract is complex but it provides a framework for the understanding of the employment relationship (Zhao et al.‚ 2007). A widely accepted definition of the psychological contract is defined by Rousseau (1995); she defined the psychological contract as ‘individual
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whether a valid contract was formed and who it was formed with. As Rick’s girlfriend didn’t buy the laptop and is under the age of 18 she wouldn’t be able to return the laptop as there has been no contract formed with her. However we can assume that her boyfriend is over the age of 18 and as he bought the laptop this means the contract was formed with Rick instead of Rick’s girlfriend. The type of contract that was formed with Rick was a standard form contract this is a type of a contract is a legally
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0 18.0 19.0 20.0 21.0 22.0 23.0 24.0 Definitions Articles of Agreement General obligations of the Employer General obligations of the Contractor General obligations of the Architect General obligations of the Quantity Surveyor Contract documents Contract bills and contract price Contractor’s site agent and other staff Clerk of Works Liability against injury to person and property Insurance against injury to persons and property Insurance of the Works (Contractor’s liability) Insurance of the Works
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ESSENTIALS OF A VALID CONTRACT A valid contract has to have the following essential characteristics: * Proper offer and acceptance An offer to be valid must contain certain conditions such as it must intend to create legal relationship‚ its terms must be certain and unambiguous‚ it must be communicated to the person to whom it is being made. An acceptance to be valid must fulfill certain conditions such as it must be communicated by an authorized person before the offer lapses. *
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