Contracts Essay One – Module 8 Does Peter have an enforceable contract against Don? Enforceable contract Peter v. Don. Peter will have an enforceable contract with Don if he can show that all the required elements of a contract are present. If there is a contract between the two then it will be governed by the common law requirements of an enforceable contract instead of the Uniformed Commercial Code‚ which would be used if their agreement had involved the sale of goods. In order for a contract
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Title Name BUS 311 Business Law I Professor Date Situations that involve written and oral contracts between clients and contractors happen every day. Quite often‚ a price is agreed upon based on a completion date and the performance that happens along the way. One such situation that I have experienced was when my Dad decided to purchase a brand new townhouse in a downtown Cincinnati residential redevelopment project. A private contractor named Drees had won the rights from the city to
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Terms The content of a contract are made up of terms (or ‘clauses’ as they are called in the case of written contracts) which may be express or implied. The express terms are the terms which the parties actually stipulated for themselves when making the contract‚ whether orally or in writing. In addition to the express terms‚ the courts sometimes‚ for a variety of reasons‚ imply certain terms into the contract. Implied terms are terms that are not expressly stated in the contract but are deemed to be
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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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Prenuptial Agreement Prenuptial agreement or what is often called “prenup” is a legally bound contract made by a couple before they marry concerning the ownership of their respective assets. To some people‚ a prenuptial agreement is an insurance issue‚ to others it is a trust issue. Is a prenuptial agreement really important? Does every engaged couple need one before they get married? What happened to the foundation of love and trust? With much speculation‚ this topic has become an intriguing argument
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ESSENTIAL ELEMENTS OF A VALID CONTRACT: To be enforceable by law an agreement must possess the essential elements of a valid contract as laid down by Sec.10 of Contract Act in the following terms; ‘All agreements are contracts if they are made by the free consent of parties competent to contract‚ for a lawful consideration and with a lawful object‚ and are not hereby expressly declared to be void.’ Following are the conditions for validity of the contract in detail. 1. Offer and Acceptance:
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CONTRACT LAW – LECTURE 4 Promissory estoppel Is about the enforceability of all alteration promises (promises to pay more and promises to accept less) and by contrast estoppels does not apply to promises about the formation of initial contracts Ex. If a creditor promises to accept a smaller sum in full settlement intending the debtor to rely on that promise‚ and the debtor does rely on it‚ the debtor may have a defence of promissory estoppels when sued for the balance by the creditor. The promise
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DEVELOPMENT AGREEMENT THIS MEMORANDUM OF AGREEMENT is made on this the ………. day of …………………. 2011 (Two thousand eleven) in BETWEEN SMT. MINATI GUPTA‚ wife of late Amiya Shankara Gupta‚ previously resident of 63/2A‚ Suren Sarkar Road‚ Kolkata-700010‚ presently residing at 63/1A‚ Suren Sarkar Road‚ Kolkata-700010‚ P.S- Beliaghata‚ hereinafter called and referred to as the OWNER (which term or expression shall unless excluded by or repugnant to the context be deemed to mean and include her respective
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------------------------------------------------- HND BUSINESS CONTRACT LAW | Aspects of Contract and Negligence | | | HND BUSINESS - CONTRACT LAW Case 1 1.1 Introduction A contract is a legally binding agreement between two or more people in writing or in words that includes a valid offer and acceptance. The essential elements of a binding contract are: 1. Offer and Acceptance 2. Consideration given by both sides 3. The intention to create legal relationship 4. Privity
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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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