1. Introduction – What is a Contract? 1.1 Definitions Not all agreements will be contract enforceable in law - social arrangements‚ for example‚ or contracts which offend against public decency and public policy and those which involve criminal activity. ‘A contract is an agreement giving rise to obligations which are enforced or recognised by law. The factor which distinguishes contractual from other legal obligations is that they are based on the agreement of the contracting parties.’ Treitel
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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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Sale of Goods Act- gives statutory rights as a consumer. Was the contract with an existin company or one which is starting up?? Was there any limitation clause in their contract?? Breach of contract causes a contact to be discharged. This is when one party performs defectively‚ differently from the agreement. This can be done by actual breach‚ when there is no performance‚ or through anticipatory breach‚ when they indicate in advance that they will not be performing as agreed. An offer is when
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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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by signing a written contract? A minor or other incompetent party who makes a purchase is essentially entering into a contract with the seller and technically and legally speaking does have the right to return the purchased item based on their in-ability to legally enter into the contract. A contract can be defined as “an exchange relationship created by oral or written agreement between two or more [parties]” (Blum‚ 2007) and in order to be considered binding the contract must contain at least
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The Psychological Contract Shein (1980) explained the concept of the psychological contract as a set of mutual expectations held between the employee and employer within the workplace. It is an unwritten set of expectations operating at all times. It can also be described as individual beliefs shaped by the organisation that relates to the expectation the employee has in terms of pay‚ fair treatment‚ opportunities etc and the expectations that the employer has in terms of performance‚ loyalty‚ etc
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Theresa booked a flight ticket with AirMalaysia to fly her from Kuala Lumpur to Melbourne on the 1st of December 2009. She has booked and paid the ticket in advance and the flight has confirmed. However‚ on the 1st of December 2009 the flight was cancelled and the airline was unable to give Theresa an alternative flight on same day. Consequently‚ Theresa was forced to put up a night in Kuala Lumpur. The next afternoon‚ she able to flew to Melbourne on another airline. Due to the cancellation of flight
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TEAM CONTRACT - Group 7 I. Team Goal: Include a comment on each of the elements of SMART Specific – what‚ why‚ who‚ where and which in terms of the goal? ü We expect our team to become a cohesive and cooperative group by the end of the term. It will need devoted dedication from each member. It is critical to our success on overall performances because good teamwork allows us to work effectively and efficiently. The specific goal related to Mike’s Bick is to triple the shareholder’s value by
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There were many things I learned in this class from week one to week seven. In week one‚ I learned the concept of a social contract between the government and the people. It deals with the agreement made by both parties to regulate society. Under this contract‚ members of society agree to give up certain natural rights in exchange for security‚ comforts and order. The government is entrusted with creating an effective system for regulating conduct that are in the best interest of the people and creating
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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 be the only firm that could be used in the
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