Liquidated Damages v. Penalty Are Causation and Loss Really Required?‚ Pooja Sharma* In a contract‚ the parties may name a sum to be payable in the event of breach. If such sum is a genuine pre estimate of loss it is termed liquidated damages‚ and if it bears no reflection on the loss suffered‚ it is termed a penalty. Courts are reluctant to enforce penalty clauses and in such cases the sum stipulated is normally reduced. It has been perceptively observed by Fansworth that in comparison to the
Premium Contract Contract law
SAB 330 Week 8 PUBLIC POLICIES AND ECONOMIC ORGANIZATIONS 1) Explain term of “consideration” The "consideration" requirement for creating a Common Law contract requires that both sides of the agreement give consideration. "Consideration" is the giving of bargained for legal value. The "bargained for" requirement means only that the legal value given is that which the other party requested‚ i.e. that there has been some communication about who gives or does what for whom. There is seldom
Premium Contract Contract law Law
Backgrounds& some basic facts Contracts are a voluntary arrangement involving two or more parties which is enforced by law as a binding agreement‚ which is one of the cornerstones of our economic environment from early stage to the modern society. Several essential conditions constitute the process of forming a standard contract. In our present case‚ three parties were involved in relation of transaction. The seller is The Logomug‚ which manufacturing and selling mugs. One buyer is Sophie and another
Premium Contract Contract law Contractual term
(1988). Construction Law: Principles and Practice. United State of America: McGraw-Hill. IBS‚ G. S. (2013). Goldsmith International Business School. Retrieved MAY 12‚ 2013‚ from http://www.goldsmithibs.com/resources/free/Breach-of-Contract/notes/Breach-of-ContractRemedies.pdf NOLO. (2013). TYpes of Contract Breach. Retrieved May 10‚ 2013‚ from LawFirm.com: http://www.lawfirms.com/resources/business/types-contract-breaches.htm Oxford University Press. (2009). Oxford‚ Dictionary of Law. United States: Market
Premium Breach of contract Contract Contract law
offeror’s actual meaning was otherwise. * Definition: indication by one person to another of his or her willingness to enter into a contract with that person on certain terms. The ‘offer’ must indicate a willingness by the offeror to be bound without further negotiation as to the terms of the proposed contract. * Offer creates in the offeree a power to create a contract by their unilateral action. * Whether a statement is an offer depends on whether the person to whom it is addressed would reasonably
Premium Contract
marketing right to ProPez. The contract needs to have measures in place to protect CadMex interest concerning property rights and potential dispute. There are issues that are involved in resolving legal actions against a foreign business. One issue that is involved is the legal system. When dealing with a case‚ they may want to finish the case quickly rather than handling it with quality. Doing so may lead to evidence not being analyzed. Another issue may be the different laws between the two countries
Premium Law Common law
Ed Law 111 M-W 3:30-5:00 Assessment No. 3 Types of Remedies: Compensatory - A money award equivalent to the actual value of injuries or damages sustained by the aggrieved party. When a contract has been breached‚ the court orders the party that breached to pay the amount of direct losses done to innocent party. Consequential - Special damges that compensate for a loss that is not direct or immediate (for example‚ lost profits0. The special damages must have been reasonably
Premium Damages Contract Breach of contract
Consideration In contract law consideration is concerned with the bargain of the contract. A contract is based on an exchange of promises. Each party to a contract must be both a promisor and a promisee. They must each receive a benefit and each suffer a detriment. This benefit or detriment is referred to as consideration. Consideration must be something of value in the eyes of the law - (Thomas v Thomas). This excludes promises of love and affection‚ gaming and betting etc. A one sided promise
Premium Consideration Common law Law
Question 1: Discuss the issues of contract law that arise. 1. The main legal issue in the case is whether the contract has been formed and Daphne is subjected to contract and obligated to pay £200 to Sonya for the TV. The law of contract regarding offer acceptance states that in order to form a contract‚ the acceptance must be unconditional (Black 2011) . Counter-offer is a response to an offer which‚ while not expressly rejecting the offer‚ seeks to qualify it by deleting some of the terms. The
Premium Contract Breach of contract Offer and acceptance
“A common mistake‚ even on a most fundamental matter‚ does not make a contract void at law; but it makes it voidable in equity.” To what extent does this statement represent the law after Great Peace Shipping Ltd. V Tsavliris‚ The Great Peace (2002)? A mistake is an erroneous belief held by one or more contracting parties at the time of entering the contract‚ as to whether certain details pertaining to the contract were true. Mistakes can be classified in three categories; common‚ mutual‚ or
Premium Contract