over eighteen and are of sound mind and in the each scenario they intend to enter a legally binding contract. For a contract to come into existence there have to be three steps involved: • Agreement (Offer and Acceptance) • Consideration • Intention to create legal relations All three scenarios are supported by “consideration”. The general idea of consideration is that contracts involve an exchange in which both parties give something in exchange for the promise of the other
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Area of law for this case is law of contract. Contract is defined of section 2(h) of the Contract Act (CA) as a contract is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation‚ which may have elements in writing‚ though contracts can be made orally. A contract is a legally enforceable promise or undertaking that something will or will not occur. The word promise can be used as a legal synonym for contract. Although care is required as a promise
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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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Pay It Forward “Pay It Forward” is a movement started by a 7th grader named Trevor McKinney. This idea of him was formed in his Social Studies class when his teacher‚ Mr. Simonet gave an assignment- think of something to change the world and put it into action. Trevor conjures the notion of paying favour not back‚ but forward. This means repaying good deeds not with payback‚ but with new good deeds done to three new people. His initial recipients are a drug addict‚ his badly scarred teacher‚ and
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of the essential elements required for the formation of a valid contract in the following situations: P1.1 1. Temporary daily wages Worker doing work and following instructions from the supervisor 2. Tenant staying in an apartment 3. Contractor working on project site 4. Customer in an Amusement Park 5. Buyer and Seller of Consumer Product like Body Lotion Guidelines: You need to specify the essentials of the contract like written terms‚ verbal‚ implied etc‚ terms & conditions‚ validity
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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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------------------------------------------------- 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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Partner From: Noelle Milburn Date: August 2‚ 2010 Re: Angela Woodside vs. Doyle Construction 1. Has Doyle Contractors breached its contract with Angela Woodside? Explain your answer fully. 2. Does Ms. Woodside have to wait until after April 1‚ 2008 to sue Doyle Contractors for breach of contract? Explain your answer fully. 3. Assuming a breach of contract has or will occur‚ what remedies does Ms Woodside have after the breach? 4. What defenses might Doyle Contractors raise in the event
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for breach of contract regarding the bees and hives‚ Buyer must establish that there was a valid contract. To establish breach of contract‚ Buyer must show there was an offer and acceptance supported by consideration. Bilateral Contract One in which there are mutual promises between two parties to the contract‚ each party is both a promisor and a promise. Right and duty on each side‚ in which a promise is established on both sides. UCC or Common Law UCC governs contracts under the sale
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