Contract Law Introduction In the following case note I will examine the High Court case; Smart Telecom Plc. V Radio Teilefis Eireann & Glanbia Plc. [2006] IEHC 176. The essence of this case is one involving a request for tenders put forward by RTE for sponsorship and the subsequent refusal of Smart Telecom’s referential bid thereto. The questions raised were (1) whether referential bidding was a permissible term of RTE’s offer and (2) if not‚ were they were obliged to re-tender the contract
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Intel shares. As indicated in the table below‚ the share price is $19.56 and January put option with a strike price of $17.50 costs $0.475. The investor is comparing two alternatives to limit downside risk. The first is to buy 1 January put option contract with a strike price of $17.50. The second involves instructing a broker to sell the 100 shares as soon as Intel’s price reaches $17.50. Discuss the advantages and disadvantages of the two strategies. Strike Price 15.00 17.50 20.00 22.50
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INFRASTRUCTURE CONCESSION CONTRACTS: AN INTRODUCTION #2/July 08 What is infrastructure concession contract? What are the advantages and disadvantages of concession contracts? This paper addresses these two questions. Also‚ it outlines the basics of infrastructure concession contracts. I. Introduction Ownership of public assets is a sensitive issue for all governments. However‚ budgetary shortfalls as well as the repeated failure of governments all over the world to maintain these assets have
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A valid contract consists of all essential components which present and the court will enforce as a legally binding promise . One of the elements contract to create a contract is agreement which included an offer and acceptance. “Acceptance is a final and unqualified assent to the terms of the offer‚ made in the manner specified or indicated by the offeror” . Acceptance may be express orally‚ in writing‚ occasionally‚ or even by implied from the offeree’s conduct. In communication of acceptance‚
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general public: Carlill v Carbolic Smoke Ball When an offer is made‚ the term of the proposed contract must be communicated to the offeree: Thornton v Shoe Lane Parking However‚ an offer can be made in general terms‚ leaving the precise terms of the contract to be settled later: Master v Cameron The fact that the word ’offer’ is used is not itself conclusive: B Seppelt & Sons Ltd v Commissioner for Main Roads An offer must be distinguished from "an invitation to treat"‚ which can be described
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1. Article 2 of the UCC mandates that the parties to a sales contract state in specific and unambiguous language the exact terms of the contract. Otherwise‚ courts will declare the contract unenforceable. True False 2. Law of sale of goods codified in the Art.2 of the UCC is modified to accommodate current practices of the merchants. True False 3. In mixed goods-services situations‚ courts determine whether the contract is for the sale of goods by determining whether the good or
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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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international contract is a contract that has a foreign element‚ that is to say that the contract is in contact with one or more order (s) legal (s) abroad (s). Specifically‚ the foreign element may be resident abroad‚ a party to the contract‚ nationality‚ place of contract conclusion‚ and many other possibilities. The commercial contract is a contract for a commercial transaction or a contract made by a trader for the purposes of his trade. Therefore an international commercial contract is the addition
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Chapter 7 Critical Thinking Exercise 1. Define the Objective Theory of Contracts. Answer: Objective Theory of Contracts is defined as the parties’ assent is not judged by the subjective intent by each party‚ but by the objective intent that a similarity situated reasonable person would understand the parties to have. 2. On May 1‚ Brand Name Industries‚ Inc. (BNI)‚ sent Carol a letter‚ via overnight delivery‚ offering to employ her to audit BNI’s financial statements for the current year
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GENERAL PRINCIPLES OF THE LAW OF CONTRACT INTRODUCTION Definition S.2(h) Contract Act 1950 : An agreement enforceable by law. Legally binding between parties. 2 INTRODUCTION (continue..) (a) (b) Legislation governing contracts: Contracts Act 1950 English Law - By virtue of S.5 of the Civil Law Act (When there are no provisions in the Contract Act) 3 INTRODUCTION (continue..) 4 OFFER / PROPOSAL Definition S. 2(a) Contracts Act “When one person signifies
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