OBLIGATIONS AND CONTRACTS REVIEWER TITLE I – OBLIGATIONS CHAPTER 1 GENERAL PROVISIONS 1156. An obligation is a juridical necessity to give‚ to do‚ or not to do. JURIDICAL NECESSITY – juridical tie; connotes that in case of noncompliance‚ there will be legal sanctions. - An obligation is nothing more than the duty of a person (obligor) to satisfy a specific demandable claim of another person (obligee) which‚ if breached‚ is enforceable in court. - A contract necessarily gives rise to an obligation
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Supporting Contract. Among the supporting contract that used by Islamic financial institutions are: 1. Contract of Rahn (Pledge) 2. Contract of Kafalah or Dhaman (Guarantee) 3. Contract of Wakalah (Agency) 4. Contract of Wadiah (Safe Custody) 5. Contract of Ibraa (Rebate) Contract Of Rahn (Pledge) The conditions to each essential elements of Rahn are as follows: a. Pledgor (customer) b. Pledgee (eg: Islamic Bank) 3 necessary conditions of ‘Pledgor and Pledgee’ as follows:
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A contract is a "promise" or an "agreement" that is enforced or recognized by the law‚ whether implied or expressed. There must be an agreement‚ which consists of an agreement‚ an intention to create legal relations‚ and consideration. A contract is said to come into existence when acceptance of an offer has been communicated to the offerer by the offeree. An offer is an expression of willingness to contract on certain terms‚ made with the intention that it shall become binding as soon as it is
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THE INDIAN CONTRACT ACT‚ 1872 ACT No. 9 OF 1872 1* [25th April‚ 1872.] Preamble.WHEREAS it is expedient to define and amend certain parts of the law relating to contracts ; It is hereby enacted as follows - PRELIMINARY 1. Short title. 1.Short title.-This Act may be called the Indian Contract Act‚1872. Extent‚ Commencements.-It extends to the whole of India 2*[except the State of Jammu and Kashmir]; and it shall come into force on the first day of September‚ 1872. 3* Nothing herein contained
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> ESSENTIAL REQUISITES OF CONTRACTS GENERAL PROVISIONS Art. 1318. There is no contract unless the following requisites concur: (1) Consent of the contracting parties; (2) Object certain which is the subject matter of the contract; (3) Cause of the obligation which is established. (1261) SECTION 1. – Consent Art. 1319. Consent is manifested by the meeting of the offer and the acceptance upon the thing and the cause which are to constitute the contract. The offer must be certain
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Views of The Social Contract “Man is born free; and everywhere he is in chains” (Rousseau). Is probably one of the most widely known quotes in the philosophical world. Rousseau explains in his Social Contract how all people are bound to some sort of convention in the entire span of their life. He starts out with his ideas of how some sort of contract has always been present‚ the natural contract of a parent and child. The parent cares for the child‚ and the child is dependent on the parent‚ giving
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Task A Issue The main issue that needs to be addressed here is whether there is binding contract between the two parties‚ Baldcure Ltd. and Gary Knudenut‚ and consequently whether Gary can sue under that contract. Rule A contract is a legally enforceable agreement between two or more parties. To be valid‚ a contract must comprise of the following elements: - agreement (offer + acceptance) - intention - consideration - capacity to contract - consent - legality
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Bryan Kyaing Compare/Contract Essay February 26‚ 2013 Main principle of a Successful Website in Car Sale Business In the United States‚ cars are necessary things for every family especially people who are not live in the city. They need the cars for using their specific destinations such as buying groceries‚ commuting to works and schools‚ visiting to relatives because they have very limited transportations. According to a study by Experian Automotive‚ which specializes in collecting and analyzing
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SUMMARY Indian Contract Act 1872 is the main source of law regulating contracts in Indian law. It determines the circumstances in which promise made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some right and duties upon the contracting parties. Indian contract deals with the enforcement of these rights and duties upon the parties. The Indian Contract Act 1872 sections
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WEEK 3 – THE FORMATION OF CONTRACTS Apply Your Knowledge (EXERCISE 4 – CONTRACT OR NOT?) Review the essential elements of a valid and enforceable contract and decide whether a valid‚ void or voidable contract has been formed in each of the following situations. Provide a legal explanation for your decision. 1. Last year‚ Smith‚ the owner of a retail business‚ in an attempt to reduce employee absenteeism due to illness‚ offered to give any employee who quit smoking for a year a $500
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