“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
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Misrepresentation A false statement made to induce a party to enter into a contract. Misprepresentation -- if proved -- renders a contract voidable (see: VoidableContract). Three (perhaps four) factors must be established to succeed in a claim of mispresentation. (i) there must be an unambiguous false statement of existing fact (or perhaps law); (ii) it must be addressed to the party misled; (iii) it must induce the contract; (iv) (perhaps) it must be material‚ that is‚ one which would induce a
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Contracts Cyril made two contracts. The first was to have his house painted one month from the date of the written contract. The second was for his neighbor’s 1957 Ford Thunderbird. Each contract was definite and clear in all respects. As to the house painting‚ Cyril inquired with the painter as to when the work could begin. The painter explained that he was extremely busy and was not sure if he could fulfill the contract. Cyril flew into a rage and immediately hired someone else
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MEMORANDUM TO: Dr. Doe FROM: Francis Stein‚ President Giant Drug Company DATE: 10th September 2013 RE: Consultation regarding contract Validity FACTS 1. On May 1‚ Doe signed and sent Stein the following letter: I will accept a position as vice-president in charge of research for a period of four years at a salary of $500‚000 per year. 2. On May 3‚ Stein received Doe’s letter and called Doe and stated: “Your salary request is too high. Will you reduce it to $300
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behalf of the customer. Goods are received at the warehouse (Miami) and are sent to the freight forwarder. Before goods are sent to the freight forwarder‚ the order is opened and checked for any missing quantities or flaws on the products. (customer can also require photos of their order) If the goods have arrived at the port of Paramaribo‚ Suriname the customer will pay the remaining 45% and the order will be closed. Labor/Permission Requisite: Customer is required to have an import license. Customer
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In the recent past‚ law enforcement in various parts of the world has come under serious threat from different types of media. In the United States‚ law enforcement agencies argue that their work is greatly affected by the misrepresentation made by the electronic‚ print‚ and social media (Colbran‚ 2014). They fear that in the contemporary world‚ social media platforms such as YouTube‚ Facebook‚ and Twitter are negatively affecting their work and playing a major role in the rising cases of violence
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INTRODUCTION The law of contract is the collection of legal rules which govern contracts. These rules‚ in turn‚ are part of the law of obligations‚ a subdivision of the law of property which is traditionally regarded as part of private law. Private law governs the persons (legal subject) in their personal or private capacity before the law in relation to other legal subjects. In other word‚ private law can be defined as balance and protect legitimate individual interests. Traditionally private law‚ being
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A contract intends to formalize an agreement of two or more parties‚ in relation to a particular subject. Contracts can cover an extremely broad range of matters including the sale of goods or real property‚ the terms of employment or of an independent contractor relationship‚ the settlement of a dispute and ownership of intellectual property developed as part of work for hire. Essential Elements of a Contract * Clear certain and communicated agreement. Meaning that the parties are consensus
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LAW OF CONTRACT NOTES INTRODUCTION. A contract is an agreement between two parties which is enforceable by law.An agreement is made when a person signifies his willingness to do or to abstain from doing anything with a view of obtaining the assent of the other party. Such act or abstinence is said to make a proposal.The person making the proposal is called the offeror and the person accepting the proposal is called the offeree TYPES OF CONTRACTS: Contracts may be classified into: -Written
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in contract and is seeking damages of $30‚000 which he believes is the outstanding amount that is owed to him by J. This case touches on the fundamental concepts of contract law where H can only claim damages if the formation of a valid contract between the two parties is evident via the elements of a contract‚ including intention‚ agreement‚ consideration‚ legal capacity‚ genuine consent and legality of objects must be established. Once these elements are satisfied‚ the terms of the contract need
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