General Introduction For parties to be bound by an agreement‚ it must first be determined if a prima facie valid and enforceable contract exists. A contract can be defined as an agreement containing promises made between two or more parties with the intention of creating certain legal rights and obligations and enforceable in a court of law [1]. For a legally binding contract to exist the following elements must be satisfied: 1. An offer must exist 2. The offer must be accepted
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The Law of Contract Voidable Contract – Coercion The word “contract” can be defined as a voluntary‚ deliberate‚ and legally binding agreement between two or more competent parties. Contracts are usually written but may be spoken or implied‚ and generally have to do with employment‚ sale or lease‚ or tenancy. A contractual relationship is evidenced by an offer‚ acceptance of the offer‚ intention to create legal relations‚ consideration‚ certainty and capacity. However‚ while all parties may expect
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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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What is Contract? Discuss Essentials of Contact. According to Section 2 (h) of the Indian Contact Act‚ 1872‚ "A contract is “an agreement enforceable by law”. A contract therefore‚ is an agreement the object of which is to create a legal obligation i.e.‚ a duty enforceable by law. From the above definition‚ we find that a contract essentially consists of two elements: (1) An agreement and (2) Legal obligation i.e.‚ a duty enforceable by law. As per section 2 (e) "Every promise and every set of
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Nur Izzati Husna Bt Muhd Zin‚ Siti Maryam Amani Bt Shahrul Nizam‚ Siti Adlina Bt Abdullah‚ Siti Nur Haifa By Ismail‚ Muhamad Syazwan B Abd Manap QUESTION 1 The issue is whether the transfer of house is acceptable and valid under Sec 26 of CA 1950. The law applicable are Sec 26 of CA has stated that agreement made without consideration is void. According to Sec 2(d) of CA‚ consideration is an act or abstinence or promise by the promisee or any other person as required by the promisor
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Contract Law Name BUS 311 Business Law I Professor Date The law of contracts has been a part of our culture for a long time. Contracts are an agreement‚ either written or spoken‚ with a company or person to do something that is agreed upon with binding terms. Contracts are the glue that keeps the world of business together. They bind employees and companies‚ consumers and producers‚ and suppliers and wholesalers. A contract can vary from country to region or even jurisdiction‚ but a
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Contract Scenario Stanley Moore Business Law 575 December 2‚ 2013 Professor Thomas Kershaw Contract Scenario Recently‚ Danny Davidson sold a family home to his friends Paul and Priscilla Peterson whereby entering into a $250‚000 verbal agreement for the purchase of new home. However‚ Danny neglected to tell Paul and Priscilla about Ned the neighbor and the emerging dispute pertaining to the boundaries of the south property. Once the purchase was final the Petersons proceeded to invest an
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Contracts II Outline Fall 2005 Professor Jean Powers Cited to Crandall & Whaley’s Contracts‚ 4th Edition I) Damages (227) A) Introduction (227) 1) General Rule – Contract damages should put the π in as good of a position as if the contract was fulfilled. 2) No action on a contract need be present for damages to be proper. An executory contract will suffice. B) Measuring Expectation Damages (229) 1) Expectation = Expected Value + Costs – Expenses Mitigated 2) Repair Theory – Damages should
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of a Contract “A contract is an agreement that can be enforced in court. It is formed by two or more parties who agree to perform or to refrain from performing some act now or in the future.” (pg 208) Recently I was faced with a situation regarding a contract that was not in writing and I had to explain that as long as a verbal contract contains the four essential elements of a contract it is binding. We are so accustomed to seeing contracts in writing that many people assume that a contract must
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Introduction Unlike other civil law legal systems‚ such as the German one and the American one‚ United Kingdom’s (UK) and Hong Kong’s (HK) do not recognize the approach of general principle of good faith in contract law‚ as illustrated in Walford v Miles1. Yet‚ good faith should be promoted in UK and HK because one should value fairness in the whole course of dealing‚ from the point of pre-contractual negotiations till the discharge of he contracts. This essay aims at showing the merits of a good
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