Classification of contractual terms as “condition‚” “warranty” or “innominate” terms seems random. The terms written in the statement above are considered to be unnecessary‚ or more precisely irrelevant. This essay will discuss how these words‚ instead‚ are important as contractual terms through explanations‚ definitions and examples. A contract is an agreement made by two different parties made through a promise granted by the law. A contract can be of two types or better‚ of two forms. The first
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Company Name: London General Insurance Company Limited (An INSURANCE ENTITY of the Warranty Group‚ UK) Main Contact Number: 0330100 3880 Operating Hours: Monday to Friday‚ 9am to 6pm HQ Address: Twenty Kingston Road‚ Kingston Road‚ Staines-Upon-Thames‚ Surrey‚ England‚ TW18 4LG Website: http://www.thewarrantygroup.eu/uk London General Insurance Customer Service or Sales Team Contact Number 0330 100 3880 London General Insurance customer service or sales team contact number is 0330 100 3880. Specialists
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Promissory Notes Section 4 - Promissory note[6] A “promissory note” is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking‚ signed by the maker‚ to pay a certain sum of money only to‚ or to the order of‚ a certain person‚ or to the bearer of the instrument. A promissory note is a legal instrument (more particularly‚ a financial instrument)‚ in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to
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This Instrument Prepared By: LEONARD LUBART‚ ESQ. Greenspoon Marder‚ P.A. 100 West Cypress Creek Rd. Fort Lauderdale‚ Florida 33309 Attn: Escrow Department *WD003A* *1500982415* Account # 1500982415-015 WARRANTY DEED IN LIEU OF FORECLOSURE Westgate Palace Parcel Identification No. 25-23-28-9124-99-999 THIS DEED‚ made this ______ day of _______________‚ 20____‚ by and between Chukwuemeka Eziefula‚ whose address is 6145 Carrier Drive‚ Orlando‚ FL 32819‚ as Grantor‚ party of the first part; and
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that does where it is? Now to answer the question‚ the instrument that is used here is called a promissory note‚ meaning I promise to pay such and such amount by this date. In this particular case the document that states: “I promise to pay to the order of Bob’s Auto Emporium $ 20‚000 with interest at the rate of 7% per annum “‚ granted it is a promise‚ but this one is not negotiable. For a promissory note to be negotiable is has to be in writing‚ it must be signed by the preparer‚ it must be an
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Promissory Estoppel Promissory Estoppel Defined Sometimes an agreement without consideration will be enforced. This happens when a promise which foreseeably induces promisee to act or forebear becomes binding because injustice can only be avoided by enforcement of the promise. Promise A promise is an assurance‚ in whatever form or expression that a thing will or will not be done. Actual Reliance The promisee must actually and justifiably rely on the promise by the other.
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Consideration is an essential element in the formation of a contract. Consideration may be a promise to carry out an action or a promise to refrain from carrying out an act that one is legally entitled to perform. Consideration may be defined in many ways‚ the following definition was obtained from Currie v Misa (1975) LR Exch 153. In this case‚ Lush J said: “A valuable consideration in the sense of the law may consist either in some right‚ interest‚ profit or benefit accruing to one party‚ or
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To begin with‚ the case as regards Richard and Ernie is related to the Doctrine of Promissory Estoppel‚ which is derived from Equity. According to this doctrine‚ if one party to the contract (promisor) makes a promise which the other party to the contract (promisee) acts upon‚ the promisor is estopped from going back on his promise‚ even though the promise did not provide any consideration. Theoretically‚ by this concept‚ Ernie should be estopped from asking Richard for the remaining balance of
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sum in discharge of a greater sum‚ cant reclaim full payment refer to D & C Builders Ltd v Rees Estoppel Generally: * Different forms of estoppel: common law estoppel‚ estoppel in pais‚ estoppel by representation estoppel by convention…promissory estoppel‚ proprietary estoppel and equitable estoppel. * Above differences in estoppel not important today - grouped together as a reference to unconscionability. main differences = common law estoppels (based on representations of facts)
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Poole: Contract Law ANSWERS - SELF TEST – ENFORCEABILITY OF PROMISES– INTENTION TO CREATE LEGAL RELATIONS‚ CONSIDERATION‚ PROMISSORY ESTOPPEL AND DURESS 1. What is the effect of including an "honour clause" in a written agreement? (2) An "honour clause" has the effect of rebutting the normal presumption of an intention to create legal relations in a commercial agreement (1). Its effect is to render the agreement binding in honour only so that it will not be a legally binding contract. (1) 2. What
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