General Rule (GR) for an agreement to be legally enforceable‚ following requirements must be satisfied: 1. There is an agreement between the parties (2 or more persons) 2. The parties intended to create legal relations 3. Each party has provided consideration‚ that is‚ paid a price or made a promise GR for an agreement to be formed: 1. One person (the offeror) has made an offer 2. Another person (the offeree) has accepted the offer 3. The offeree has communicated their acceptance to the offeror
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world‚ and different rules apply in jurisdictions applying civil law (derived from Roman law principles)‚ Islamic law‚ socialist legal systems‚ and customary or local law. Elements At common law‚ the elements of a contract are mutual assent and consideration. Mutual assent At common law‚ mutual assent is typically reached through offer and acceptance‚ that is‚ when an offer is met with an acceptance that is unqualified and that does not vary the offer’s
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Ans: Section 2(h) of the Indian Contract Act‚ 1872 defines a contract as an agreement enforceable by law. Section 2(e) defines agreement as "everypromise and every set of promises forming consideration for each other." Section2(b) defines promise in the word: "When the person to whom the proposal ismade signifies his assent thereto‚ the proposal is said to be accepted. A proposalwhen accepted becomes a promise." From the above definition of promise‚ it is obvious that an agreement
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and the contract is a legal‚ because Az oil Co agree to supply oil per barrel to CRT Distributors Bhd. Consideration need not be adequate Section 26 “ an agreement is not void merely because the consideration is inadequate. Section 26 illustration (f) “ A agree to supply a quantity of oil at RM24.00 or Rm26.00. the agreement is a contract notusthstanding the inadequacy of the consideration. Case : Phang Swee Kim v. Beh I Hock (1964) MLJ 383. The appellant agreed to buy a land for from the
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What is Law ? Law means a ‘set of rules’ which governs our behaviours and relating in a civilized society. So there is no need of Law in a uncivilized society. Why Should One Know Law ? One should know the law to which he is subject because ignorance of law is no excuse. Introduction to Indian Contract Act Definition of a Contract :- Sec. 2(h) of the Act defines the term contract as "An agreement enforceable by law is a contract”. Flow of the definition :- Contract
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BASIC Bank Limited Head Office‚ Dhaka. THE CONTRACT ACT‚ 1872 Md. Hasan Imam Manager Board Division Introduction: The law of contract is the foundation upon which the superstructure of modern business is built. It is frequent that in business transactions quite often promises are made at one time and the performance follows later. The law of contract is applicable not only in business community‚ but also to others. Everyone of us enters into a number of contracts almost everyday‚
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AGREEMENT AND CONTRACT 1. Introduction Dear students‚ welcome to the lecture series on Business Regulatory Frame Work. Today we are going to discuss the Indian Contract Act 1872. Before I start my discussion on the contract‚ I would like to make you aware that the Indian Contract Act 1872 came enforced on the 1st day of the September 1872. It is applicable to whole of the country except the State Jammu & Kashmir. The course related to the law is designed to impart the knowledge to the student
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make them legally enforceable in a court of law. If any of the components are missing‚ the courts will consider the contract unenforceable. To be enforceable‚ a contract must be legally valid‚ and it must consist of an offer ‚ acceptance ‚ and consideration. When a salesperson asks you to sign on the dotted line‚ it is important to understand the contents of the agreement you are signing. After all‚ the agreement you are entering into is a contract! In other words‚ a contract is enforceable when both
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Assignment 5: Assisted Suicide Health Care Policy‚ Law‚ and Ethics Dr. Matthew Caines Lauren N. Hairston March 9‚ 2012 Scenario: You are the manager of the Cancer Center in a small suburban hospital. For the past two weeks you have worked closely with your nursing staff because they have been expressing “Burn Out” (frustration‚ dissatisfaction‚ or lack of interest in a job) as a result of the increase in the number of patients coming to the center who were diagnosed with terminal cancer.
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Term paper on Leadership Behavior in Real Estate Sector Prepared For Dr. Muslima Zahan Assistant Professor (AF) FBS Bangladesh University of Professionals Prepared By MD.Aaqib Bin Shafi (B1405168) Labiba Salsabil Yashna (B1405009) Mahir Tajwar Haque (B1405051) Syeda Manizah Armin Muntaha (B140506) Preface Term paper is an essential part of BBA program. Through this part one can gather practical knowledge along with theoretical knowledge within the short period of time by observing and doing the
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