"Contract Law" Essays and Research Papers

Contract Law

“The parties to an executory contract are often faced, in the course of carrying it out, with a turn of events which they did not at all anticipate – a wholly abnormal rise or fall in prices, a sudden depreciation of currency, an unexpected obstacle to the execution, or the like. Yet this does not in itself affect the bargain which they have made…” (per Lord Simon in British Movietonews Ltd. v. London and District Cinemas [1952] A.C. 166 at 185). Discuss this dictum and explain the respects in...

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Contract Law

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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Contract Law

Introduction A contract is formed when one of the parties has to accept an offer made by the other. Here, David places an advertisement in the local newspaper of a reward, £1000 for the safe return of each of his six cats. This shows he is making an offer to all the readers of the Daily Bungle. An offer is defined as follows: “An offer is a statement of the terms upon which the offeror is prepared to be bound if acceptance is communicated while the offer remains alive1.” The critical aspect of...

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Contract Law

Part 1 A contract is an agreement between two or more parties, which can be legally enforceable. A contract maybe written or oral, although an oral agreement can be difficult to prove in court. In order for a contract to exist it must include four elements, that being offer, acceptance, intention and consideration. (Sweeney & O’Reilly 2007 pg 160). A contract only exists when an offer has been accepted, an offer has the intention to be legally binding and the willingness to contract on certain...

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Contract Law- Terms of a Contract

LAW 203 – LAW OF CONRACT 1 ASSIGNMENT 2 STUDENT ID: S120343 LECTURER/TUTOR: MR HUMPHREY MARAU NUMBER OF WORDS: 2284 Contract law is a body of law that governs oral and written agreements associated with exchange of goods and services, money, and properties. Not only does contract law set out the rules and guidelines of how to form a contract but also teaches us how the parties to a contract are to fulfil it and what may happen when the terms of a contract are not fulfilled. The background...

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Contract Law

of offer, acceptance, and consideration will not guarantee a legally enforceable contract”. Discuss. A contract is an agreement which normally consists of an 'offer' and an 'acceptance' and involves the 'meeting of the minds' or consensus between two or more parties with the intention to create a legally enforceable binding contract. Therefore in this essay, the four core elements needed for the formation of a contract such as offer, acceptance, and consideration and intention to create legal relations...

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Law on Contracts

OUTLINE OF LECTURE IN LAW ON CONTRACTS (Defective Contracts) 1. Defective contracts a. Rescissible contract – valid until rescinded; b. Voidable contract – valid until annulled; c. Unenforceable contract – cannot be sued upon or enforced unless ratified; d. Void contract – no effect at all, cannot be ratified or validated 2. Rescission Rescission is the remedy granted by law to the contracting parties and sometimes even to third persons in order to recover indemnity...

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Law of Agency

Law of Agency WHAT IS AN AGENCY? Sec 135 of Contract Act, agency is the relationships which subsists between the principal and the agent who has been authorized to act for him or represent him in dealings with others. WHO CAN BECAME A PRINCIPAL OR AGENT? Any person who is 18 years old and above and who is of sound mind may be principal. As between the principal and third persons, any person can became an agent. BUT persons of unsound mind and who are below 18 years are not liable towards their...

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Contract Law

PART I. Introduction England's contract law is consisted of several laws and they can not be written or at least explained in a student's assignment, which is consisted of 1000 words. Despite that I will try to outline the main points of the contact law and explain briefly what each means. On the second point I will explain the little difference between the English contact law with the equivalent contract law of my home country which is Cyprus. I wrote "little differences " because, Cyprus is following...

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Law Coursework Assignment- Contract Law

Introduction to Legal Studies and Basic Contract Law- Course Work Assignment Mrs Hyndley is the owner of two properties that she rents to students in the Belfast area. In January 2008 she asks her friend and next door neighbour Frederick, a local estate agent, to collect the rents from her tenants while she goes off on a 6 month round the world cruise. She does not discuss terms or payment with Frederick. However, Frederick agrees and does collect the rents. When Mrs Hyndley returns to Belfast...

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Contract Law Consideration

1 App Cas 554 has been criticised where ‘a valuable consideration, in the sense of the law, may consist either in some right, interest profit or benefit accruing to the one party or some forbearance, detriment, loss or responsibility, given, suffered or undertaken by the other’. Due to Angela falling ill, Nick accepts half the original amount of rent being payment of a lesser sum but the rule at common law being the rule in Pinnel's Case (1602) 5 Co Rep 117a, is that the payment of a lesser sum...

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Law of Tort

Having entered into a written contract to purchase the premises Paul mentioned of the changes that took place. Advise Jenny Issues • Whether or not Pauls actions contributed to misrepresentation, if yes what remedies are available to Jenny • Are there any arguments available to Paul as it relates to counter claiming the action of misrepresentation brought against him Rules • A misrepresentation is a false statement of fact, inducing another to enter into a contract. There are different types...

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Contract Law: Frustration

Question Martina owns two houses in Loughchester. In May, she entered into a contract with Loughchester University for it to rent the houses for the coming academic year for use as student accommodation. The University paid Martina £750 straight away, with the rent to be paid to Martina by the University monthly in arrears. Martina then engaged Roger Roofers Ltd to carry out repairs on the roofs of the houses, to be completed by 23 September, in time for the arrival of the students. She paid Roger...

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Contract Law Case Study

Acceptance in ignorance of an offer could not create a contract. The offeree must know the essence of the terms of the offer and conduct himself in reliance of the offer. According to the incident, Concern placed advertisements only in respond to Mr. Do-it All repentance of Good’s offer. It implied that Concern did not read about Good’s offer directly and therefore his act of being ignorance about the offer cannot form a legally binding contract relationship. This can be examined in a very similar...

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Contract Law

Contract Law Introduction In the following case note I will examine the High Court case; Smart Telecom Plc. V Radio Teilefis Eireann & Glanbia Plc. [2006] IEHC 176. The essence of this case is one involving a request for tenders put forward by RTE for sponsorship and the subsequent refusal of Smart Telecom’s referential bid thereto. The questions raised were (1) whether referential bidding was a permissible term of RTE’s offer and (2) if not, were they were obliged to re-tender the contract...

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Contract Law

Contract is an agreement between two or more competent parties in which an offer is made and accepted, and each party benefits. No contract can come into being unless the following features exist: an actual offer, an acceptance, consideration (this means that each party will contribute something of a material value to the bargain) and an intention to create legal relations. The agreement can be formal, informal, written, or just plain understood. (a) For a contract to exist the offer must be...

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Contract Law

requirements for a valid contract. A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. www.wikipedi.org A contract is a binding agreement between two or more people stating to do something or refrain from doing something. Not all agreements are classified as contracts. A contract is known as an acceptance or offer enforced by law between two or more people. When creating a contract all people or parties...

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Contract Law

consideration. Promissory estoppel like proprietary estoppel is popular types of equitable estoppel. The importance of equitable estoppel was stated in Crabb V. Arun DC (1976) 1 Ch 179 that “equity comes in........ to mitigate the rigours of strict law.......... it prevents a person from insisting on his strict legal rights.... when it would be inequitable for him to do so having regards to the dealings which has taken place between the parties”. An example of promissory estoppel is where A promises...

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The Law of Contract - Voidable Contract – Coercion

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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Answerkey Exporting and the Export Contract

At any point between the signature of the contract and the final payment for the goods. 7. How many kinds of delay in delivery? • Excusable delay • Non- excusable delay 8. What events does delivery date trigger? • -Exporter fulfills duties under the contract. • Payment may become due. • Risk and title pass to the buyer. 9. How to fix delivery date? To use a straightforward calendar date. 10. When is a contract binding? After the signature date...

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Contract Law

Contract A contract is a promise between two or more persons involving the exchange of some good or service. Some of the basic elements of a contract include: an offer and an acceptance; "capacity," or being of legal age and sound competence; "mutual assent," or agreement on the terms of a contract; and "consideration," or compensation for goods or services rendered. The element that distinguishes a contract from an informal agreements is that it is legally binding:the law provides...

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Construction Law

 CIDB Contract Form PAM Form PWD Form 1. Nominated Sub-Contractors a) A Nominated Sub-Contractor means a person or specialist contractor with the Contract to be employed by the Contractor for the execution of work or supply of goods materials or services for which a Prime Cost has been inserted in the Contract. a) The following provisions shall apply where P.C Sums are included in the Contract Bills or the results of given in regard to the expenditure of Provisional Sums in respect of a...

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UOL Law Essay

-1Question 6 of Examination paper 2007 (a) The contract for sale which Macbeth had entered with Weetocrunch Ltd is a separate contract with that of the contract entered with the banks with regards to the documentary credits. For the purposes of this question, we are only dealing with the contract of the documents between Macbeth and the confirming bank, Noddy Bank. Noddy bank had been authorized in this case by the issuing bank, Toytown Bank to pay the beneficiary, also known as the seller,...

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business law chapter 21 notes

WARRANTIES: Several types of warranties: (1) warranties of title, (2) express warranties, (3) implied warranties. 1. WARRANTIES OF TITLE: 3 types of title warranties- good title, no liens, and no infringements-can automatically arise in sales and lease contracts. Sellers warrant they have good and valid title; if buyer learns they don’t the buyer can sue seller for breach of warranty. Liens-protects buyers who unknowingly purchase goods that are subject to a creditor’s security interest. Free of infringements-when...

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Contract Law

CONTRACT LAW – LECTURE 4 Promissory estoppel Is about the enforceability of all alteration promises (promises to pay more and promises to accept less) and by contrast estoppels does not apply to promises about the formation of initial contracts Ex. If a creditor promises to accept a smaller sum in full settlement intending the debtor to rely on that promise, and the debtor does rely on it, the debtor may have a defence of promissory estoppels when sued for the balance by the creditor. The...

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Law 421 Contracts

Contracts Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class, I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach...

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Freedom of contract in English Contract law

Nizhny Novgorod Branch Law faculty The Department of Constitutional and Administrative Law Essay Topic: Freedom of contract in English Contract law Written by 10 Ю-3 group student Buzhak A.S. Under supervision of Popova T. P. PhD, docent Nizhniy Novgorod, 2013 Contract law is designed to protect not only the contractor, but also the consumer.   Freedom to contract is the freedom of individuals and corporations to form contracts without government restrictions...

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Contract

there are requirements to form a valid contract other than offer and acceptance, that are, intention to create legal relation and consideration. What is consideration? It can be describe as being something which represent either some benefit to the person making a promise or some detriment to the person to whom the promise is made. The term consideration is given to the subject that is exchanged in a contract.1 It is a fundamental prerequisite in English contract law. 2 The courts has explained the consideration...

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Termination of a Contract - Law

Part A A contract may be discharged or brought to an end at any time after formation and there are several ways in which this can happen. One party may avoid a contract – for example, for unconscionable conduct by the other; one party may terminate the contract before performance is complete – for example, for breach; or the contract may be performed to the satisfaction of the parties. The contract of sale that takes place at a supermarket checkout is for all purposes completed at the time...

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Law of Contract

Court Court of Common Pleas Citation(s) (1862) 11 Cb (NS) 869; [1862] EWHC CP J35; 142 ER 1037 Transcript(s) Full text of judgment Judge(s) sitting Willes J, Byles J and Keating J Felthouse v Bindley (1862) EWHC CP J 35, is the leading English contract law case on the rule that one cannot impose an obligation on another to reject one's offer. This is sometimes misleadingly expressed as a rule that "silence cannot amount to acceptance". Later the case has been rethought, because it appeared that...

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Islamic Contract Law

Islamic Contract Law TYPES OF COMMITMENTS 1. Wa‘d – • • • ‫ – و‬unilateral promise One party binds itself to perform a function for another Does not normally create legal obligation Legal obligation is created: • • Genuine need of the masses – (‫ر‬ Contingent promise ‫ا س )رد ا‬ ‫ز‬ ‫ن ز‬ ‫ا‬ ‫إذ ا‬ 2. Muwaa‘ada – ‫ا ة‬ • • • • – bilateral promise Two parties performing two unilateral promises on the same subject Use of two unilateral promises can lead to a forward contract, which...

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Contract Law

In Business, contracts can be considered as the heart of dealings and have to be taken with utter most consideration of the acceptance, however in order to understand in depth a binding agreement, we must first discuss, what determines a contract or binding agreement. These can be defined as “an agreement which the law will enforce” as well as a “promise or set of promises which the court will enforce”. To facilitate a binding agreement, an acceptance must occur and must be absolutely unconditional...

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Contract Law

own argument. Question 5: The defendant argued there was no binding and enforceable agreement, what were the components of this argument? The defendant argued that there was no contract made between him and the plaintiff, and only a contract between himself and eBay and the plaintiff and eBay. He claimed that the contracts were not between the buyer and seller, but between the individuals and the website. The defendant argues that when he placed the advertisement on eBay that it was comparable...

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Law, Understanding Contracts

 Understanding Contracts Sultan Shabazz September 29, 2013 International Legal and Ethical Issues in Business, Sunday, 10:00 p.m. American InterContinental University Professor Jarrod Burch Certification of Authorship: I certify that I am the author of this paper and that any assistance received in its preparation is fully acknowledged and disclosed in this paper. I have also cited any sources from which I used data, ideas, words, either quoted directly or...

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Contract Law Assignment 1

terminate the contract. In relation to this case, the offer and acceptance, thus the making of agreement, has been established. Offer, is when an offeror offers anything to the offeree, then the offeree makes an agreement through acceptance, which then forms and agreement, thus where the offer and acceptance is being applied. In light to this question, it will be tackled on how David will deal with these offerees and their respective parties, which will be discussed mainly on how the contract is made...

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Law Assignment - Contract Law; Restrictive Covenant, Acceptance of Goods

wider than is necessary to protect the legitimate interest of the employer. Attempting to stifle competition is impermissible and it is irrelevant that the employer taught the ex-employee everything he knows. The court area particular to prevent contracts, which seek to prevent an employee from practicing his livelihood. The courts have regard to three facts: - The period during which the restriction purports to apply. - The geographical area in which the restriction purports to apply. - The scope...

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Australian Contract Law Essay

Law of Contract II Semester 2, 2011 Word Count: 1932 A party’s right to terminate a contract arises from a particular type of breach of contract by another party. The facts of the breach and the nature of the term breached in each case inform the party with whose contract has been terminated, as to whether it is lawful or not. Common law rights to terminate arise in one or more of the following three ways: * Any breach of a condition of the contract; * A serious breach of an intermediate...

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Basic Fundamentals of Contract Law

With the presence of contract law, it helps to elimiate any injustice an individual or company might face when engaging in negotiation. It protects the interest of the different parties involved. In the case given, contract law will jusitiy an individual legal rights. The element of contract law includes offer, acceptance, consideration and an intention to create legal relation. In the scarnio give, we need to ascertain the basic fundamental of the contract law. The possibility of Bill taking legal...

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Freedom of Contract in English Law

an era where the exercise of law of freedom were extremely restricted. In today’s English law, freedom of contract is one the foundation of contract law. The existence of freedom of contract requires three main considerations: the freedom to contract or not to contract, the freedom to choose with whom to contract, and the freedom to decide the terms of the contract. Thus parties are totally free to engage or not to engage in agreements. However, freedom of contract can fail to have the desired...

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business law :Breach of Contract

Question TWO What is a "Breach of Contract"? A business contract creates certain obligations that are to be fulfilled by the people or companies who entered into the agreement.  In the eyes of the law, a party's failure to fulfil an end of the bargain under a contract is known as a "breach" of the contract. Depending on the specifics of the contract, a breach can occur when a party fails to perform on time, does not perform in accordance with the terms of the agreement, or does not perform at...

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Contract law - misrepresentation

Contract Law Assignment Advise Grab From looking at the facts laid out by Grab regarding the purchase of a sandwich shop, it seems that the most likely action is that of misrepresentation. A misrepresentation is defined at common law as "a statement of fact made by one party to the other party, which is false. While not necessarily forming a term of the contract, is yet one of the main reasons which induces the one party to enter into the contract" and is supported by the Misrepresentation Act...

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Contract Law Problem Question

own offer. However, it is possible for Jack to accept Andy's offer if he so desires, for it is an entirely separate and new contract to which he would be submitting himself to. This is only possible since Jack is not under any legal obligation to only accept offers in response to his invitation to treat. But since Jack does not respond to Andy's offer, there is no contract between the two parties. When Bob ‘writes back saying that he will do the work for £10,000,' he is making an offer to Jack....

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Scots Law of Contract

studies are concerned with the Law of Contract, specifically the formation of a contract and the differences between an invitation to treat and a contract. We will investigate each consumers’s specific contract or lack thereof individually and advise Bruce on his legal position. A contract is an agreement between two or more parties which in Scotland does not need to take a specific form, as a spoken agreement is still equally as enforceable as a written contract in certain circumstances such as...

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Contract Law Problem

Contract Law – Formative Assessment Alex would be suing Betty for a breach of contract. He would only succeed if he’s able to prove that a contract was in place. A contract can be defined as “a written or spoken agreement that is intended to be enforceable by law.” In order for it to be formed, agreement must take place and it can be broken down into two elements. Firstly, an offer. This can be described as an expression of willingness to contract on clear terms, with the intention that it will...

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Discuss the issues of contract law that arise

Question 1: Discuss the issues of contract law that arise. 1. The main legal issue in the case is whether the contract has been formed and Daphne is subjected to contract and obligated to pay £200 to Sonya for the TV. The law of contract regarding offer acceptance states that in order to form a contract, the acceptance must be unconditional (Black 2011) . Counter-offer is a response to an offer which, while not expressly rejecting the offer, seeks to qualify it by deleting some of the terms. The...

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Contract law assignment

agreement can be objectively established where there is mutual assent.6 In Masters v Cameron,7 it was noted that, ‘the case may be one in which the intention of the parties is not to make a concluded bargain at all, unless and until they execute a formal contract’. Such intention can be expressed by a ‘subject to’ clause.8 Regardless of whether or not J’s letter contained such clause, it can be inferred that Palma had no intention to form an agreement by way of C’s email. Firstly, the parties have not yet...

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law law

TASK 1 Explain the reference to legal principle and relevant case law, the legal aspect of placing the ‘Klick’ clock in the shop window with a price tag attached. Ann antiques has a rare ‘Klick’ clock on its shop with price tags of €1,000 attached. In spite of its wording the sign in the window does not constitute a legal offer, it is merely an invitation to treat. Invitation to treat is an indication that the person who invite is willing to enter into a negotiation but it is not yet prepared...

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ASPECTS OF CONTRACT LAW 1

ASPECTS OF CONTRACT LAW 1) A contract by definition is a form of agreement that binds two or more parties who can involve in a legal relationship and will be bound to perform according to the terms and conditions that are agreed upon in the contract. 2) The essential elements of a contract are: Agreement: it is determined by the regulations of offer and acceptance. It is the most essential element and the very first one. An agreement is made when the offerer proposes his offer and the offerree...

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Answer to Contract Law Chapter12

CONSIDERATION A. Legal Sufficiency 1. Adequacy 2. Unilateral Contracts 3. Bilateral Contracts 4. Illusory Promises a. Output and Requirement Contracts b. Exclusive Dealing Contracts c. Conditional Promises 5. Pre-existing Obligation a. Modification of a Pre-existing Contract b. Substituted Contracts c. Settlement of a Undisputed Debt d. Settlement of an Disputed Debt B. Bargained-For-Exchange 1. Past Consideration 2. Third Parties C. Contracts without Consideration 1. Promises to Perform Prior Unenforceable...

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Implied Warranties Case Study

had been in no way foreseeable. ISSUE: Should the court grant this request? Why or why not? [Rothing v. Kallestad, 337 Mont.193.159.P.3d22 (2007)] DECISION: The court should not grant Kallestad’s request for dismissal because he breached his contract with the Rothings and failed to honor the implied warranty of merchantability. In addition, Kallestad should be ordered to reimburse or compensate the Rothings for the goods and products they’ve lost due to the defective product they received from...

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Law 531 Contract Creation and Management

Contract Creation and Management Erica Ackerman University of Phoenix Online Business Law LAW 531 Laurie Wicker April 30, 2012 Contract Creation and Management Introduction A contract is a binding agreement between two or more mutual parties. When people enter into a contract, they must abide by every article of the contract or they are in danger of a lawsuit for breach of contract (Cheeseman, 2010). The author of this paper completed the contract creation and management simulation...

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Common Law Contracts

to the contracts between Grocery, Inc. and its vendors? Do common law contracts apply? Explain your answer in detail. Your answer should compare and contrast law contracts and UCC Article 2 contracts. The Uniform Commercial Code (UCC) Article 2 applies only to contracts for the sale of goods. The definition of goods is defined as goods that are tangible, movable, or personal property. However, UCC Article 2 does not apply to real estate contracts or employment contracts. Common law contracts are for...

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Law 531 Contract Creation and Management

Contract Creation and Management Johnny B Good LAW/531 April 30, 2012 Professor LawContract Creation and Management This week assignment is to provide analysis on the Contract Creation and Management simulation provided in the University of Phoenix (UOP) materials website. The simulation involves two companies; Span Systems, a California-based custom e-banking software developer and Citizen-Schwarz AG (C-S), a Stuttgart-based bank with revenues of over $20 billion. Through C-S’s regional...

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Lease Agreement

Team Project Contract-Lease Assignment This Residential Lease Agreement (hereinafter “Lease”) is entered into this the 10-01-11, by and between the Lessor: George Murphy, (hereinafter referred to as “Landlord”), and the Lessee(s): Benjamin Potter for the Potter Corporation. All Lessees (hereinafter referred to collectively as “Tenant”), are jointly, severally and individually bound by, and liable under, the terms and conditions of this Lease. 1. GRANT OF LEASE: Landlord does hereby...

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Illegal Contracts

Illegal Contractual Terms and Restraints of Trade in Contracts When dealing with contract law, many problems can arise. There can be illegal terms in the contract or it can just be void. There are restraints on trade which include limiting employees from competing against their employers post employment and so on. Throughout this essay, these restrictions will be analyzed. The difference between illegalities, voids and restraints will be presented, along with cases to provide examples. ...

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Lease and Hire Purchase

SYMBIOSIS LAW SCHOOL, PUNE Constituent of Symbiosis International University, Pune (Accredited by NAAC (UGC) with `A’ Grade) Managerial Economics Internal Assessment REPORT ON ‘LEASE AND HIRE PURCHASE COMPANIES’ Submitted by SIVAGNANAM KARTHIKEYAN ROLL NO: 135 DIV ‘B’ BBA. LLB. BATCH 2013-18 LEASING A lease transaction is a commercial arrangement whereby an equipment owner or Manufacturer conveys to the equipment user the right to use the equipment in return for a...

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Johnson Bank v. George Korbakes & Co., LLP

 Johnson Bank v. George Korbakes & Co., LLP Commercial Law 03/17/2013 Facts of the case Brandon Apparel Group, Inc. (“Brandon”) was involved in the business of manufacturing and sales of casual apparel as well as licensed other companies to manufacture, distribute and sell its clothing lines. Additionally, Brandon had licensing agreements with several colleges, universities, and sports organizations, such as the National Football League. In 1997 Brandon borrowed funds from Johnson...

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Ucp History

of principles which standardise banking procedures for payments byway of documentary credits. These principles do not apply automatically, but are in play once traders choose to pay by letter of credit and to incorporate the UCP as part of their contract terms. The UCP was first issued by the International Chamber of Commerce (ICC) in 1933. It has been regularly revised since then in order to ensure that it reflected current banking and trade practice. The most recent version had been the UCP500...

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Leasing

Leasing Leasing is a process by which a person rent property to another person with the rental contract. Lease has the same meaning as rent. Lessor and lessee are the main character in the process of leasing. Lessor Lessor is the owner of the property and assets. The lessor lease their assets or property under a agreement and contract to the lessee. The lessor will receive the payment from lessee. They are also called as ‘landlord’ in the category of property and real estate market. Lessee Lessee...

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4 Step Process to Contract Law

Question a) Step One The principle of law is that for a valid contract to be formed there must be an agreement reached by both parties. Step Two There are three main elements for the formation of a legally binding contract, intention, agreement and consideration. The requirement that requires discussion here is the existence of an agreement by the parties to enter into a legally binding contract. An agreement means a consensus on at least those essential terms needed for a workable...

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