PAPER – CONTRACT 1 Define contract. Explain the essentials of valid contract. 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. 1. Essentials of a valid contract All agreements are not contracts. Only that agreements which is enforceable at law is a contract. An agreement which is enforceable at law cannot be contract. Thus
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contract law agreement: objective test of intention to agree offer must be matched by other’s acceptance requirement of certainty of agreement parties have intention to create legal relations enforce promise: consideration promise is contained in a deed promissory estoppel (claimant has relied on defendant’s promise) reliance theory: consistent with the harm principle (prevent harm on others) restitution interest
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Recognizing Contract Risk and Opportunities Alen Edilersky LAW/531 – Business Law Professor Rickard D’Ambrosio February 02‚ 2009 The contract is the special document demanding careful development‚ acceptance and the control over observance of its conditions. As a rule‚ contracts consist when planned mutual relations of participants have long-term character. This long term can concern both to the process of interaction‚ and to those consequences for participants who can come as a result
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INTRODUCTION Indian Contract Act 1872 is the main source of law regulating contracts in Indian law‚ as subsequently amended. It determines the circumstances in which promise made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some right and duties upon the contracting parties. Indian contract deals with the enforcement of these rights and duties upon the parties. The Indian Contract Act 1872
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Currently‚ majority of people do not know much about contract law. Actually‚ we are signing contracts everyday. For example: Buying candies in a shop. There are two types of contract (written and verbal agreement). A contract is made by orally‚ by conduct and in writing. It also consists of an agreement‚ consideration and legally binding. There are eight elements of contract law‚ namely offer‚ acceptance‚ consideration‚ capacity‚ legal relations‚ legality and agreement. In this essay‚ I am going
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The Contract Law Bible Hey Guys. I worked really hard on this on the run up to the June exam last year. I found it really useful and so did the people in my class. Please feel free to pass this on to your friends who are studying contract law‚ but please don’t pass it off as your own‚ or make any money from the reproduction of this. Thanks =) Lucy Rimington © Offer and Acceptance Offer - A proposal to enter into an agreement with another person. An offer must express the intent of the person
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Classification of Contracts (7 – 1.30) Simple and formal contracts A formal contract is a written contract (such as a deed). A simple contract can be entirely orally or a combination of oral and written. Bilateral Contract: exchange of promise – one promise for another (a promisee’s promise in return for the promisor’s promise or vice versa) o Union Dominions Trust (Commercial) Ltd v Eagle Aircraft Services Ltd [1968] 1 All ER 104 at 108‚ Lord Diplock Unilateral Contract: A one way
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delay must be compensated. The amount of compensation is usually set in advance and called ‘liquidated damages’ - Use a straightforward calendar date to name the delivery date: 15th September 2010‚ for example. The parties often plan for the contract to come into existence in two steps: the signature date and the date of coming into force. The date of coming into force is not usually a calendar date‚ but the date on which the last precondition is met. Common preconditions are: + Receipt
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CONTRACT LAW- EXAM NOTES What is a contract? An oral or written agreement between two or more parties which is enforceable by law. This agreement ‘will be legally binding if certain criteria are met – briefly‚ they require that there be an agreement (comprising an offer and acceptance)‚ consideration‚ intention to create legal relations‚ compliance with any formalities required by law and that the parties have the legal capacity to contract’1 What is the purpose of contract law
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Contract Law Notes Contracts ‘A’ Offer Bilateral contracts Unilateral contracts Offers to the public at large What is an offer? Mere puff Supply of information Invitation to treat Categorizing transactions Advertisements a) Advertisements in a catalogue or a curricular b) Advertisements in newspapers or magazines c) Advertisements appearing on the internet d) Display of goods Auctions a) Advertisement of auction b) Auctions with reserves c) Auctions without a reserve Tendering
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