“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 OF LAW Contract can be defined as ‘an agreement enforceable by law’. In other words‚ a contract is an agreement made between two(2) parties or more which is legally binding between the parties. There are six (6) basic elements in the contract : 1. Offer refers to a proposal that is capable of being converted into an agreement by its acceptance. Section 2(a) of Contract Act 1950 provides that when a person signifies another his willingness to do or to abstain from doing anything‚ with
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JUDGMENT V.N. Khare‚ CJI 1. This appeal which arises out of a judgment and order dated 23-11-2001 passed by the High Court of Kerala at Ernakulam revolves round the question as to whether an arbitration clause in a contract agreement survives despite purported satisfaction thereof. 2. The parties to this appeal entered into an agreement for a project at Kayamkulam. Upon completion of the work the respondent herein submitted final bill which was allegedly not accepted by the appellant‚ where
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Sample Contract Exercise Contracts are the bloodline of business. Thus it is absolutely crucial that you understand what you are or your business is signing. We have looked at some common clauses found in contracts like restraint of trade clauses‚ exclusion clauses and liquidated damages clauses. In addition to these‚ there are many other common clauses and the purpose of this exercise is to highlight these clauses as well. If you do a simple search in the Internet you will realize that many of
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law of contractWeather contract between Cheff Reez and Marimar Hotel is void. Principle Offer S.2(a) when a person signifies his willingness to do or abstain from doing anything‚ with a view to obtain the assent of that other to the act of abstinence‚ he said to make a proposal. Acceptance S.2(b) when the person to whom the proposal is made signifies his assent thereto‚the proposal is said to be accepted. A proposal when accepted ‚becomes promise. S.7(b) In order to convert a proposal
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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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trolley. Has a contract been made between Tesco Store and Belinda at this point? Give reasons for your answer. An offer is an expression of willingness to contract on a specific set of terms‚ made by the seller with the intention that‚ if the offer is accepted‚ he or she will be bound by a contract. Both offer and invitation to treat are totally different. Invitation to treat is an invitation for other people to submit offers. Some everyday situations that we might think are offers are in fact invitations
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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 in return for his promise. Literally‚ it means something that is given in return for something else. On the other hand‚ there was an exceptions under Sec 26 of CA which is an agreement without consideration is void unless the contract made on account
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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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there is binding contract between the two parties‚ Baldcure Ltd. and Gary Knudenut‚ and consequently whether Gary can sue under that contract. Rule A contract is a legally enforceable agreement between two or more parties. To be valid‚ a contract must comprise of the following elements: - agreement (offer + acceptance) - intention - consideration - capacity to contract - consent - legality In order to establish whether there is a binding contract between Gary and
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