the following goods on or before May 31‚ 2012 (the “Goods”) a. 10‚000 widgets Purchase Price 2. The Purchaser will accept the Goods and pay for the Goods with the sum of fifty thousand ($50‚000) USD‚ paid as follows: a. Down payment of $5‚000 upon contract execution b. the remainder of the purchase price within 10 day of receipt of delivery of the Goods. 3. Payment of the Goods will be made to the Seller when the Purchaser has confirmed receipt of the Goods. Delivery of Goods 4. The Goods will
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“CONTINGENT & QUASI CONTRACTS” [pic] Contents 1. Contract. 2. Types of contract. 3. Contingent contract. • Definition. • Illustration. 4. Essentials/characteristics of contingent contract. 5. Rules regarding contingent contract. 1. Uncertain event. 2. Impossible event. 3. Performance dependent on non-happening of event. 4. Performance depending on
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THE INDIAN CONTRACT ACT‚ 1872 CONTRACT Section 2(h) defines a contract as “an agreement enforceable by law” Thus to make a contract there must be – (i) an agreement (ii) the agreement should be enforceable by law. All agreements are not enforceable by law and‚ therefore‚ all agreements are not contracts. Some agreements may be enforceable by law and others not. For example‚ an agreement to sell a radio set may be a contract‚ but an agreement to go to see a movie may
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way as to be able to affect the principal ’s legal position in respect of strangers to the relationship by the making of contracts or the [sale or purchase] of property." So‚ an agent is someone who represents another‚ called the principal‚ in dealings with third persons. Agency is therefore an exception to the general rule of contract law that only the parties to a contract are bound by it. Examples: a director for his company‚ a solicitor for his client Distinguish from other situations
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by express or implied contract or by law‚ in which one party (the agent) may act on behalf of another party (the principal) and bind that other party by words and/or actions. The etymology of the word agent or agency says much. The words are derived from the Latin verb ago‚ agere (the respective noun agens‚ agentis). The word denotes one who acts‚ a doer‚ force or power that accomplishes things.1 Agency is the exception to the doctrine of privity under the law of contract. 2. LIABILITY OF A PRINCIPAL
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The ways in which contracts can become frustrated A contract may be discharged by frustration on a few circumstances. According to Section Contract Act 1950‚ there are provisions of three (3) clauses which may be the circumstances of frustration of contract. Generally‚ contract can become frustrated when an agreement to do impossible or unlawful act has been made. Referring to the Contract Act 1950‚ the three clauses provide for frustration of contract are as follow: * S57 (1) CA - An agreement
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Plaintiff purchased and used wool for local manufacture between 1946-48 and received some payments. The Government subsequently stopped its subsidy scheme and the Plaintiff sued the Government for subsidies it claimed it was due. Rules There was no contract. The statement made by the Commonwealth was not offered as consideration for the plaintiff buying the wool. The Court stated that in cases such as this: ‘… it is necessary‚ … that it should be made to appear that the statement or announcement which
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“A STUDY ON PERFORMANCE APPRAISAL OF EMPLOYEES AT TRUE SAI WORKS NETHIMEDU‚ SALEM Project report submitted to government arts college (Autonomous) salem-7 in partial fulfillment of the requirement for the award of the degree of BACHELOR OF BUSINESS ADMINISTRATION Submitted by DINESHBABU.M (Reg. No. 09 UBN58007 ) Under the guidance of Mr. ELAVARASAN‚ M.B.A.‚ Assistant Professor
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laws‚ an independent contractor must be just that‚ independent. He or she must provide a product or service without punching a time clock or being told how to do the job. Independent contractors are described as persons engaged in occupations who contract to perform work according to their own methods‚
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2nd Assignment: Suggested Answer 1. The legal issue revolving around this case is that whether a valid legally-binding contract has been entered into between David and John‚ and‚ if that is the case‚ whether David is able to sue John for his breach of contract resulting from his sale of the shop to Nancy. In general‚ a legally binding contract is an agreement made between two or more persons‚ by which rights are acquired by one or more to acts or forbearances on the part of the other
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