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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Gamble: Company Analysis 6 1. Activities and Products 6 2. Strategic Position and Competition 7 3. Financial Analysis 8 a. Review of Business Segments 8 Health Care 8 Fabric and Home Care 8 Baby‚ Feminine and Family Care 8 Beauty Care 8 Food and Beverage 9 b. Operating Results of Procter and Gamble 9 Volume and Net Sales 9 Net Earnings 9 Operating Costs 9 c. Financial Performance 10 Profitability Analysis 10 Investment Utilization 11 Solvency and Short term Liquidity
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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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A contract -is a legal agreement that occurs between two or more parties. It can be a written or spoken agreement that can concern employment‚ sales‚ or tenancy. Parties or members involved‚ enter voluntarily into this agreement. Every contracts involve two persons they are the: Offeror and Offeree. The offeror is the one who offers to enter into a contract and the Offeree is the one to whom the contract is being offered Elements of a contract: Agreement‚ Lawful object‚ consideration and contractual
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distinguished from offers because they contain no demonstration of present intent to form contractual relations. No contract is formed when prospective purchasers respond to such terms‚ as they are merely invitations or requests for an offer. Unless this interpretation is employed‚ any person in a position similar to a seller who advertises goods in any medium would be liable for numerous contracts when there is usually a limited quantity of merchandise for sale. An advertisement‚ price quotation‚ or catalogue
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Partner From: Noelle Milburn Date: August 2‚ 2010 Re: Angela Woodside vs. Doyle Construction 1. Has Doyle Contractors breached its contract with Angela Woodside? Explain your answer fully. 2. Does Ms. Woodside have to wait until after April 1‚ 2008 to sue Doyle Contractors for breach of contract? Explain your answer fully. 3. Assuming a breach of contract has or will occur‚ what remedies does Ms Woodside have after the breach? 4. What defenses might Doyle Contractors raise in the event
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CONTRACTS Stages in the life of a contract: 1. Preparation/Generation 2. Perfection/Birth 3. Consummation/Death Characteristics of Contracts: (ROMA) 1. Relativity (Art. 1311) 2. Obligatoriness & Consensuality (Art. 1315) 3. Mutuality (Art. 1308) 4. Autonomy (Art. 1306) Stipulation pour Autrui - stipulation in favor of a 3rd party. Requisites: 1. The stipulation must be part‚ not whole of the contract; 2. the contracting parties must have clearly and deliberately conferred
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should be provided with prior criminal records of accused offenders. While some people might argue that this information should be fully disclosed‚ I believe that prior convictions should have no bearing on current accusations. First‚ everyone should be provided with impartial judgement. Second‚ you need evidence to convict. Finally‚ ex-criminals have a hard enough time going straight without prior records haunting them. First‚ perhaps the strongest reason to deter prior records becoming available
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clarification of the Bidding Documents shall contact the Employer in writing at the Employer’s address indicated in the BDS or raise his enquiries during the pre-bid meeting if provided for in accordance with ITB 7.4. The Employer will respond in writing to any request for clarification‚ provided that such request is received no later than twenty-one (21) days prior to the deadline for submission of bids. The Employer shall forward copies of its response to all Bidders who have acquired the Bidding Document
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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
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