1.0 Contracts and its Elements 1.1 Essentials of a Contract Contracts form part of our daily life e.g. lease of house‚ sale/purchase of cars‚ etc. However‚ there are elements essential to form a contract. These are: 1.1.1 Offer/Invitation MacMillan & Stone (2004) described offer as “an expression of willingness to contract on certain terms. It must be made with the intention that it will become binding upon acceptance. There must be no further negotiations or discussions required.” This can be
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SALES CONTRACT No.57/2014 Ho Chi Minh City‚ May 19th‚ 2014 The Seller: Dalat Agriculture and Forestry JSC‚ Vietnam Address: 39 Phu Dong Thien Vuong Street‚ Ward 8‚ Da Lat City‚ Lam Dong‚ Vietnam Telephone: +84-63-656565 Fax: +84-63-665442 Email: info@dalatgap.com Represented by: Mr. Tran Thanh Sang Position: Director The Buyer: Shoei Foods Corporation Address: Shoei Bldg‚ 5-7‚ Akihabara‚ Taito-ku‚Tokyo‚ Japan Telephone: +81-33-2342345 Fax: +81-33-2672634 Email: shoeifoods@Shoeifoods
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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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figured out that Santa Claus is a big myth‚ kids‚ who are younger than 12 or 13 years‚ should have the right to be fascinated‚ to speculated‚ and to use Santa Claus as a possible role model. Unlike adults most of the kids wait for this season of the year hoping that they might able to get a glance at Santa Claus and his best friends‚ reindeers. Santa Claus is one of the most important imaginary figures on this earth‚ who has touched the hearts and souls of many children‚ is Saint Nicholas. It is said
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In Malaysia‚ our contract law is basically governed and enforced by the Contract Act 1950. The remedy of specific performance presupposes the existence of a valid contract between the parties to the controversy. The terms of the contract must be definite and certain. This is significant because equity cannot be expected to enforce either an invalid contract or one that is so vague in its terms that equity cannot determine exactly what it must order each party to perform. It would be unjust for a
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Did Amy bound by her promise? In Amy’s case‚ have no doubt‚ Amy is the offeror who provides an offer to Beryl and her family who have accepted it by receive Amy’s money or others. However‚ 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
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justifies them to do so? The Necessary and Proper Clause can both support such decisions‚ or reject them. These Clauses are explained in the Constitution. It says that‚ “The Congress shall have Power …To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers‚ and all other Powers vested by this Constitution in the Government of the United States‚ or in any Department or Officer thereof.” The importance of this is extreme because if the government had no guidelines
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8 million as a current revenue was that this part of the contract was related to the delivery of the software. Since the product was shipped by the September 30th year-end‚ Longeta thought that they were allowed to do this under the revenue recognition principle. The reasoning for the $1.2 million being recorded as deferred revenue was that this amount corresponded to updates and technical support services which had not been performed at the year-end. This deferred revenue is listed on the liabilities
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Nd Contracts Outline Professor Murray 1. Contract Remedies (Chapter One) What is a contract?- promise or set of promises‚ for breach of which the law gives a remedy or the performance of which the law recognizes as a duty. Types of contracts- a. express: formed by language‚ oral or written b. implied: formed by manifestations of assent other than oral or written language; by conduct. c. quasi: not contracts at all‚ construed by courts to avoid unjust enrichment‚ by permitting plaintiff
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Trying New Things Marcus Williams Ivy Tech Community College My brother and I are similar in a number of ways‚ but we’re completely opposite in how we feel about trying new things. He resists and often fears it‚ while I crave it. Trying new things has always been beneficial for me in the past. I enjoy exploring and testing my boundaries because you never know what you might like. Although I have to admit I didn’t always live my life by this philosophy‚ a couple years ago was
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