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 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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Offers may be withdrawn at any time up until acceptance. Discuss the extent to which you agree with this statement and analyze the rules which determine the validity of withdrawal. There are two main issues to be dealt with in order to answer this question. Identify what is certified to be a valid offer and a valid acceptance. The second issue is knowing and analyzing the rules which determine the validity of withdrawal. First and foremost‚ to have a valid contract‚ there must be valid
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Relevant Law In this case‚ the relevant law is the counter offer. At first‚ Shahreen would like to buy it for RM400 but Hazli did not accept for that price. He would accept for RM450 price. On journey home‚ Shahreen agree with the price and wrote the letter to Hazli. In this case based on case : Hyde v Wrench ( 1940) 3 Bench 334. June 6 Defendant offered to sell his farm to the plaintiff for 1‚ 000 June 8 Plaintif made a counter offer of 950 but defendant refused to sell. June 27 Plaintiff
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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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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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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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5/2/13 Acceptance sampling - Wikipedia‚ the free encyclopedia Acceptance sampling From Wikipedia‚ the free encyclopedia Acceptance sampling uses statistical sampling to determine whether to accept or reject a production lot of material. It has been a common quality control technique used in industry and particularly the military for contracts and procurement. It is usually done as products leave the factory‚ or in some cases even within the factory. Most often a producer supplies a consumer
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With case examples‚ explain what is meant by the terms offer and acceptance‚ in reference to English Law. 1. The terms offer and acceptance are terms most commonly found in contact law. An offer makes up the first part of a contract‚ it is imperative that the offer is definite. The term offer is defined by Treitel as: ’...an expression of willingness to contract on specified terms‚ made with the intention that it is to become binding as soon as it is accepted by the person to whom it is
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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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