What is Contract? Discuss Essentials of Contact. According to Section 2 (h) of the Indian Contact Act‚ 1872‚ "A contract is “an agreement enforceable by law”. A contract therefore‚ is an agreement the object of which is to create a legal obligation i.e.‚ a duty enforceable by law. From the above definition‚ we find that a contract essentially consists of two elements: (1) An agreement and (2) Legal obligation i.e.‚ a duty enforceable by law. As per section 2 (e) "Every promise and every set of
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What is Contract Farming ? Contract farming arrangements of different types have existed in various parts of the country for centuries for both subsistence and commercial crops. The commercial crops like sugarcane‚ cotton‚ tea‚ coffee etc. Have always involved some forms of contract farming. Even in the case of some fruit crops and fisheries‚ contract farming arrangements‚ involving mainly the forward trading of commodities have been observed. However‚ in the wake of economic
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What is the psychological contract? Examine to what extent it is applicable in the 21st century What is the psychological contract? Nowadays‚ job-hopping has been a prevalent phenomenon. People change their jobs frequently for they are not satisfied with the present situation. This action of employees‚ however‚ brings tremendous stress and trouble to many enterprises. Therefore‚ the psychological contract is becoming increasingly important that more and more people
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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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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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base"‚ it is here‚ if you find it useful. Multiple Choice 1. Multiple Choice (____ points; each multiple choice question is worth ___ points) Circle the correct answer. If you change your answer‚ indicate the new choice to the left of the question and circle it. 1. Federal Funds are typically: a. Loan from a dealer that is collateralized by Treasury securities. b. Federal Reserve assets c. Loans from the Federal Reserve to banks d. Loans from banks to their “best” commercial customers
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Contract Law Notes Contracts ‘A’ Offer Bilateral contracts Unilateral contracts Offers to the public at large What is an offer? Mere puff Supply of information Invitation to treat Categorizing transactions Advertisements a) Advertisements in a catalogue or a curricular b) Advertisements in newspapers or magazines c) Advertisements appearing on the internet d) Display of goods Auctions a) Advertisement of auction b) Auctions with reserves c) Auctions without a reserve Tendering
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Bank Deposit Contract Reference No: C89364520358 Deposit contract concluded on 20th of January‚ 2013‚ in Skopje between: Stopanska Banka AD – Skopje‚ Head Office‚ Represented by Ana Nikolovska‚ Manager of the Legal Division Address: 11 Oktomvri 7‚ 1000 Skopje‚ Republic of Macedonia Unique Tax Number: 07495305 Unique Identification Number: 92593630 And Name:
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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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Q&A 2 Certainty of terms and intention Introduction Contractual certainty If businessmen are often not overly-concerned with the niceties of offer and acceptance it follows that their contracts may not be all-embracing and complete in every respect. The parties may have reached an agreement in principle and then prefer to rely on experience from previous dealings‚ business practice and goodwill. The law’s overall policy is to uphold bargains wherever possible and although businessmen tend to
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