1. INDIAN C0NTRACT ACT 1872 Introduction: We enter into contracts day after day. The Law of Contract is comboided in the Indian Contract Act‚ 1872. The contract act incorporates many features of English Law. What is a Contract ? Section 2(h) of the Indian Contract Act 1872 defines a as an agreement enforceable by law. Section 2(e) defines agreement as “every set of promises forming consideration for each other. Section 2 defines promises in these words ‚ when the person to whom the proposal
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NOVATION (Article 1291) * The extinction of an obligation through the creation of a new one which substitutes it * The substi or change of an oblig by another‚ which extinguishes or modifies the first‚ either: * by changing its object or principal conditions * by substi another in place of the debtor * by subrogating a third person in the rights of the creditor (Subrogate - Take over a legal claim or right against a third party from another party who previously owned that
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Chapter 2 : The Indian Contract Act 1872 Definition Sir Frederic Pollock - “Every agreement and promise enforceable at law” According to Sec 2(h) “An agreement enforceable by law Agreement – Every promises and set of promises forming consideration for each other. Essential Elements of Valid Contract Minimum Two Parties – one party has to make an offer and other must accept it. Offer & Acceptance – There must be an offer and acceptance to the offer‚ resulting into an agreement. It should
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Recently‚ most employers find “Zero hours” contract of employment more suitable for their business. The reason behind this could be that employers are trying to find cost-effective ways of meeting short term staffing needs. Some employees would prefer having a Zero hours contact rather than having a set hour contact where the employee will have to work the hours that the business has required them to do. Zero hour contract might suit employees who may think about wanting occasional earning not fixed
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void contract under Nepalese contract act by illustrating the cases. According to Nepalese Contract act 2056‚” A contract is an agreement between two or more persons to do or not to do something‚ which can be enforceable by law.” The supreme court of Nepal has defined the contract as “an agreement of two or more parties with conditions.” The word void means not binding in law. A contract which cannot be forced by both of the contracting parties is called a void contract. If a contract which
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the futures market hedges to prevent a loss in a business transaction‚ but also gives up: a. A sizable fee to the exchange b. The loss on the futures contract c. The opportunity to gain from a favorable turn in prices of the item d. The potential gain on the futures contract. 4. All the following are risks associated with futures contracts except: not good question a. Margin risk b. Basis risk c. Price risk d. Manipulation risk 5. What action would the holder of a maturing (expiring)
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The Law‚ Contracts and Me Laws are made by legislatures and judges‚ although there is no universally accepted definition for law‚ one definition states that law is a system of rules and guidelines which are enforced through social institutions to govern behavior. [Lord Lloyd of Hampstead. Introduction to Jurisprudence. Third Edition. Stevens & Sons. London. 1972. Second Impression. 1975. Page 39.] In a society‚ rules and regulations exist in order to control peace and order‚ without these rules
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Keynes Unit 5 :- Aspects of Contract and Negligence for business Be able to apply the elements of a contract in business situations John Messenger Transitionscoachingservices.co.uk Amandeep Singh Date:-30/11/12 Table of content :- * Apply the elements of contract in given business scenario . * Application of relevant principles and case law to business scenario. * Apply the law on terms in different contracts . * Contents of standard
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Contents page Introduction Psychological contract The characteristics of a psychological contract are the mutual beliefs‚ informal obligations‚ perceptions of the employee and employer towards each other; the expectations an employee has of the organisation and the expectations the organisation has of the employee and the reciprocal promises in that relationship. This helps to set out the aims and objectives in the company for the work to be done professionally. The employee has different
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3. Contract Law “Is My Agreement an Enforceable Contract?” The Law of Contract involves answering 4 questions: (1) Is my agreement an enforceable contract? Are all of the elements of a contract present. (2) If so‚ what does it require me (and the other party) to do? - What “promises” have become terms of the contract. (3) Can I get out of it (without paying some form of penalty)? - Was the formation of the contract defective in some way (ie were there any ‘vitiating elements’ present)
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