...anything even they can squeeze through law loopholes II: Analysis LO 1. Understand the essential elements of a valid contract in a business context Task 1 Explain and apply the importance of the essential elements required for the formation of a valid contract 1.1: Explain the importance of the essential elements required for the formation of a valid contract Law means rules were setting in one country and every one must comply with it. And as people know almost people in the world work base on contract and contract must comply with law. If one contract want effective it must require 5 elements: 1 Offer and acceptance; 2 Intention to create legal relations; 3 Consideration; 4 Capacity; 5 Privity of contract 1 Offer and acceptance: It means in one contract always exist 2 parties one people give offer and another people will accept with this offer or they can offer back and if they offer back first people will have accept or no. Example: A want buy one car of B with 10000 USD, but B think it not fair 10000 to small and he will talk “I don’t want sell it with 10000 USD only at least my car will sell with 15000 USD” This is “offer back” and A can accept or not if A decline this contract will gone, if A agree this contract accomplished 2: Intention to create legal relations: The requirement of intention to create legal relations in contract law is aimed at sifting out cases which are not really appropriate for court action....
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...FROM: Jinlin Dai RE: chapter 9, #5, pg.243 Relevant Facts: You want to lease your automobile to a friend for the summer but do not want to pay a lawyer to draw up the lease. Joanna, a neighbor, is in law school. She is not licensed to practice law. She offers to draft a lease for you for $100, and you unwisely accept. Later, you refuse to pay her fee and she sues to collect. Problem or Issue: Who will win the lawsuits, and why? Apart from the law, was it morally right for the law student to try to help out by drafting the lease, and why? Was she acting helpfully, or foolishly, or fraudulently? Is it just for you to agree to her fee and then refuse to pay it? What is society’s interest in this dispute? Should a court be more concerned with the ethical issue raised by the conduct of the two parties or with the social consequences of this agreement? Answer or Resolution: I will win the lawsuit. Joanna and I have no contract of leasing. It is right on morally to try to help me out by drafting the lease. She has no license of a lawyer, so she acts foolishly. It is not just for me to agree to her fee and then refuse to pay it. The society interest in the law school student whether or not can draft a lease. The court should be more concerned with the ethical issue raised by the conduct of the two parties. Analysis: A car sale contract passes ownership of the car from seller to buyer. The contract can be drafted and signed by the buyer and seller without a lawyer or notary...
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...from Lake Gaston’s Sales’s negligence of taking care of and respecting customer property. This Exculpatory Clause likely will not be enforced because it is seeks to immunize Lake Gaston Sales from any negligence. Similar to the Ransburg V. Richards case. 2. Albert Voorhees was hired as a salesman for Guyan Machinery in West Virginia. Upon hire he was required to sign a contract that would require him, if he left, to not work for a competitor within 250 miles of West Virginia for a period of two years. Noncompete clauses are generally reasonable if they are necessary to protect trade secrets, confidential information and customer bases. Noncompete clauses should also be reasonable in time, geography, and scope of activity. 250 miles and two years before Albert Voorhees can work for a competitor is unreasonable. Another factor is that Polydeck is only a competitor for 1% of Guyan Machinery’s business. Guyan Machinery would not be entitled to enforce its noncompete clause because it is too unreasonable. 4. The McAllisters sold their house to the Silvas for $60,000. Prior to selling the house the McAllisters knew of and were unable to solve several leaks and dampness. They repaired a buckling wall by installing I-beams for support. They did not tell the Silvas anything about the...
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...LEASE CONTRACT Landlord’s Name: Le Thi Bich Ha Address : 74 Napoleon Street, West Footscray VIC 3012. Landlord’s Contact No.: 0407 118 566 Tenant’s Name : Pham Phu Hai Tenant’s Gender : Male Tenant’s Passport No.:? Tenant’s DOB: 10/02/1985 Tenant’s Occupation: Student Tenant’s Student ID : ? Tenant’s University and Course : RMIT - Master of Business Tenant’s Contact No.: 0469 319 805 Tenant’s Move In: 18/02/2011 Rental Price : $500 AUD Queen room / per month/ include all bills: electricity, water, gas, internet. Bond: $500 AUD Lease Duration: 12 months Terms and Conditions: • The tenant is required to pay rent in advance at the end of each month. • The rental price includes all the gas, electricity, water, internet bills however there are limited usages for electricity and water as water usage is restricted in Australia by a State Government due to droughts, to preserve water for essential uses such as drinking and flushing toilets, as well as for fire-fighting. The tenant is restricted in using heater. If the tenant needs to use the oil heater during winter season then the tenant is required to pay extra $30 per month for electricity bill. If the tenant has a warm blanket and doesn’t need to use the oil heater at night then the tenant doesn’t need to pay extra money for the electricity bill during 3-month winter season. • Keep the tenant’s room tidy and clean. • Keep bathroom...
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...BF 1203 TRANSACTION IN ISLAMIC BANKING & FINANCE FACULTY OF BUSINESS AND MANAGEMENT SCIENCES TOPIC: IJARAH Done by: Muhammad Hibatul Hakimi b Haji Suhaili (10B0911) Contents Introduction 1 Basis of Ijarah 2 Essential elements of ijarah contract 2 Modus Operandi 3 3 Selected Banks 4 Conclusion 6 Bibliography 6 Introduction An Islamic alternative to conventional leasing is ijarah. Ijarah is a derivative of the Arabic words ‘ajr’ and ujrah which means consideration, return, wages, or rent. Generally, Ijarah means to give something on a rental basis or wages.According to muslim scholars such as hanafi, maliki and shafiee. Definitions of ijarah according to Hanafi, it is a contract which enables possession of a particular intended usufruct of the leased asset for a consideration. Definitions of ijarah according to shafiee, it is a contract which relates to permissible usufruct liable to utilization and accessibility for a particular recompense Definitions of ijarah according to Hambali, it is a contract for a particular permissible usufruct which is taken gradually for a particular period and a particular consideration. The practice of Ijarah takes place in a contract between two parties which is the lessor and lessee where the lessee gets the benefits of a specific service or specific asset owned by the lessor on specified consideration or rent. In al-ijarah services, the lessee is called musta’jir, the lessor is called ‘ajir and the wage or...
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...Leases Introduction Definition A lease is an estate in land of defined duration. It is capable of being a legal estate under s.1(1)(b) of the Law of Property Act 1925 provided that it is a ‘term of years absolute’ (s.205) and is created in the correct manner (i.e. if exceeding three years by deed (ss.52 and 54). If not created by deed, the general rule is that the lease will be equitable in nature. A lease will usually carry with it an estate, but this is not necessarily the case: Bruton v London & Quadrant Housing Trust. Requirements for a lease There are three essential requirements where the first two of these requirements were confirmed by the House of Lords in Street v Mountford where Lord Templeman expressed ‘must be granted exclusive possession for a fixed or periodic term certain in consideration of a premium or periodical payments’ however this consideration was not necessary, as could be one peppercorn a year: Ashburn Anstalt v Arnold 1. The estate must be of a duration permitted for a leasehold estate; 2. The grant must give exclusive possession; and 3. The grant must have the correct formalities Duration of Leases Fixed Term Leases The vital feature of a fixed term lease is that there is a fixed maximum duration such as 1month, 3 years, 99 years, 999 years etc. It is perfectly possible, indeed normal, for a least to contain a forfeiture clause under which the landlord can terminate the lease prematurely if the tenant breaks any of the terms...
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...Week 4 Reflection LAW/421 June 15, 2015 Elizabeth Manassau Week 4 Reflection “A contract is promise enforceable by law to either do something or refrain from doing something” (Melvin (2011). We deal with contracts or agreements on a daily basis, it happens everywhere. There are four elements of a contract. First is the agreement, which includes two parts: offer and acceptance, this indicates mutual assent, the second one is consideration, which indicates the values that must be bargained for between the parties. The third element is capacity, requiring both parties to have the power to contract, finally, the last element is legality it meaning that the terms of the contract is legally enforceable (Melvin, 2011). There are some common contracts that everyone will eventually be a party to, for example: an apartment or house lease contract, an employment contract, and a contract for the selling of a house or car. Everyone in our team has signed one of those agreements. We are all familiar with the apartment or house lease contract which is an agreement between the landlord, or property owner and the tenant. Both sides agree to lay down and follow a set of rules, for example: the length of the lease, the amount of rent, the due date of the rental, security deposit, late charge, amount of occupants, pet policy, property maintenance, change of terms, termination, attorney fees, insurance, keys and addendums, receipt of agreement, etc.... After reading through...
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...motorized wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door handles. The landlord | | | A. | | | can allow the tenant to make these modifications and pay for them to be made. | | | B. | | | can refuse to rent to the individual because it would devalue the property. | | | C. | | | must allow the tenant, at the tenant's expense, to make the modifications, but cannot require restoration at the end of the lease. | | | D. | √ | | must allow the tenant to make the modifications at the tenant's expense, but can require, by the terms of the lease, restoration of the property. | | | | | | The 1988 Amendments to the Federal Fair Housing Act require that a landlord allow a tenant to make changes to the property to accommodate a disability. These modifications are at the tenant's expense, and the landlord can require the tenant make reasonable restoration to the property at the end of the lease. | | | | √ | 2. | Which of the following is the best description of a fee simple estate? | | | A. | | | ownership of a property that extends for the period of a person's life | | | B. | √ | | the most complete ownership in property that one can obtain | | | C. | | | interest in a property for which a party to the transaction has paid a fee | | | D. | | | interest in...
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...Southville Foreign University Unit 5 Aspects of Contracts and Negligence for Business 05-01 Kashka Lantion 24 August 2013 Mr. Jay G. Masangcay Table of Contents LO1: Understand the essential elements of a valid contract in a business context. 1 I. Explain the importance of the essential elements required for the formation of a valid contract 1 II. What is required for there to be considered to have a meeting of minds between the parties to a contract? 1 III. What are the requisites for a valid object of a contract? 2 IV. The Student should be able to (i) describe (ii) give at least one example each and (iii) discuss the impact of the following contract: 3 V. In the problem given above, was there already perfected service contract between ELCO and Mr. Rupertini Salvastre? Determine if all the requisites of a valid contract are present or absent. 5 LO2: Be able to apply the elements of a contract in a business situation 5 VI. In the scenario between Mr. Salvastre and ELCO, if Mr. Salvastre failed to make his design, is there a breach of contract? If there is none, explain why. If there is a breach, explain why? 5 VII. In the scenario between Mr. Shane Macky and ELCO, in case Mr. Macky made an express warranty that his architectural design is compliant with the Philippine standards, and that the building will not collapse due to poor architectural design within two (2) years from the date of completion, but after one (1) year from its complete...
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... Name of the Case: Young v. Weaver 2020346 Citation: 883 So.2d 234 (Ala, Ct. Civ. App. 2003) Statement of Fact: Kim Young appeals a judgment of the Tuscaloosa Circuit Court awarding damages to Philip Weaver (Landlord) for alleged breaches by Kim Young (tenant) of an apartment lease Contract on December 12, 2003. Procedural History: In the fall of 2001, Kim Young is an 18 years old minor and had been living with her parents all of her life. Kim Young decided to move out, away from her parents with her friend Ashley Springer also a minor on September 20, 2001. They decided to sign a contract for the lease of an apartment with Phillip Weaver from September 2001 to July 31 2002. When they signed the lease, there was no adult guarantor. Kim Young was employed full time at a Lowe’s hardware store at the time she entered into the lease agreement. Young paid the security deposit of $300. Young and Springer moved into the apartment in September 2001 and together they paid the rent at the agreed-upon price of $550 per month until the end of November 2001. On the end of November 2001, Young decided to move back to her parent house and stop making any rent payment after she moved out of the apartment. Young had a dog that stayed in the apartment with the roommates (Ashley), and the dog damaged part of the floor and the bathroom door in the apartment, causing $270 in damage. Young did not pay for this damage before vacating the apartment. Phillip...
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...Assessment REPORT ON ‘LEASE AND HIRE PURCHASE COMPANIES’ Submitted by SIVAGNANAM KARTHIKEYAN ROLL NO: 135 DIV ‘B’ BBA. LLB. BATCH 2013-18 LEASING A lease transaction is a commercial arrangement whereby an equipment owner or Manufacturer conveys to the equipment user the right to use the equipment in return for a rental. In other words, lease is a contract between the owner of an asset (the lessor) and its user (the lessee) for the right to use the asset during a specified period in return for a mutually agreed periodic payment (the lease rentals). The important feature of a lease contract is separation of the ownership of the asset from its usage. Lease financing is based on the observation made by Donald B. Grant: “Why own a cow when the milk is so cheap? All you really need is milk and not the cow.” Leasing industry plays an important role in the economic development of a country by providing money incentives to lessee. The lessee does not have to pay the cost of asset at the time of signing the contract of leases. Leasing contracts are more flexible so lessees can structure the leasing contracts according to their needs for finance. The lessee can also pass on the risk of obsolescence to the lessor by acquiring those appliances, which have high technological obsolescence. Today, most of us are familiar with leases of houses, apartments, offices, etc. Two important categories of leases are: Operating Leases and Financial Leases. Operating leases are short term, cancellable...
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...400 × 300 Caption A rent-to-own home helps a renter become a homeowner. Alternate Text Group If your credit isn't stellar or you're finding it impossible to save a nice down payment, buying a house can feel completely out of reach. In this case, a rent-to-own (RTO) property will look like manna from heaven - and it may be. RTO agreements are complex, however, and the devil is definitely in the details. Get them wrong, and your little slice of heaven can quickly become your own personal hell. RTO contracts are legally binding, so you need to know what to ask for when negotiating and then take the agreement to an attorney for review before signing it. Purchase Price When entering into an RTO agreement, you and your landlord must agree on a purchase price for the home. In some arrangements, both parties simply choose a fair price and make it part of the contract. Real estate markets change, however, and locking in a price now is potentially risky. If the market tanks while you're still renting, you could end up paying too much for the house. If the market soars, your landlord could get less than fair market value when you do buy. Some RTO contracts avoid this risk by stating that the home will undergo an assessment when the tenant is ready to buy. The...
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...prohibition of interest is one of the main factors that put Islamic economics in distance with the conventional economics. Because of this difference in nature, Islamic Financial Institutions (IFIs) have different types of contracts as practiced by conventional financial institutions. One of the types of contracts entered by IFIs is the Ijarah contract. Ijarah contracts are also known as Islamic leasing. Basically, this study is done in order to understand more the nature of leasing according to Islamic principles, and at the same time, the differences of ijarah with conventional leasing. In addition, this study also aims to identify the types of ijarah practiced by IFIs in Malaysia and also to see how Malaysian IFIs disclosed their ijarah financing in comparison to their counterparts in Bahrain IFIs. This is because as one ummah, it is important to have a standardized standard that is Shariah compliant and could be compared with all the other IFIs. Analysis was done based on the financial reports of the IFIs to observe the differences in the disclosures. The result obtained from the observations then will be used to suggest some improvements that could be done to improve the IFIs. Ijarah (Islamic Leasing) Ijarah contract could be defined as a contract that transfers the usufruct of an item...
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...its [2130] mandate? 2. Does the valid mandate authorize the bank to give the term deposits (no) 3. What effect should be given to the letter of july 1st (none) 4. Did the bank owe obligation to grandma, and not rely on the letter (yes, 2138) | Ratio | 1. Argument: Bank is a special type of agent, v. strong fiduciary duties; if they’ve been defrauded they are 100% liable. Answer: Bank should have been more [2138] prudent and diligent; it wasn’t prudent cash out the account, and the bank wasn’t diligent in its duty as agent to let funds be taken out before interest accrued. | Decision | Bank guilty, has to pay missing funds to estate | Bank did not act with reasonable care Obligation that the bank has – they have a contract (mandate) bank was the agent (pay to the order of example) MANDATES Dowell vs. Notary Hay-Ellis (p. 64) Joseph: bad credit Dr. Dowell: good credit, so owns building for...
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... Simulation Review This paper provides information regarding a simulation review that was intended to show how a hospital determines revenue and expenditures. The information was based on the Elijah Heart Center (EHC), and all decision was made with careful analysis of EHC employees, along with me. Capital Shortage In the simulation activity I chose two types of cost-cutting options. The first choice was to minimize the amount of agency staff within the facility. Contract laborers require more money for ‘hire’. Typically this higher pay is due to the fact that they are not usually offered ‘in-house’ benefits. Not all agency staffing has to be laid off. Hospital personnel can evaluate which positions are more pertinent, and keep those. Contract laborers are ‘hired’ on with the understanding of being ‘laid-off’ at some point. It is more legit to rid of or lesson those contractors versus those ‘in-house’. Furthermore, contract laborers are not as skilled as those ‘in-house’ laborers who consistently have direct care of patients. The second choice was to change the skill mix. While hiring unlicensed personnel may not be ideal, it would sure save money. Unlicensed personnel do not require as much pay because they are unlicensed, and do not hold as much training or education. Depending on the job duties, unlicensed personnel can be utilized in more than one setting. Licensed personnel could potentially assign unlicensed personnel simple tasks so...
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