Contracts Chris C. Zimmer Grantham University Abstract: This paper discusses the four elements of a valid contract and identifies and defines each element thoroughly. Contracts A contract is a binding agreement between two are more parties that involves a promise or several promises that are enforceable in courts. There are four elements are required to exist for the formation of a contract. They are that the agreement that is a manifestation of the parties’ mutual assent, a bargained-for
Words: 844 - Pages: 4
Q. What is a general offer? How is a contract created through general offer? Refer to leading cases. An offer may be made to the world at large. Such an offer is a general offer. However, a contract is not done with the whole world but only with the person who comes forward and accepts the offer. The acceptance might be express or implied. As per Anson, "An offer need not be made to an asertained person, but no contract can arise until it is accepted by an ascertained person". Case of Carllil vs
Words: 38063 - Pages: 153
1.0 Introduction 1.1 Basic Elements of Contract In order to form a valid contract, each agreement must fulfill some important elements which are stated in Section 10 (1) of Contract Act 1950, “All agreements are contract if they are made by the free consent of parties competent to contract, for a lawful object, and are not hereby expressly declared to be void.” This section emphasizes the legal contract, the willingness and the parties capable of contracting and consideration which are all part
Words: 9665 - Pages: 39
UPDATED TEXT OF REPRINT Act 500 DIRECT SALES AND ANTI-PYRAMID SCHEME PYRAMID ACT 1993 As at 1 December 2011 2 DIRECT SALES AND ANTI-PYRAMID SCHEME ACT 1993 Date of Royal Assent … … … … … … 22 January 1993 4 February 1993 Date of publication in the Gazette Latest amendment made by Act A1379 which came into operation on … … … … 1 March 2011 PREVIOUS REPRINTS First Reprint Second Reprint … … … … … … 2002 2006 3 LAWS OF MALAYSIA Act 500 DIRECT SALES AND
Words: 11312 - Pages: 46
Abstract: Section 2(h) of the Act defines the term contract as "any agreement enforceable by law". To form a contract there must be free consent of all the parties, and undue influence, as defined in section 16, Contract Act 1872 puts a obvious obstacle in making the consent free. The kernel of undue influence basically lies in the relationship of the parties. According to the law a contract becomes voidable when it gets in touch with undue influence. Any such contract may be set aside either absolutely
Words: 3151 - Pages: 13
Commercial Transactions (Contracts) Unit 3-Individual Project Tiffany L. Wilson Abstract Contracts are very important when it comes to businesses. Contracts have to be legally and binding to cover all aspects in case there is ever any doubt. In large corporations they would often have to have the expertise of judges help because something especially in advertising could be interpreted to be something totally different. Commercial
Words: 935 - Pages: 4
ASPECTS OF CONTRACT AND NEGLIGENCE FOR BUSINESS Unit code 6 STUDENT NAME CALIN ZIMBRAN Student ID: p1002572 London 2013 Contents The essential elements of a valid contract in a business context 2 The impact of different types of contract 3 Terms in contracts 4 Elements of contract in given business scenarios 4 Law on terms in different contracts 5 Effect of different terms in given contracts 6 Liability in tort vs. contractual liability 6 Nature of liability in negligence
Words: 2676 - Pages: 11
practicing under the corporate name Family Health Care, P.C., entered into a written employment contract to hire Dennis Winkel. The contract provided for an annual salary, insurance benefits, and other employment benefits. Another doctor, Dr. Quan, also practiced with Dr. Vranich. About nine months later, when Dr. Quan left the practice, Vranich and Winkel entered into an oral modification of their written contract whereby Winkel was to receive a higher salary and a profit-sharing bonus. During the next
Words: 2280 - Pages: 10
Business I. The essential elements of a contract and the applicable remedies in the event of a breach. Four Essential Elements of a Contract An agreement must contain four essential elements to be regarded as a contract. If any one of them is missing, the agreement will not be legally binding. a. Offer There must be a definite, clearly stated offer to do something. For example: A quotation by sub-contractor to the main contractor and an offer to lease. An offer does not include ball park
Words: 2981 - Pages: 12
so closely and directly affected by my act or omission that, as a reasonable person, I should think about those people when I am about to act or to not act . The law applicable is stated in the case of Donoghue v. Stevenson which states a defendant owed a duty of care if it was reasonably foreseeable (RF), prior to the accident, that its actions could cause harm to the type of person as the plaintiff. (write down the logic of actions, from the careless act to what and to what… then conclude it is
Words: 3994 - Pages: 16
