a debtor-creditor relationship arises when the parties enter into a contract that provides for the creditor to advance funds to the debtor and requires the debtor to repay that principal amount with specified interest over an agreed-upon time. Suretyship-pledge or guaranty to pay the debt or be liable for the default of another Surety- obligor of a suretyship; primarily liable for the debt or obligation of the principle debtor Obligor-promisor Guaranty- agreement or promise to answer for
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have no capacity to act this means that they cannot enter into any form of agreement of contract, because a minor under the age of 7 has an inadequate level of development which allows the minor to form sound judgement of contractual obligations, a minor under the age of 7 years cannot even accept an offer of a donation, guardian must act for the child (Peter Havenga, 2010) (Anon., 2014), Mthuli is 6 years old therefor she has no capacity to act an cannot enter into any contract or agreement. A minor
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Chapter6(Formation of a Contract: Consideration and Intention ) before an agreement is binding in law it must also have 2 primary elements:1. Consideration, and 2. Mutual intention to create legal relations Bargain: Each party pays a price for the promise of the other Consideration: the price or value for which the promise of the other is bought. Promisor: promise to pay money, deliver goods or provide servicesValid consideration must be: Specific but not
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OBLIGATIONS AND CONTRACTS OBLIGATION- Art. 1156. An obligation is a juridical necessity to give, to do or not to do. CHAPTER 1. – GENERAL PROVISIONS Arts. 1156 –1162: ELEMENTS OF AN OBLIGATION: 1. Active subject (obligee/creditor)- one in whose favor the obligation is constituted; one who has the right to demand fulfillment of the obligation 2. Passive subject (obligor/debtor)-one who has the duty of giving, doing or not doing 3.Object or prestation-subject matter of
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CUFS16 (January 2012) SALE OF GOODS LAW Businesses as well as consumers are usually free to enter into contracts on whatever terms they see fit to agree. However, contracts involving sales of goods can be subject to a range of statutory provisions. Consumers have greater protection than buyers who are ‘dealing in the course of a business’. ‘Let the buyer beware’ or ‘caveat emptor’ does not apply to all transactions and anyone selling goods in the course of a business to consumers should
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ATENEO CENTRAL BAR OPERATIONS 2007 Civil Law SUMMER REVIEWER OBLIGATIONS AND CONTRACTS • TITLE 1 - OBLIGATION • Art. 1156. An obligation is a juridical necessity to give, to do or not to do. (n) CHAPTER 1. – GENERAL PROVISIONS See Arts. 1156 - 1162 ELEMENTS OF AN OBLIGATION: 1. Active subject (obligee/creditor): one in whose favor the obligation is constituted 2. Passive subject (obligor/debtor): one who has the duty of giving, doing or not doing 3. Object: prestation; the conduct which has to
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Sale of Goods Act 1979 Summary The Sale of Goods Act 1979 provides four main protections for buyers: 1. The seller must have the right to sell the goods (S.12) 2. Goods sold by description must correspond to the description (S.13) 3. Goods must be of satisfactory quality (S.14) 4. Goods sold by sample, the goods must correspond to the sample in quality (S.15) The Sale of Goods Act applies to all contracts for the sale of goods, however, S.14 is more limited in its scope in
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covering our two most important TCOs: A and I. These will be foundational for the term. As TCO A is our ethics TCO and TCO I is our international TCO, note that both of these TCOs will be important under and inside each of our topical TCOs (e.g., contracts, environmental law, employment law, etc.) | | Business Ethics | | As we move through the course, each learned TCO should remain in the back of your mind. We will build on them while learning the law. As you will find, most of the TCO A
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Analysis of Brochure | Tourism Package | | Table of Contents Introduction 3 Description of the Brochure 3 Condition, Warranty and Terms 4 Consumer Protection Act 6 Exclusion clause 7 Conclusion 8 References 8 Introduction In the tourism industry, brochures of tourism packages hold an important place. This happens because tourists need to know the options that a company may have for the tourists, so that the tourists can choose the best option available. This is another reason
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Hanser T. Whitfield Strayer University Draft Request for Proposal Government Contract Law 505 Professor Pino May 5, 2013 RUNNING HEAD: DRAFT REQUEST FOR PROPOSAL 2 Apply the appropriate FAR clauses to meet compliance in contract formulation and award. In my position of Contracting Officer for the Department of Homeland Security (DHS), a determination has been made that
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