activity. Many commercial transactions in the field of commerce are conducted through agents who act as intermediaries and represent the interests of their principals in the conduct of the principals business. Auctioneers, estate agents, commercial agents,commission agents, mercantile agents, brokers, factors, solicitors and barristers are just a few of the many people described as agents who may act on people behalf in the ordinary course of life. The essential point to be borne in mind is that
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share? 4. Define contract? Describe briefly the essential elements of contract? Define Law? Describe briefly the classification of law? 5. Define partnership? The essential elements of partnership? Classes of partners and classes of partnership? 6. Short Notes: a) Article of Association. b) Difference between Memorandum of Association and Article of Association. c) Authorized Capital. d) Paid-up capital. e) AGM f) EGM. Q: What is contract? Describe the elements of contract? Ans. Section
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also refuse to sell the item, falling back on its right to refuse services because it has not entered a contractual obligation with the customer. This is true even when stores promise ‘special offers’ or price-matching programs. In a book contract law, second edition by Mindy Chen-Wishart state that no offer is made when a party communicates his proposed terms unless he also communicates his commitment to be bound on the other’s acceptance of the terms. A communication may only be a request
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Art. 1873. If a person especially informs another or states by public advertisement that he has given a power of attorney to a third person, the latter thereby becomes a duly authorized agent, in the former case with respect to the person who received the special information, and in the latter case with regard to any person. The power shall continue to be in full force until the notice is rescinded in the same manner in which it was given. Communication of existence of agency. There are two (2)
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cover all the theoretical and practical aspects of Business, Commercial laws, keeping the current commercial scenario. COURSE OBJECTIVES • To develop an awareness of and an ability to understand both the common law and the statute in relation to contract, commercial, employment and business laws. • This course is aimed to benefit a manager working in a finance, marketing and HR environment. TEXT BOOKS AND REFERENCES: • N.D Kapoor: Elements of Mercantile Law • M.C Shukla: Mercantile Law GRADING & ASSIGNMENTS
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importance of contract between two parties before commencing final deal. It will discuss the major outlines required in a commercial contract, the essential terms and conditions which both parties agree to and the clauses upon which the deal is finalized. Since the case is based on sale of good it will therefore include terms and conditions on which the contract is formed and the desired actions from both parties. The terms on which the sale of good is made and the clauses which make the contract null and
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and the Company did not breach any sections of the Corporate Act in 2001. BACKGROUND Fortescue Metal Group Ltd (Fortescue), located in Western Australia, was a mining company (Fortescue Metal Group Ltd 2014). Mr Andrew Forest was chairman, chief executive and substantial shareholder in Fortescue (Fortescue Metal Group Ltd 2014). The Australian Securities and Investments Commission (ASIC) sued Fortescue and Forrest about a contract regarding the Port Hedland and a railway was to be built to
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state their case clearly. If the negotiation is relates to bargaining, an effective negotiator must have the skills to state their desired outcome as well as their reasoning. Decision Making Ability – effective negotiators also have the ability to act decisively during a negotiation. This may be necessary during a bargaining arrangement to agree to a compromise quickly to end a stalemate between the two parties. Problem Solving - individuals with negotiation skills need to have the ability to seek
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1. Sale of goods act 1957 imposed certain implied term in a sale of good contract. Can parties to the contract modify these implied? Discuss? Can, the implied terms are applicable only if the parties did not exclude or modify the terms. (Section 62 under SOGA 1957). Sale of goods act 1957 implies a number of implied terms in every contract for the sale of goods. Implied Terms under SOGA 1957 Implied Condition * Title * Sale by description * Fitness for purpose * Merchantable
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Chapter 10: Agency * What is an agent? * The primary function of an agent is to make contracts on behalf of the principal If the party wishes to sue, they must sue the principal and not the agent: International Harvester Co of Australia Pty Ltd v Carrigan’s Hazeldene Pastoral Co (1958) * Indicators of an agency relationship: * Does the 'agent' keep the profits it makes or does it have to pay them across to the principal? * Is the ‘agent’ paid a commission
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