occasions last year the Court of Appeal considered the issue of the interpretation and status of conditions where insurers were seeking to rely upon terms to obtain a declaration of non liability for a particular claim. In any policy, determining the status of a contractual term is vital to establishing the insurer's rights upon breach of that term. Depending upon its status the remedies can range from a right to terminate the policy, refuse a claim or simply seek damages. The normal area for
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Cost-Plus Contracts Cost-Plus Contracts Short Answer Question 3 This contract consists of both terms and representations. The terms are the provisions that form part of this contract. Each term that is contained in this contract will give rise to contractual obligation. If the terms are breached, litigation will be inevitable. However, the terms in this contract are not necessarily stated. Some of the terms in this contract attract little legal consequences because they are considered
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Lecture 1 Definition "A contract is an agreement giving rise to obligations which are enforced or recognised by law." An agreement is insufficient. Are the parties serious about it - intention? Is there consideration involved? It must be something that is recognized by the law. Otherwise it cannot get any compensation. Functions of Contract Law It defines the obligations of the contractual parties - price, when and where to deliver, conditions, etc. Contract law protects rights, and
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[pic] BTEC Level 5 HND in Business Module Handbook Unit 5: Aspects of Contract and Negligence for Business Unit code: Y/601/0563 QCF level: 4 Credit value: 15 credits Module Tutor: Anila Mushtaq Contact Details: anila.mushtaq@yahoo.co.uk Preferred style of contact: In the first instance, if you have any queries regarding the teaching or assessment for this module, please ask question during the lecture. If you do not receive
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When a contract is formed the declarations made between the two parties involved can be seen as either terms of the contract or mere representations, it is quite essential for the parties to be able to distinguish the difference between the two as it is criticall for both parties to know what course of action to take if such a term or representation is breached. In order to distinguish wheteher a declaration is a term or a mere representation the courts will analyse four factors, the parole evidence
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which the terms of a contract can be classified according to their origin, and also according to the type of breach and evaluate the legal significance of the different type of terms and their impact upon the contract. Terms are the contents of the contract which determines the parties’ rights and obligations. The purpose of a contract is to establish the agreement that the parties have made and to fix their rights and duties in accordance with that agreement. The significance of a contract are known
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the driveshaft of the car ; and we may say that was the contract. Contract is a statement which creates contractual obligations between parties.The category of terms includes express, implied, condition, warranty and innominate terms. And it may be orally or in writing. Sabri have say he wanted the driveshaft repiaer and kuzzy accepted that’s mean the contract was formed. And kuzzy must follow what he promised to sabri and move on the contract. However, next week when sabri arrived to kuzzy garage
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Aspects of Contract and Negligence for Business TASK 1: BE ABLE TO UNDERSTAND THE ESSENTIAL ELEMENTS OF A VALID CONTRACT IN CAM’S COLLEGE 1. Explain the importance of the essential elements required for the formation of a valid contract. A contract is much more than an agreement between two people. There must be an offer and acceptance, intention to create a legally binding agreement, a price paid (not necessarily money), a legal capacity to enter a contract of your own free will, and proper
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A report about law of contract Prepared for: Mr. John M. Andre (Lecturer) Prepared by: TA THI KIM CHI – Pr. Camilla ID: FO5 - 032 Table of Contents 1. The importance of the essential elements required for the formation of a valid contract 2 1.1 Offer 2 1.2 Acceptance 3 1.3 Consideration 3 1.4 Intent to create legal relations 4 2. The impact of different types of contract 5 2.1. Written contract 5 2.2 Oral contract 6 2.3 Implied contract 6 3. The meaning and
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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
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