forming of a contract are those of offer and acceptance. The general rule in law states that acceptance is communicated, and has been received by the offeror . The ruling applies where the means of communication are deemed instantaneous Entores Ltd v Miles Far East Corpn (1955). The exception to this rule is the Postal Rule. Where post is the requested form of communication between parties or where it is an appropriate and accepted means of communication between parties, acceptance is complete
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THE INDIAN CONTRACT ACT, 1872 The Law of Contract Constitutes the most important branch of mercantile or commercial law. It affects everybody, more so, trade, commerce anq industry. It may be said that the contract is the foundation of the civilized world. The law relating to contract is governed by the Indian Contract Act, 1872 (Act No. IX of 1872). The preamble to the Act says that it is an Act "to define and amend certain parts of the law relating to contract". It extends to the whole
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Elements of Contract between Woohoo Wholesale & Provident Solutions The use of contracts can serve to be an imperative aspect in the negotiation process between parties who intend to create legal relations. Without the use of formal contracts, differing levels of ambiguity can occur between parties in regards to issues surrounding what promises/offers exist between the parties and what could be the possible consequences in cases where one or more of the parties fail to fulfil the terms agreed
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PART II - CONTRACTS -meeting of minds bet 2 parties whereby one binds himself with respect to other to give something or render some service PRINCIPAL CHARACTERISTICS: 1. Autonomy of wills – parties may stipulate anything as long as not illegal, immoral, etc. 2. Mutuality – performance or validity binds both parties; not left to will of one of parties 3. Obligatory Force – parties are bound from perfection of contract: a. fulfill what has been expressly stipulated b.
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ALL CONTRACTS ARE AGREEMENTS BUT ALL AGREEMENTS ARE NOT CONTRACTS 1 – INTRODUCTION A contract is an agreement between two parties that creates an obligation to do or refrain from doing a particular thing. The purpose of a contract is to establish the terms of the agreement by which the parties have fixed their rights and duties. Courts must enforce valid contracts, unless one party has legal grounds to bar enforcement The Law of Contract is that branch of law which determines the circumstances
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agreement: voluntary agreement, commercial or business agreement. Government contract,AD, 1. Trevey v Grubb (1982) social 中奖一人独吞A three person syndicate won in the lottery. The ticket was in the name of D, who refused to share the prize. This was a social agreement. The nature of the agreement betw. parties was that they must have agreed that it would be enforced in the event of them winning. Thus, there was a contract and P was entitled to share of the winning in proportion to her contribution
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Chapter 7 CONTRACTS PERFORMANCES: CONDITIONS, BREACH, AND REMIDIES PG 160 NATURE AND EFFECTS OF CONDITION -What is condition CATEGORIES OF CONDITIONS -condition precedent or condition subsequent -concurrent conditions PG 161 GOOD FAITH PERFORMANCES AND DISCHARGE - Good faith - Discharge - Tendering goods - Perfect performance PG 162 SUBSTANTIAL PERFORMANCES -substantial performance PG 164 OTHER EVENTS OF DISCHARGE -mutual consent -Operation of law MUTUAL CONSENT -Recission
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Exercise IV Contracts Subject: Option Contract & Assignment -------------------------------------------------------------------------------------------------------------------------------- BUYER vs. SELLER: For Breach of Contract (1) What are buyer's rights against seller and what remedies, if any, are available to buyer? In order to determine if buyer has any rights against seller and to be remedied, there must exist a valid contract. Uniform Commercial Code (UCC) Contract for the
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Business law and contracts Introduction There are quite a number of business entity that are lead and regulated by various laws.Theselawsensures that each business operates within its jurisdictions. In running a business, one has to deal with various types of contracts with other businesses or different individuals. Whatever types of businesses that one dealin, understanding of business contracts is an essential part of running a business and making sound agreements that can be defended in a
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is more or less advanced by the courts. Bar bets are technically governed by contract law and their enforceability is determined by the capacity of the patrons to the bets. This means whether or not they are intoxicated, after all they are in a bar. In a bar bet such as the one in this scenario is enforceable only where both parties are sober, intoxication leads to the lack of capacity. A bar bet is essentially a contract that is dependent on a particular outcome. Performance of the contact commences
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