Abstract July 2012, after one decade of the scandal ENRON and associates, the history was repeated, with one of the most prestigious banks, JPMorgan Chase had announced the losses of almost $ 5.8 billion from a dysfunctional trading operation, as a result of gambling with other people’s money, on Wall Street. JPMorgan’s report to the SEC that the bank recorded a $718 million loss from the London trades on its internal accounts, but did not report the loss in its first quarter earnings
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CONTRACT LAW Introduction: Contracts form a central feature of our modern life. Most activities we engage in constitute contracts. The law of contract is therefore key to defining and strengthening relationships. A contract is a mini legal system which has provisions and terms which govern the relationship between parties thereto and hence conferring rights and obligations upon them. The law of contracts is the most important and the basic part of law. All of us enter into contracts in our day-to-day
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Business I. Explaining how and why fraud invalidates a contract. A. There are certain grounds under which a compromise and settlement agreement can be invalidated. If a settlement agreement fails to establish certain elements like offer, acceptance and consideration, it can be invalidated. Similarly, a settlement agreement can be invalidated due to: * Fraud * Nondisclosure as fraud * Duress * Illegality * Mistake * Undue influence A compromise induced by fraud
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Defendant”). Body: 1100 Elements of a contract According to Lord Diplock in United Dominions Trust Ltd v Eagle Aircraft Services Ltd, “a bilateral contract is where each party undertakes to the other party to do or to refrain from doing something, and in the event of his failure to perform his undertaking; the law provides the other party with a remedy”. There are four main elements that create the backbone of a legally binding contract. The first requirement for a valid contract is an agreement, which
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legal issue of law As the elements of intention and consideration required for the formation of a contract exist, the main legal issue is whether the element of agreement required for the formation of a contract can be established and whether Chickens Galore obliged to provide Christian and Brian each with a Mazda CX-9. Explain the rule(s) of law identified in step one with reference to relevant authority Both offer and acceptance should be included in the elements of an agreement in order to
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There are six elements to an enforceable contract. First of all, they must offer and acceptance, mutual agreement, consideration, competent parties, legality of purpose, and proper form. Contracts may be classified in many different ways, and it mainly depends on how they were formed and crafted. A contract may be either written and/or oral. It can be formal or simple as well (Liuzzo & Bonnice 2010). Bearing in mind the situation will decide how these six elements come into play with the
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in the contract because one party obtained profit while the other party did not. The prohibition on gharar would require all investment gains and losses must be eventually be apportioned in order to keep away from excessive uncertainty with respect to a return on the policyholder's investment. Maysir: Islamic scholars have stated that maysir (gambling) and gharar are intertwined. Where there are elements of gharar, maysir elements are usually present. Maysir exist in the insurance contract when;
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Elements of a Contract By Michael A. Petrat Business Law 206 Most people in our society are involved in contractual agreements of some kind. In most, if not all, aspects of law contracts can be found. Contracts are involved in family law, corporate law, employment law, litigation and real estate. Elements of a Contract: A contract is an agreement reached after sufficient consideration to do, or refrain from doing, some legal action. A contract is considered valid when two or more parties
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by speaking to Cheryl directly. In the meantime, Mohammed has seen the advert for the minibuses and posted his acceptance to buy them for £15,000 to Cheryl. All three parties believe that they have a contract with Cheryl for the sale of the minibuses. Advise Cheryl whether or not she has a contract with any of those three parties. [Overall: an excellent piece of work. You provide an excellent legal analysis in terms of identifying the relevant legal rules, supporting those rules with cases
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with both attorney’s signatures. Additionally with non-binding arbitrations the parties have the option to take their issues back into court adding to the cost of litigation. 2. Decide whether or not a contract exists between the Masons and R&G. Support your response. A legal contract implies a “specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration.” (Legal-Guide) The first
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