DIPLOMA IN MANAGEMENT STUDIES Main Examination BUS015 Business Law Wednesday, 1st June 2011 2:15 pm – 5:15 pm ______________________________________________________________________ Time allowed: 3 hours ______________________________________________________________________ INSTRUCTIONS TO STUDENTS: 1. This examination contains FIVE (5) questions and comprises SIX (6) printed pages (including cover page). This examination paper contains 3 sections (A, B and C) with a total of 100 marks as follows:
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collateral contract was made. A collateral contract is the consideration which leads to the making of the main contract. It is a contract separated from the main contract but related to it. Yvonne’s promise to fit high quality tyres on the car is a term of contract because this promise leads to Marcel entering into the main contract with Yvonne. Thus, a collateral contract was made in order for Marcel and Yvonne to enter a contract with each other. Another issue is that whether the contract is fully
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Law Review #3 Dr. Chris Hamilton 1. What is the “Mirror Image Rule?” At common law, what is the result of breaking it? How does this relate to “Revocations?” How does the UCC change the rule? 2. What is the difference between “Bilateral” and “Unilateral” contracts? Give an example of each. 3. Unilateral contract offers: When can you not revoke your offer, even though it has not yet been accepted? 4. Explain what “Firm Offers” are, and how they work. What kind of consideration is
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LAW EXTENSION COMMITTEE WINTER SESSION 2012 CONTRACTS SAMPLE OF AN ANSWER TO A PROBLEM QUESTION QUESTION Alan is a tenant of a home unit owned by Bill. Ten days ago Alan received a letter from Bill in which Bill stated that he (Bill) was ‘interested in selling’ his flat and asking Alan to ‘let him know’ if he (Alan) was willing to buy the home unit for the price of $450,000. Three days later Alan posted a letter to Bill in which he agreed to buy the home unit for the price set out
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Concepts - Contract Law” The 5 +1 essential elements of a contract are: 1. Consensus – Basic Agreement – Offer/Acceptance 2. Consideration – Price – Money/Goods/Services 3. Capacity – Legal capacity-Competent to Contract… 4. Intent- Genuine Consent – No duress/undue influence… 5. Legality PLUS 6. Form of the Contract – oral/written/implied by performance Segment 1: Contracts: What are they? • contracts are the
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Irving for credit. Documentary letter of credit defined. The documentary letter of credit is defined as (page 234) Is letter of credit a contract? Answer: LC does act like a promise from and issuing bank to a beneficiary and it seems to be treated like a contract and discussed in terms of principle contract of law. But it does not meet requirement for a contract as it does not come about through offer, acceptance or mutual assent, nor there is any requirement for consideration (page 235). The Independence
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extensively, we came to the conclusion that although the contract may be one-sided and possibly even unethical, it is legal and enforceable. From the viewpoint of the buyer (or leasee, since this is sort of like a lease-to-own contract) this is a relatively good deal because it allows buyers with poor credit, such as mine at the time, to go ahead and buy a home then work on repairing their credit while they live in it. The downsides to this contract are that the buyer has little or no access to the account
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Essential Elements of Contracts Contracts are made every day between people and companies. These contracts are made online, in person, on paper, etc. There are contracts that are even legal that are verbal contracts. Most people feel that a contract has to be annotated on paper for it to be legal and binding. This is not always true. Oral contracts, meaning spoken contracts are just as binding and also just as legal. Let’s take a look at what makes a contract. Common law contacts usually have
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CHAPTER 1 LAW OF CONTRACTS 2 Business Law Including Company Law 1.1 NATURE OF CONTRACT [Sections 1–2] INTRODUCTION We enter into contracts day after day. Taking a seat in a bus amounts to entering into a contract. When you put a coin in the slot of a weighing machine, you have entered into a contract. You go to a restaurant and take snacks, you have entered into a contract. In such cases, we do not even realise that we are making a contract. In the case of people engaged in trade
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terms e-lawresources.co.uk/Conditions,-warranties-and-innominate-terms.php An overview of the law relating to the classification of contractual terms into conditions, warranties or innominate terms. With links to case summaries and law ... Poussard v Spiers - Bettini v Gye - Hong Kong Fir Shipping v ... Warranty - Wikipedia, the free encyclopedia https://en.wikipedia.org/wiki/Warranty In contract law, a warranty has various meanings but generally means a ... This factual guarantee may be enforced
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