Equipment Agreement on August 30, 2000, when it notified SAVA that it had stopped the production of the filament winding equipment. Repudiation consists of words or actions by a contracting party which indicate that it is not going to perform its contract in the
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those, if any, to be assumed by the BUYER at closing. Should any defects be in the title, the SELLER shall have 60 days to clear the same. If the SELLER is unable to do so, BUYER shall have the option of closing or rescinding this contract. Should BUYER rescind the contract, then the SELLER shall refund as liquidated damages, and not a penalty, the funds paid for the option to BUYER. The BUYER may at its expense obtain a current survey of the property. Should the survey indicate encroachments, then
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Business Law Breach of Contract A. The offeror in this dispute is Oakley, and the offeree is world famous golfer Rory McIlroy. Oakley fits the offeror position by offering Rory McIlroy money for them to sponsor him in return advertising their brand of merchandise. Rory McIlroy fits the position of offeree by being the person that accepted the contract and agreed to advertise Oakleys goods. The provisions of that contract include a "right of first refusal" issued to Oakley. This inclusion
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We are a bank with interests in numerous countries, including India and are organized under the laws of Acmelandia. On 1 September 2010 BETA and CONARTIST have entered into a contract whereby CONARTIST agreed to manufacturer and install at BETA’s facilities in Delhi a manufacturing line for spinning polyester yarn. The total price was Rs. 10,000,000. Payment was to be made in five installments: 20% with order; 20% on completion of tests at the CONARTIST works; 25% on delivery to site; 25% on completion
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Compare and contrast UCC contracts and common law contracts. UCC contracts and common law contracts are both governed by contract law. In other words, any contract that is written up has to follow the rules and regulations of contract law in all fifty States of America. Common law contracts are dictated by any changes in the contract. For instance, a change in a common law contract is seen as a rejection or a counter offer. When this happens it causes the offeree to change to the offeror
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CASE STUDY: IMPLIED WARRANTY Case Study: Implied Warranty In this paper, Keller v. Inland Metals All Weather Conditioning, Inc. case will be reviewed to determine if Inland Metals made an express warranty and if they breached it. A warranty is “a guarantee that goods will meet certain standards” (Beatty, 2008, p.231). Warranties can be written or an oral agreement that is given by the seller or manufacturer to the buyer. When the seller’s actions or words convey that the goods will meet specific
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of a contract. It may consist of a promise to perform a desired act or a promise to refrain from doing an act that one is legally entitled to do. Consideration must have a value that can be objectively determined. A promise, for example, to make a gift or a promise of love or affection is not enforceable because of the subjective nature of the promise. The Issue: Whether the agreement was legally binding upon Dream Design or whether it failed for want of consideration. The Law: The law states
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As we have learnt earlier, estoppel arises when a person by his/her words or conduct makes another person believe that certain affairs existed. He/she later on not allowed to deny that such a state of affairs did not exist. Applying this rule to a contract of goods act, where the true owner of the goods by his act or omission leads an innocent buyer to believe that the seller has the authority to sell, later on he may be estoppel from denying the seller’s authority to sell. Section 27 concludes with
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QUESTION ONE (1) Jones may have claims against the enforceability of his contract with the Suburban Engineering Company (SEC) in regards to consideration and unconscionability of the non-compete clause. Once those issues have been settled, the court will also need to determine if SEC breached its duty of “good faith”. A. Enforceability Issues I. Consideration Jones’ first claim against SEC is that the non-compete clause lacked consideration. Although courts often question the enforceability
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Can Big Bank's president rescind the contract? Yes, but this is an involved process and both parties need to agree to modify it. This is because both parties had problems fulfilling their parts of the contract. Also, an organization (the Big Bank) can cannot eradicate the business contract, because since their party did something improper (that seems to be them whom input the data incorrectly). Under what circumstances can a contract be rescinded by either party? This can happen when an offer to
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