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Contract law Essay Topics & Paper Examples

4 Step Process to Contract Law

Question a) Step One The principle of law is that for a valid contract to be formed there must be an agreement reached by both parties. Step Two There are three main elements for the formation of a legally binding contract, intention, agreement and consideration. The requirement that requires discussion here is the existence of an agreement by the parties to enter into a legally binding contract. An agreement means a consensus on at least those essential terms needed for a workable transaction. The process of reaching an agreement is generally analysed as involving an offer and acceptance. Where the offer is a clear indication of the terms upon which a person is prepared to be bound, and an acceptance…

Why is letter of credit the commonest method of payment in international trade?

How to pay or be paid becomes a crucial choice as soon as you begin doing business across borders. When you do business internationally, there are ways of paying that you might never hear about when doing business in just one country. There are a lot of method of payment in intertraditional trade but the commonest method is letter of credit. Letters of credit are the most common method of payment in international trade as they provide protection to both parties involved in the transaction. They are issued by the international department of a chartered bank, usually that of the exporter and state all the terms and conditions that the exporter must meet before collecting the specified amount. If the…

Commercial law case analyse

Commercial Law Term Paper (Case Analysis) Pro-Gordon C. Johnson June 18, 2013 9th Edition Chapter 5-Case 5 Summary: Marie-Claude operated a bowling alley in a commercial area that was adjacent to a residential area. Many small children used the parking lot near the bowling alley as a playground, and Marie-Claude was constantly tell these children leave the parking area maybe they will get injured. However, one six years old boy climb onto the flat roof of the bowling alley and while he is running, tripped and fell to the ground. But Marie-Claude continued to order the child off the roof by several times when he was on the roof. Analysis: this situation can apply on Trespassers of Occupier Liability and…

Sale of Goods Act

Sale of Goods Act, 1930: It is an Act to define and amend the law relating to the sale of goods. It tells about the meaning of sale and goods, warranties and conditions, property transfer and includes the rights of unpaid seller. The contracts for the sales of goods are subject to legal principles similar to the all other contracts .This law is included in chapter VII of the Indian Contract Law, 1872[sections 2(5) and 3]. It first came into force from 1st July 1930. It has been re-enacted again in 1930 as sale of goods act [section 4]. Contract of sale of goods: A contract of sale of goods act is an agreement contract between the seller and buyer…

LAW 421 Theory to Practice

Theory to Practice Questions 1.At one point, if ever, did the parties have a contract? The parties had a contract when they agreed on the key terms of the distribution contract. The first agreement was a 90-day negotiation agreement and the second was an oral distribution agreement in a meeting prior to the end of the 90-day negotiation. The oral agreement was followed by an e-mail sent to Chou in which the terms of the agreement were reiterated by the manager of BTT. The manager of BTT showed objective intent to contract. In addition, “faxes, e-mails, letters, memos, and receipts help establish [a] handshake deal” (Hartline, 2007, para. 3). In other words, when BTT sent the email stating all the…

Indian Contract Act

THE INDIAN CONTTRACT ACT, 1872 The Law of contract is that branch of Law, which determines the circumstances in which promises made by parties to contract shall be legally binding on them. Every one of us enters into a number of contracts from morning until night. Examples: 1) Buying Milk early in the morning. 2) Boarding BEST Bus 3) Borrowing Money from Friend 4) To see movie. 5) Purchasing goods from shops. This how we enter into contracts though we are not conscious of it .Therefore, it is most usual method of defining the give and take deal in a business transaction The law relating to the contract is contained in the INDIAN CONTRACT ACT, 1972. The principle of this…