Consideration In contract law consideration is concerned with the bargain of the contract. A contract is based on an exchange of promises. Each party to a contract must be both a promisor and a promisee. They must each receive a benefit and each suffer a detriment. This benefit or detriment is referred to as consideration. Consideration must be something of value in the eyes of the law - (Thomas v Thomas). This excludes promises of love and affection‚ gaming and betting etc. A one sided promise
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Question 1: Discuss the issues of contract law that arise. 1. The main legal issue in the case is whether the contract has been formed and Daphne is subjected to contract and obligated to pay £200 to Sonya for the TV. The law of contract regarding offer acceptance states that in order to form a contract‚ the acceptance must be unconditional (Black 2011) . Counter-offer is a response to an offer which‚ while not expressly rejecting the offer‚ seeks to qualify it by deleting some of the terms. The
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“A common mistake‚ even on a most fundamental matter‚ does not make a contract void at law; but it makes it voidable in equity.” To what extent does this statement represent the law after Great Peace Shipping Ltd. V Tsavliris‚ The Great Peace (2002)? A mistake is an erroneous belief held by one or more contracting parties at the time of entering the contract‚ as to whether certain details pertaining to the contract were true. Mistakes can be classified in three categories; common‚ mutual‚ or
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studies of unmarried committed partners there a law that determine the will of a person who die and that is the law of interstate. The result indicate that for some groups of unmarried committed partners‚ will studies may not adequately reflect the extent to which intestate decedants wish their partners to share in the estate. The statute of frauds is invoked by a defendant in a breach of contract action. If the defendant can establish that the contract he has failed to perform is legally unenforceable
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Contract Creation and Management Erica Ackerman University of Phoenix Online Business Law LAW 531 Laurie Wicker April 30‚ 2012 Contract Creation and Management Introduction A contract is a binding agreement between two or more mutual parties. When people enter into a contract‚ they must abide by every article of the contract or they are in danger of a lawsuit for breach of contract (Cheeseman‚ 2010). The author of this paper completed the contract creation and management simulation
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Contract consideration ~~Take a quiz on consideration~~ ~~ Try a hangman game on consideration ~~ ~~ Play the revision arcade games on consideration cases ~~ Intro In contract law consideration is concerned with the bargain of the contract. A contract is based on an exchange of promises. Each party to a contract must be both a promisor and a promisee. They must each receive a benefit and each suffer a detriment. This benefit or detriment is referred to as consideration
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The Sale of Goods Act‚ 1930 Preamble 3 of 1930 (15th March‚ 1930) An Act to define and amend the law relating to the sale of goods. WHEREAS it is expedient to define and amend the law relating to the sale of goods‚ it is hereby enacted as follows: - Chapter 1 - Preliminary 1. Short title‚ extent and commencement.- (1) This Act may be called the Sale of Goods Act‚ 1930. 2) It extends to the whole of India (except the State of Jammu and Kashmir). (3) It shall come into
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constitutes a breach of contract? Under the Merchant’s Firm Offer‚ “a firm offer exists if a merchant gives assurances in a signed writing that his or her offer will remain open. A firm offer is irrevocable without the necessity of consideration for the stated period or‚ if no definite period is stated‚ for a reasonable period (neither to exceed three months).” In this case Jennings stated a time frame and signed the offer‚ by selling the car he is he in breach of the contract?
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2000 SHOWING THE LAW AS AT 31ST DECEMBER‚ 2000 This is a revised edition of the law‚ prepared by the Law Revision Commissioner under the authority of the Law Revision Act‚ Chapter 3 of the Laws of Belize‚ Revised Edition 1980 - 1990. This edition contains a consolidation of the following laws- Page ARRANGEMENT OF SECTIONS SALE OF GOODS ACT Amendments in force as at 31st December‚ 2000. 3 8 BELIZE SALE OF GOODS ACT CHAPTER 261 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER
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CERTAINTY OF CONTRACT There are two aspects to the issue of uncertainty. (1) The language used may be too vogue in which case‚ the court is likely to hold that there is no concluded agreement ‚ the contract is void for uncertainty. (2) Failure to reach agreement on a vital or fundamental term of an agreement. SECTION 30 1. Agreements‚ the meaning of which is not uncertain‚ or capable of being made certain‚ are void. * If A agrees to sell to B ‘a hundred tons of oil’ ‚ there
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