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"In contracts there must always be a consideration offered in order to make them valid. This is sometimes mutual, as when one man promises to pay a sum of money to another in consideration that he shall deliver him a horse, and the latter promises to deliver him the horse in consideration of being paid the price agreed upon.
To entitle a contracting party to a specific performance of an agreement, it must be mutual, for otherwise it will not be compelled.
A distinction has been made between mutual debts and mutual credits. The former term is more limited in its signification than the latter. In bankrupt cases where a person was indebted to the bankrupt in a sum payable at a future day, and the bankrupt owed him a smaller sum which was then due; this, though in strictness, not a mutual debt, was Holden to be a mutual credit."
Wiki User
∙ 11y ago
Wiki User
∙ 11y agocontracts must bind both contracting parties the validity of compliance with a contract cannot be left to the will of just one party.
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What is Mutuality of obligation?
Idea that both parties of a contract must be bound for contract to be enforceable
What has the author G H Treitel written?
G. H. Treitel has written: 'Doctrine and discretion in the law of contract' -- subject(s): Contracts 'The law of contract' -- subject(s): Contracts
When a court looks to its prior cases to apply the law or to find the definition of a contract term the court is relying on what doctrine?
The doctrine of stare decisis (Latin: Let the decision stand) relies on precedents, or case law.
What is the difference between quasi-contracts and implied-in-fact contracts?
A quasi-contract is not actually a contract but is instead a remedy. Also known as an implied-in-law contract, it is recognized in order to do justice under contract law, such as wherein the doctrine of promissory estoppel is applied.An implied-in-fact contract is a contract deemed to exist between parties whose conduct tacitly recognizes the existence of a contract between them.
What is doctrine of equity in received law?
what is doctrine of equity
How do you make a perfect contract?
If by perfect you mean unable to be legally challenged, I don't think that is possible. If by perfect you mean it meets all of the legal requirements for being a contract, the requisites for formation of a legal contract are an offer, an acceptance, competent parties who have the legal capacity to contract, lawful subject matter, mutuality of agreement, consideration, mutuality of obligation, and, if required under the Statute of Frauds, a writing. If you really don't want to be sued, hiring a competent lawyer now will save you a lot of time, hassle and money in the future.
Is duress an equitable doctrine?
It is a common law doctrine in england.
Does Indiana have the castle doctrine law?
Yes Indiana has a Castle Doctrine law that's "Stand Your Ground"
Is the doctrine of informed consent law?
Informed consent is an ethical principle in healthcare that requires healthcare providers to disclose information to patients so they can make voluntary and informed decisions about their care. While not technically a law in the sense of being a statute, informed consent is supported by legal precedents and regulations in many jurisdictions to protect patients' rights and autonomy.
What is 'effluction of time in law' and is 'effluction of time' in any legal doctrine?
Affluction of time is used when a contract comes to an end naturally - i.e. a lease expires and the tenant vacates
What type of contract requires a law to be broken?
It would not be a valid contract. A contract to break the law is illegal.
What is an example of an private law?
Private laws are those that do not apply to everyone. An example of private law is a contract. As long as it is not illegal, you can contract for many things or you contract away your rights.
