Contract Law

The term indemnity normally is used in context to insurance. Indemnity means putting the party in the same financial position before he/she has entered into a contract. In other words Indemnity is to make good a loss. Most insurance contracts are based on the principle of Indemnity. So when you take out an insurance policy the Insurer (ie the Company) will shield you from financial loss if a specified event happens and you fulfill all the laid conditions. Warranty is normally used in connection to a product. It is a promise to make something work properly, to maintain its usefulness or performance for a period of time. The seller is under obligation to repair or provide a replacement if the product / serice doesnot perform as intended. The term indemnity normally is used in context to insurance. Indemnity means putting the party in the same financial position before he/she has entered into a contract. In other words Indemnity is to make good a loss. Most insurance contracts are based on the principle of Indemnity. So when you take out an insurance policy the Insurer (ie the Company) will shield you from financial loss if a specified event happens and you fulfill all the laid conditions. Warranty is normally used in connection to a product. It is a promise to make something work properly, to maintain its usefulness or performance for a period of time. The seller is under obligation to repair or provide a replacement if the product / serice doesnot perform as intended.

1, Valid, Void, voidable, or unenforceable.

2 Express or implied

3 Bilateral or unilateral

4 Oral or Written

There you go! Straight from the texbook page 110 of Business Law.

Contracts are legally binding on both parties to them.

Agreement

Consideration

Intention to create legal relations

Certainty

Capacity

Formalities

A lease transaction is a commercial arrangement whereby an equipment owner or Manufacturer conveys to the equipment user the right to use the equipment in return for a rental. In other words, lease is a contract between the owner of an asset (the lessor) and its user (the lessee) for the right to use the asset during a specified period in return for a mutually agreed periodic payment (the lease rentals). The important feature of a lease contract is separation of the ownership of the asset from its usage. Lease financing is based on the observation made by Donald B. Grant: "Why own a cow when the milk is so cheap? All you really need is milk and not the cow." Hire purchase is a type of instalment credit under which the hire purchaser, called the hirer, agrees to take the goods on hire at a stated rental, which is inclusive of the repayment of principal as well as interest, with an option to purchase. Under this transaction, the hire purchaser acquires the property (goods) immediately on signing the hire purchase agreement but the ownership or title of the same is transferred only when the last instalment is paid. The hire purchase system is regulated by the Hire Purchase Act 1972. This Act defines a hire purchase as "an agreement under which goods are let on hire and under which the hirer has an option to purchase them in accordance with the terms of the agreement and includes an agreement under which: 1) The owner delivers possession of goods thereof to a person on condition that such person pays the agreed amount in periodic instalments 2) The property in the goods is to pass to such person on the payment of the last of such instalments, and 3) Such person has a right to terminate the agreement at any time before the property so passes". Hire purchase should be distinguished from instalment sale wherein property passes to the purchaser with the payment of the first instalment. But in case of HP (ownership remains with the seller until the last instalment is paid) buyer gets ownership after paying the last instalment. HP also differs form leasing. Meaning A lease transaction is a commercial arrangement, whereby an equipment owner or manufacturer conveys to the equipment user the right to use the equipment in return for a rental. while Hire purchase is a type of instalment credit under which the hire purchaser agrees to take the goods on hire at a stated rental, which is inclusive of the repayment of principal as well as interest, with an option to purchase. In lease financing no option is provided to the lessee (user) to purchase the goods. Where by in Hire purchase option is provided to the hirer (user). Lease rentals paid by the lessee are entirely revenue expenditure of the lessee. While in case of higher purchase only interest element included in the HP instalments is revenue expenditure by nature. Components Lease rentals comprise of 2 elements (1) finance charge and (2) capital recovery. HP instalments comprise of 3 elements (1) normal trading profit (2) finance charge and (3) recovery of cost of goods/assets.

no

The importance of offer and acceptance in forming a contract is the main purpose of a contract. It is similar to the binding agreement when someone gives something and another person receives it. It signifies that both parties are making an agreement and that both agree to its terms.

Unfortunately you may be the victim of one of the most common things that give those of us in the karate industrie a bad name. Read your contract carfully to see if you can. Most schools have thought this out very well so there may not be. However most dojos(karate schools) will at least negotiate with you to let you out.

Please don't let this experience keep you from trying karate. It will change your life in a very positive way if you allow it to. Next time find a school that has the opption of a contract (they can benifit you as well) but will allow you to train whithout one if you choose. If they require a contract, chances are they are only in it for the money and you should keep looking. Good luck and let me know how it works out for you.

One is typically discharged at the end of the enlistment. Discharges prior to that are not good for one's record and can be a real detriment to future employment and opportunities. The early outs are typically the result of criminal activities. The other possibility would be to be discharged for medical reasons.

Legality of object is one requirement for a contract to be enforceable. Any contract to do an illegal act is unenforceable even if the consideration has been paid. The court won't even make the other person give you your money back if you paid someone to commit a crime and that person later refused. Technically, that is a breach of contract, but since the object of the contract (commission of a crime) is illegal, the contract is unenforceable in the courts.

1. Consideration must move at the desire of the promisor-The act or forbearance must be done at the desire or request of the promisor. If it is done without his request or at the request of a third party it will not be a valid consideration.

2. Consideration need not be adequate but must be sufficient-It is not necessary that there must be full return for the promise. There must be something rather than nothing. The law has left the quantum of consideration to be decided by the respective parties. Thus, the law will not object to the inadequacy of consideration.The law will not enforce a promise even if it is without consideration.

3. Past consideration is not consideration

4. Forbearance to sue may be good consideration

5. Performance of existing duties.

A person who has not provided consideration cannot sue to enforce a promise.

It is a contract between two entities. The most common is when a person buys goods or services. There is no limit to the number of parties in a contract, but the contract gets more complex the more people involved.

A written contract is easier to enforce. By memorializing it in writing the courts can more easily enforce the terms and conditions. Some due to size, length of time and involving real property have to be in writing by law.

That would not necessarily void the contract. If there is not any doubt as to who the parties are, it will be enforced. If fraud were involved, the contract could be enforced and criminal charges brought.

When dealing with people in any matter. consideration is always important, because you never know how your actions will affect the other person. What you do affects the world. Consideration is always appreciated because it shows you are a thoughtful person and always thinking of others.

Consideration is important because of unexpected outcomes. Without THOUGHTFUL consideration of unintended consequences, you may inadvertently deeply hurt or offend someone without even meaning to , and you may do irreparable harm to an otherwise harmonious relationship.

A vassal had to attend to his lord at their court, help in the administration of justice, and contribute money if needed. The vassal is obligated to fight in battle if called upon by his lord, and must help feed and house the lord and his company.

A party is allowed to terminate a contract if one of the following is present: Impossibility, impracticability, fraud, mistake, misrepresentation, or breach. If the other party stops performing, you don't have to keep performing.

True

More or less, the common law is derived through judicial resolution of disputes over time; it generally does not make conclusions which are full blown out of the left (I think) ear of Zeus: hence, without flaw, contamination with human fraility and heir to the human flesh.

On the other hand, the legislative function of a government (whatever that is) produces specific statements to do what the common law does, but much faster, and with massive information distrubution aimed at uniformity. Frequently, statutory law* is more nearly ad hoc, at least initialy, while the common law tends toward more amorphous, and broad principles of governance and behavior; As a practical matter the statutory law tends to follow the common law. BUT not always.

Roughly, governments produce statutory law; judicial systems produce common law. (Admitedly, judical systems are within governments)

*Statutory law for the broad puposes of this discussion includes municipal and agency regulations, executory orders; just about evey thing written down with the imprimature of authority of the state or its agencies is a 'statutory law' for practical purposes.

Yes. The date on the contract indicates when the document was drawn up and ready for presentation to the participating parties. The dates in the body of the contract would indicate a time frame for the contract to take effect, to fulfill the contract terms, etc. The date at the end of the contract that accompanies the signatures of participants is the day the parties agree to the terms and content of the contract. If any specific day of the week is a problem for any reason, don't sign off on the agreement until the date is corrected. Example; the contract says work starts on the 12th but that date falls on a Sunday and the company doing the job will not work on Sundays. Maybe the contact has to filed with a government agency first and those offices are closed Sundays. Otherwise, it is just another day.

Addendum's are often added to contracts in order to add or make changes to the contract. Attachments on a contract are often found in e-mails.

ELEMENTS OF A CONTRACT IN USA BUS. LAW: i) Agreement ii) Consideration iii) Contractual Capacity iv)Legality Vitiating elements are factors that affec the validity of a contract. They are: - i) Mistake ii) Misrepresentation iii) Duress iv)Undue influence v) Illegality. Vitiating elements are factors that affec the validity of a contract. They are: - i) Mistake ii) Misrepresentation iii) Duress iv)Undue influence v) Illegality. Vitiating elements are factors that affec the validity of a contract. They are: - i) Mistake ii) Misrepresentation iii) Duress iv)Undue influence v) Illegality. == ==