THE CYPRUS INSTITUTE OF MARKETING DMM COMMERCIAL LAW

Size: px
Start display at page:

Download "THE CYPRUS INSTITUTE OF MARKETING DMM COMMERCIAL LAW"

Transcription

1 THE CYPRUS INSTITUTE OF MARKETING DMM COMMERCIAL LAW

2 INTRODUCTION 18 LECTURES CIM BOOKLET + TEXT BOOK ATTENDANCE CONTACT yangos@cima.ac.cy

3 COURSE ASSESSMENT 1. ASSIGNMENT No % 2. ASSIGNEMENT No % 3. MID-SESSIONAL EXAM % 4. FINAL EXAM.. 70 % PASSING MARK: 40 %

4 OUTLINE INTRODUCTION TO THE LAW OF CONTRACT AGREEMENT, CONSIDERATION, INTENTION, FORM CAPACITY, GENUINESS OF CONSENT LEGALITY, DISCHARGE REMEDIES, VARIOUS TYPES OF CONTRACT BANKING AND INSURANCE CONTRACTS EMPLOYMENT CONTRACTS CONTRACTS FOR THE SUPPLY OF GOODS AND SERVICES BILLS OF LADING AND CIF, FOB AND EX SHIP CONTRACTS

5 OUTLINE (Continued) AGENCY COMPANY LAW LEGAL PERSONALITY INTELLECTUAL PROPERTY

6 INTRODUCTION

7 LECTURE 1 INTRODUCTION TO THE LAW OF CONTRACT/ AGREEMENT Introduction to Contract Law What is a Contract? A contract is a promise or set of promises for the breach of which law gives a remedy, or the performance of which the law in some way recognises a duty. A contract is also defined as an agreement between two or more persons which is intended to have legal consequences. Every contract is an agreement but not every agreement is a contract. For example if you agree to go to a party it does not mean that a contract has been created and failure to go to the party is actionable.

8 LECTURE 1 INTRODUCTION TO THE LAW OF CONTRACT/ AGREEMENT Requirements for a valid contract 1. Agreement (offer and acceptance). 2. Consideration. 3. Intention to be enforceable in the courts. 4. Form: In some cases for example in conveyances of land the contract must be in writing. 5. Capacity: The parties must be legally capable of entering into a contract. This excluded minors, insane people, drunks and companies limited by shares acting outside their objects. 6. Consent: The parties entering into a contract must have entered the contract freely and unaffected by mistake, misrepresentation, duress or undue influence. 7. Legality. The object of the agreement must not be illegal If one of the above requirements is not present, the contract will be either void, voidable or unenforceable.

9 LECTURE 1 INTRODUCTION TO THE LAW OF CONTRACT/ AGREEMENT 1. The Agreement A. Offer An offer is a proposal by words or conduct, of willingness to enter into a legally binding contract. An offer may be made orally or in writing, to an individual or to a group of people. A person making an offer is the offeror and the person accepting the offer is called the offeree.

10 LECTURE 1 INTRODUCTION TO THE LAW OF CONTRACT/ AGREEMENT Invitations to treat: A genuine offer must be distinquished from an invitation to treat, which is where a person holds himself out as ready to receive offers, which he may either accept or reject. Advertisements are usually invitations to treat and the advertiser has goods for sale and not offers. One reason for this is that the shop keeper would be obliged to sell to every person who accepted such offer, even where the supplies run out (Pharmaceutical Society v Boots [1952]).

11 LECTURE 1 INTRODUCTION TO THE LAW OF CONTRACT/ AGREEMENT When does an offer end? When there is an acceptance. When there is a rejection of the offer. When there is revocation of the offer before it has been accepted. Lapse, after a limited period of time or after a reasonable period of time. Death of the offeror. Failure of a condition attached to the offer.

12 LECTURE 1 INTRODUCTION TO THE LAW OF CONTRACT/ AGREEMENT B. Acceptance If a contract is to be made, there must be an acceptance of the offer by the offeree. The acceptance must be absolute, unqualified and made while the offer is still open. An acceptance cannot be revoked after it has been communicated. It can be made orally, in writing or implied from conduct (Carlill v Carbolic Smoke Ball). The offer and acceptance must correspond. A counter offer amounts to a rejection of the offer.

13 LECTURE 1 INTRODUCTION TO THE LAW OF CONTRACT/ AGREEMENT Communication of the acceptance An acceptance must be communicated to the offeror, and the contract is made when the acceptance is received by the offeror. If the post method is used for acceptance it is effective immediately as soon as the letter is posted, provided the letter is properly stamped, addressed and posted. The contract is formed even if the letter is delayed or never reaches its destination.

14 NOBODY LIKES LAWYERS!

Business Law & Ethics notes Lec Lecture topic Topic s covered Text book refs. constitution expansion of power interpreting power

Business Law & Ethics notes Lec Lecture topic Topic s covered Text book refs. constitution expansion of power interpreting power Business Law & Ethics notes Lec Lecture topic Topic s covered Text book refs 1 law, morality and philosophical views of ch 1 meaning of eithics law 2 the source of laws governing constitution expansion

More information

Foundation Level LAW PRACTICE MANUAL

Foundation Level LAW PRACTICE MANUAL Chapter 2:- Offer and Acceptance 2.1 Definition And Essential Elements Of A VALID OFFER 1. The term 'offer or proposal' in legal terms, is defined in (a) Section 2 (a) (b) Section 2 (b) (c) Section 2 (i)

More information

LAW OF CONTRACT (PART II) Shanila H. Gunawardena LL.B. (Hons.) (Colombo) Attorney-at-Law, CTA (CASL)

LAW OF CONTRACT (PART II) Shanila H. Gunawardena LL.B. (Hons.) (Colombo) Attorney-at-Law, CTA (CASL) LAW OF CONTRACT (PART II) Shanila H. Gunawardena LL.B. (Hons.) (Colombo) Attorney-at-Law, CTA (CASL) 06-08-2017 (2) AGREEMENT BETWEEN PARTIES -ACCEPTANCE- Postal Rule on Acceptance (2) AGREEMENT BETWEEN

More information

Foundation Level LAW PRACTICE MANUAL

Foundation Level LAW PRACTICE MANUAL Part: - 1 The Indian Contract Act, 1872 Chapter 1:- Nature and Kinds of Contracts 5. The general principles of law of contract applied to all kinds of contract irrespective of their nature. (a) True, as

More information

MLL111- Exam Notes Contract Law (All Topics + Cases)

MLL111- Exam Notes Contract Law (All Topics + Cases) 1 MLL111- Exam Notes Contract Law (All Topics + Cases) 2 Contents Page Page 8: Formation of Contracts Offer and Acceptance Page 9: Acceptance Communication of Acceptance: Waiver Silence Page 10: Acceptance

More information

BUSINESS LAW Chapter 5 PowerPoint Notes & Assignment How Contracts Arise

BUSINESS LAW Chapter 5 PowerPoint Notes & Assignment How Contracts Arise BUSINESS LAW Chapter 5 PowerPoint Notes & Assignment How Contracts Arise SECTION 5.1 CONTRACTS The Nature of a Contract A ** is any agreement enforceable by law. Not all agreements are contracts, however.

More information

1 Contract Act : Basic Concepts

1 Contract Act : Basic Concepts Star Rating On the basis of Maximum marks from a chapter On the basis of Questions included every year from a chapter On the basis of Compulsory questions from a chapter Nil Nil Nil 1 Contract Act : Basic

More information

CONTRACT LAW. Elements of a Contract

CONTRACT LAW. Elements of a Contract CONTRACT LAW Contracts: Types and Sources in Australia CONTRACT: An agreement concerning promises made between two or more parties with the intention of creating certain legal rights and obligations upon

More information

The Objective Principle of a Promise... 2 Intention to Create Legal Relations... 4 Offer and Acceptance... 5

The Objective Principle of a Promise... 2 Intention to Create Legal Relations... 4 Offer and Acceptance... 5 1 Contents The Objective Principle of a Promise... 2 Intention to Create Legal Relations... 4 Offer and Acceptance... 5 Offer vs. Invitation to Treat... 5 Termination/Lapse of Offer... 6 Acceptance of

More information

Table of Content - Commercial Law. Year End Examination Notes

Table of Content - Commercial Law. Year End Examination Notes Table of Content - Commercial Law Year End Examination Notes Chapter 4: Contract: Offer & Acceptance... 2 Chapter 5: Intention & Consideration... 7 Chapter 6: Express Terms of the Contract... 12 Chapter

More information

LAW OF CONTRACT (PART I) Shanila H. Gunawardena LL.B. (Hons.) (Colombo) Attorney-at-Law, CTA (CASL)

LAW OF CONTRACT (PART I) Shanila H. Gunawardena LL.B. (Hons.) (Colombo) Attorney-at-Law, CTA (CASL) LAW OF CONTRACT (PART I) Shanila H. Gunawardena LL.B. (Hons.) (Colombo) Attorney-at-Law, CTA (CASL) 30-07-2017 MAIN COMPONENTS OF A CONTRACT 1. Intention to create legal relations 2. Agreement between

More information

PRINCIPLES OF CONTRACTUAL LIABILITY 1.1. AGREEMENT TEMPLATE: CERTAINTY TEMPLATE:... Error! Bookmark not defined.

PRINCIPLES OF CONTRACTUAL LIABILITY 1.1. AGREEMENT TEMPLATE: CERTAINTY TEMPLATE:... Error! Bookmark not defined. PRINCIPLES OF CONTRACTUAL LIABILITY 1. FORMATION OF CONTRACT:... 2 1.1. AGREEMENT TEMPLATE:... 2 1.2. CAPACITY TEMPLATE:... = Error! Bookmark not defined. 1.3. INTENTION TEMPLATE: (objective test)... Error!

More information

CONTRACT LAW SUMMARY

CONTRACT LAW SUMMARY CONTRACT LAW SUMMARY LAWSKOOL UK CONTENTS INTRODUCTION TO CONTRACT LAW 6 DEFINITION OF CONTRACT LAW 6 1) The Classical Model of Contract Law 6 INTENTION TO CREATE LEGAL RELATIONS 8 INTRODUCTION TO INTENTION

More information

Business Law - Contract Law Study Notes

Business Law - Contract Law Study Notes Business Law - Contract Law Study Notes Comprehensive unit study notes as per Victoria University. 1 Table of Contents Note topic Content page Full semester notes 3-49 How to write IRAC 50-51 response

More information

Session 34. Contract Law 1 Contracts in general

Session 34. Contract Law 1 Contracts in general Session 34 Contract Law 1 Contracts in general Concluding a contract A contract is concluded when the parties have expressed their willingness in a mutual agreement (CO, art 1; CCQ, s1378). In order to

More information

Contracts Professor Keith A. Rowley William S. Boyd School of Law University of Nevada Las Vegas Spring Contract Formation

Contracts Professor Keith A. Rowley William S. Boyd School of Law University of Nevada Las Vegas Spring Contract Formation Contracts Professor Keith A. Rowley William S. Boyd School of Law University of Nevada Las Vegas Contract Formation I. Foundations A. Mutual Assent: Each party to a contract manifests its assent to the

More information

requires a + = WHAT IS IN A CONTRACT? by to another to create.

requires a + = WHAT IS IN A CONTRACT? by to another to create. UNIT 3 CONTRACTS NBEA STANDARD II: Analyze the relationships between contract law, law of sales, and consumer law. OBJECTIVE: Develop an understanding of contracts: distinguish between express and implied

More information

Chapter 9: Contract Formation. Copyright 2009 South-Western Legal Studies in Business, a part of South-Western Cengage Learning.

Chapter 9: Contract Formation. Copyright 2009 South-Western Legal Studies in Business, a part of South-Western Cengage Learning. Chapter 9: Contract Formation a Copyright part of South-Western 2009 South-Western Cengage Legal Learning. Studies Business, Introduction is a declaration that something will or will not happen in the

More information

Interpreting Statutes

Interpreting Statutes Interpreting Statutes 1) Apply the literal rule are there any ambiguities to be cleared up? 2) Use intrinsic aids A. structure of the statutes B. definitions within legislation (interpretation section)

More information

Contracts Summary Notes

Contracts Summary Notes Contracts Summary Notes TOPIC ONE: AGREEMENT- OFFER AND ACCEPTANCE There are 4 elements of a contract: Agreement, consideration, intention to create legal relations and certainty The above are all required

More information

ACCEPTANCE JMM KLELC 25/10/17 1

ACCEPTANCE JMM KLELC 25/10/17 1 ACCEPTANCE 1 1. Definition of acceptance 2. Communication of acceptance 3. External manifestation of acceptance than mere preparedness to accept. 4. Communication of acceptance by the offeror only 5. Communication

More information

MARK SCHEME for the October/November 2015 series 9084 LAW. 9084/31 Paper 3, maximum raw mark 75

MARK SCHEME for the October/November 2015 series 9084 LAW. 9084/31 Paper 3, maximum raw mark 75 CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge International Advanced Level MARK SCHEME for the October/November 2015 series 9084 LAW 9084/31 Paper 3, maximum raw mark 75 This mark scheme is published

More information

7/23/2010. The. Contract. Sources of contractual obligations

7/23/2010. The. Contract. Sources of contractual obligations Law for Spatial Designers Introduction to the Law of Contract Module 3 Topic 1 Sources of contractual obligations Obligations imposed by law and equity The Contract Statutory obligations The obligations

More information

California Bar Examination

California Bar Examination California Bar Examination Essay Question: Contracts And Selected Answers The Orahte Group is NOT affiliated with The State Bar of California PRACTICE PACKET p.1 Question Betty is a physician. One of her

More information

ESSENTIAL CONTRACT LAW SECOND EDITION. London Sydney. Cavendish Publishing Limited

ESSENTIAL CONTRACT LAW SECOND EDITION. London Sydney. Cavendish Publishing Limited ESSENTIAL CONTRACT LAW SECOND EDITION CP Cavendish Publishing Limited London Sydney Titles in the series: Company Law Constitutional & Administrative Law Contract Law Criminal Law EC Law English Legal

More information

In summary, there wasn t any contract because there was no acceptance because the offeree accepted on terms not specified by the offeror.

In summary, there wasn t any contract because there was no acceptance because the offeree accepted on terms not specified by the offeror. ASSIGNMENT 1. Mama Lit circulates leaflets on the campus of IPS. On the leaflet is written tomorrow launch will be at a special low price of only GH 1.00. Has Mama Lit made an offer and is she bound to

More information

Negligence 1. Duty of Care 2. Breach of duty of care p 718 c) p 724

Negligence 1. Duty of Care 2. Breach of duty of care p 718 c) p 724 Negligence 1. Duty of Care Donoghue v Stevenson [1932] AC 562 - a duty of care could exist in any situation where loss, damage or injury to one party was reasonable foreseeable (foreseeable harm) - the

More information

2. For an acceptance to be valid, it must be to the offeror A. Sent B. Advertise C. Communicated D. Shown

2. For an acceptance to be valid, it must be to the offeror A. Sent B. Advertise C. Communicated D. Shown INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA BUSINESS LAW WEEK 3 QUESTIONS TOPIC: LAW OF CONTRACT 1 Kindly go through chapter 3 in the video lecture before you attempt the questions because the topic

More information

The Indian Contract Act, 1872

The Indian Contract Act, 1872 Chapter 1 Nature of Contract 1 MEANING OF CERTAIN TERMS (Sec. 2) Proposal / Offer Sec 2(a) Promise Agreement Sec 2(e) When one person signifies to another His willingness To do or to abstain from doing

More information

MBE WORKSHOP: CONTRACTS PROFESSOR LISA MCELROY DREXEL UNIVERSITY SCHOOL OF LAW

MBE WORKSHOP: CONTRACTS PROFESSOR LISA MCELROY DREXEL UNIVERSITY SCHOOL OF LAW MBE WORKSHOP: CONTRACTS PROFESSOR LISA MCELROY DREXEL UNIVERSITY SCHOOL OF LAW CHAPTER 1: CONTRACTS Editor's Note 1: The below outline is taken from the National Conference of Bar Examiners' website. NOTE:

More information

CONTRACT. 1. DEFINITION 2.1 Books 2.2 Decided Cases. 2. CONCEPT 3.1 Freedom 3.2 Certainty Of Contract

CONTRACT. 1. DEFINITION 2.1 Books 2.2 Decided Cases. 2. CONCEPT 3.1 Freedom 3.2 Certainty Of Contract CONTRACT LAW 1. DEFINITION 2.1 Books 2.2 Decided Cases CONTRACT 2. CONCEPT 3.1 Freedom 3.2 Certainty Of Contract 3. Types Of Contract 4.1 Unilateral 4.2 Bilateral 4.3 Collateral 4. ELEMENT OF CONTRACT

More information

CONTRACTS COMPLETE EXAM NOTES

CONTRACTS COMPLETE EXAM NOTES CONTRACTS COMPLETE EXAM NOTES 1 2 LATIN TERMINOLOGY:... 11 1A. OFFER... 14 Offer... 14 RULES AS TO OFFER... 15 UNILATERAL CONTRACT... 15 BILATERAL CONTRACT... 15 OFFERS NEED TO BE DISTINGUISHED FROM THE

More information

SUGGESTED SOLUTIONS. KE3(B)-Fundamentals of Law. September All Rights Reserved

SUGGESTED SOLUTIONS. KE3(B)-Fundamentals of Law. September All Rights Reserved SUGGESTED SOLUTIONS KE3(B)-Fundamentals of Law September 2017 All Rights Reserved SECTION 1 Answer 01 1.1 Learning Outcome/s: 1.4.2 Identify the main functions of each institution stated above. Study text

More information

THIS CHAPTER COMPRISES OF

THIS CHAPTER COMPRISES OF Star Rating On the basis of Maximum marks from a chapter On the basis of Questions included every year from a chapter On the basis of Compulsory questions from a chapter CHAPTER Nil Nil 1 THIS CHAPTER

More information

An Introduction to the Law of CONTRACT STEPHEN GRAW

An Introduction to the Law of CONTRACT STEPHEN GRAW An Introduction to the Law of CONTRACT by STEPHEN GRAW B.Com., LL.B. (Qld) Solicitor of the Supreme Court of Queensland Associate Professor of Business Law, James Cook University of North Queensland SECOND

More information

Offer: Has a valid offer been made?

Offer: Has a valid offer been made? Agreement Offer and acceptance based can exist between 2 or more (Clarke v Dunraven) May be necessary to look at whole agreement rather than isolate offer and acceptance (Empirnall Holdings v Machon Paul

More information

STUDY NOTES Mercantile Law

STUDY NOTES Mercantile Law ESSENTIALS MODULE-III STUDY NOTES Mercantile Law E-301 The Institute of Certified Public Accountants of Pakistan Question No 1:- What is contract? Give the meaning and definitions of a contract. Also state

More information

Study Notes & Practice Questions. Updated 2018 Exams

Study Notes & Practice Questions. Updated 2018 Exams Orea Real Estate Exam Course Study Notes & Practice Questions Updated 2018 Exams All rights reserved. No part of this publication may be reproduced, transmitted or stored in any material form (including

More information

Introduction. 1 P age

Introduction. 1 P age Introduction (a) Definition of a contract: Pollock: a promise or set of promises which the law will enforce Treitel: a contract is an agreement giving rise to obligations which are enforced or recognised

More information

Define genuine agreement and rescission. Identify when duress occurs. Describe how someone may exercise undue influence.

Define genuine agreement and rescission. Identify when duress occurs. Describe how someone may exercise undue influence. Define genuine agreement and rescission Identify when duress occurs Describe how someone may exercise undue influence. Genuine Agreement/Assent: meeting of the minds Must be willful and voluntary Must

More information

CA - IPCC COURSE MATERIAL

CA - IPCC COURSE MATERIAL CA - IPCC COURSE MATERIAL Quality Education beyond your imagination... INDIAN CONTRACT ACT_35e (NEW EDITION THOROUGHLY REVISED & UPDATED UPTO JULY 2016. APPLICABLE FOR NOV.2016 & MAY 2017 IPCC EXAMINATIONS.

More information

Course Outline Credits Class Hours Laboratory Hours

Course Outline Credits Class Hours Laboratory Hours 1 Mercer County Community College Course Outline BUS 107 Course Number Business Law I Course Title 3 3 0 Credits Class Hours Laboratory Hours Online Alternate Delivery Method Texts: Title: Introduction

More information

MercantileLaws-I DMGT102

MercantileLaws-I DMGT102 MercantileLaws-I DMGT102 MERCANTILE LAWS-I Copyright 2011 SS Gulshan All rights reserved Produced & Printed by EXCEL BOOKS PRIVATE LIMITED A-45, Naraina, Phase-I, New Delhi-110028 for Directorate of Distance

More information

Introduction to the Law of Contract (Higher)

Introduction to the Law of Contract (Higher) National Unit Specification: general information Introduction to the Law of Contract (Higher) NUMBER D32C 12 COURSE SUMMARY The candidate will be able to explain how contracts become legally binding, how

More information

MARK SCHEME for the May/June 2008 question paper 9084 LAW. 9084/03 Paper 3, maximum raw mark 75

MARK SCHEME for the May/June 2008 question paper 9084 LAW. 9084/03 Paper 3, maximum raw mark 75 UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Advanced Level www.xtremepapers.com MARK SCHEME for the May/June 2008 question paper 9084 LAW 9084/03 Paper 3, maximum raw mark 75 This mark scheme

More information

G156/RM. LAW Law of Contract Special Study. Thursday 23 June 2011 Afternoon ADVANCED GCE SPECIAL STUDY MATERIAL

G156/RM. LAW Law of Contract Special Study. Thursday 23 June 2011 Afternoon ADVANCED GCE SPECIAL STUDY MATERIAL ADVANCED GCE LAW Law of Contract Special Study G16/RM SPECIAL STUDY MATERIAL *G127770611* Thursday 23 June 11 Afternoon Duration: 1 hour 30 minutes INSTRUCTIONS TO CANDIDATES This is a clean copy of the

More information

Contract law LAWS1015

Contract law LAWS1015 Contract law Contents Contents... 1 1 Introduction... 2 A Introduction... 2 B Freedom of contract?... 2 2 Agreement... 6 A Offer and acceptance... 6 B Consideration... 17 C Estoppel and its effect on consideration...

More information

CONTRACT LAW EXAM NOTES

CONTRACT LAW EXAM NOTES What is a contract? CONTRACT LAW EXAM NOTES Topic 1: The Nature and Importance of Contract Law A contract is a legally binding promise or agreement. A promise of agreement is not legally binding and enforceable

More information

CONTRACT VS. PROMISE

CONTRACT VS. PROMISE CONTRACT VS. PROMISE Promise: A person s declaration that he will perform or refrain from performing some present or future act. Promisor: The person making the promise. Promisee: The person to whom the

More information

Contracts Final Exam Notes Formation of a contract What is a contract MUST Offer REASONABLE PERSON Acceptance

Contracts Final Exam Notes Formation of a contract What is a contract MUST Offer REASONABLE PERSON Acceptance Contracts Final Exam Notes Formation of a contract What is a contract - Binding promise between two or more parties, reliant upon several important factors - Offer - Acceptance - Consideration - Certainty

More information

the parties had dealt with each other before and were well acquainted with the timber industry

the parties had dealt with each other before and were well acquainted with the timber industry Formation of a Contract To start with it needs to be identified whether and which party is alleging a contract. For a contract to be valid it must be: 1.! An agreement 2.! Contractual intention 3.! Consideration

More information

Unit 3 CONTRACT LAW 1

Unit 3 CONTRACT LAW 1 Unit 3 CONTRACT LAW 1 WHAT IS A CONTRACT? A legally binding agreement THAT requires a bargain Offer + Consideration = Acceptance 2 WHAT IS IN A CONTRACT? Offer-- proposal by one party to another to create

More information

National Paralegal College

National Paralegal College National Paralegal College 6516 North 7 th Street Suite 103, Phoenix, AZ 85014-1263 Tel: 800-371 - 6105 Fax: 866-347-2744 e-mail: info@nationalparalegal.edu Contracts PLG 102 1004 Syllabus and Course Guide

More information

Genuineness of Assent

Genuineness of Assent Genuineness of Assent A party who demonstrates that she did not genuinely assent to the terms of a contract may avoid an otherwise valid contract. Genuine assent may be lacking due to mistake, fraudulent

More information

CA-CPT MERCANTILE LAWS BY CA. ARVIND SINGHAL

CA-CPT MERCANTILE LAWS BY CA. ARVIND SINGHAL CA-CPT MERCANTILE LAWS BY CA. ARVIND SINGHAL P a g e 1 PART A INDIAN ACT, 1872 1. NATURE OF 2. OFFER AND ACCEPTANCE 3. CONSIDERATION 4. CAPACITY OF THE PARTIES 5. FREE CONSENT 6. LAWFUL CONSIDERATION AND

More information

Page 1 of 7. Fall 2015 Business Law Fundamentals O'Hara 2015 E

Page 1 of 7. Fall 2015 Business Law Fundamentals O'Hara 2015 E Page 1 of 7 print name as your signature EXAM #2 Business Law Fundamentals LAWS 3930 sections -001-003 Chapters 1-4, 24, 6, 7, 9-18 INSTRUCTIONS: 1. Affix your printed name as your signature in the space

More information

THE INDIAN CONTRACT ACT, 1872 CHAPTER 1 INTRODUCTION

THE INDIAN CONTRACT ACT, 1872 CHAPTER 1 INTRODUCTION CHAPTER 1 THE INDIAN CONTRACT ACT, 1872 INTRODUCTION The term contract means, in ordinary sense, any agreement between any two persons. For business persons, making of contracts with others is a very important

More information

LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS - JANUARY 2014

LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS - JANUARY 2014 Note to Candidates and Tutors: LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS - JANUARY 2014 The purpose of the suggested answers is to provide students and tutors with guidance as to the key points students

More information

ASSIGNMENT SOLUTIONS GUIDE ( ) E.C.O.-5

ASSIGNMENT SOLUTIONS GUIDE ( ) E.C.O.-5 N 1 ASSIGNMENT SOLUTIONS GUIDE (2015-2016) E.C.O.-5 Mercantile Law Disclaimer/Special Note: These are just the sample of the Answers/Solutions to some of the Questions given in the Assignments. These Sample

More information

CONTRACT LAW. What is a contract? A promise or set of promises that is legally binding. Why is contract so important? Contract forms the basis for

CONTRACT LAW. What is a contract? A promise or set of promises that is legally binding. Why is contract so important? Contract forms the basis for CONTRACT LAW What is a contract? A promise or set of promises that is legally binding Why is contract so important? Contract forms the basis for - Commercial transactions - Consumer transactions; and o

More information

TOPIC 1: AGREEMENT Lucy v Zehmer (1954) 84 SE 2d 516). ACCC v CG Berbatis Holdings Pty Ltd (2003) 214 CLR 51) However: Smith v Hughes

TOPIC 1: AGREEMENT Lucy v Zehmer (1954) 84 SE 2d 516). ACCC v CG Berbatis Holdings Pty Ltd (2003) 214 CLR 51) However: Smith v Hughes 1 TOPIC 1: AGREEMENT An agreement is an understanding between two parties that one of them will do something, or will promise to do, in return for the other doing something, or promising to do so Requires

More information

COURT OF APPEAL, MALAYSIA FANN WOW GALLERY (APPELLANT) DATO RASHID (RESPONDENT) MEMORIAL FOR THE RESPONDENT

COURT OF APPEAL, MALAYSIA FANN WOW GALLERY (APPELLANT) DATO RASHID (RESPONDENT) MEMORIAL FOR THE RESPONDENT 1606R COURT OF APPEAL, MALAYSIA 2016 FANN WOW GALLERY (APPELLANT) V. DATO RASHID (RESPONDENT) MEMORIAL FOR THE RESPONDENT TABLE OF CONTENT TABLE OF CONTENTS.1 INDEX...2 SUMMARY OF FACTS..3 SUMMARY OF PLEADING..4

More information

CHAPTER 2 CONTRACT LAWS INDIAN CONTRACT ACT, A contract is an agreement made between two or more parties which the law will enforce.

CHAPTER 2 CONTRACT LAWS INDIAN CONTRACT ACT, A contract is an agreement made between two or more parties which the law will enforce. CHAPTER 2 CONTRACT LAWS INDIAN CONTRACT ACT, 1872 Definition of Contract A contract is an agreement made between two or more parties which the law will enforce. Sec 2(h) defines contract as an agreement

More information

a) The body of law as made by judges through the determination of cases. d) The system of law that emerged following the Norman Conquest in 1066.

a) The body of law as made by judges through the determination of cases. d) The system of law that emerged following the Norman Conquest in 1066. 1. Who of the following was NOT a proponent of natural law? a) Aristotle b) Jeremy Bentham c) St Augustine d) St Thomas Aquinas 2. The term 'common law' has three different meanings. Which of the following

More information

CHAPTER 4 CONCEPT OF CONSENSUS CONSENSUS AS BASIS FOR CONTRACTUAL COMMITMENT INTENTION TO BE CONTRACTUALLY BOUND MAKING INTENTION KNOWN COMMON

CHAPTER 4 CONCEPT OF CONSENSUS CONSENSUS AS BASIS FOR CONTRACTUAL COMMITMENT INTENTION TO BE CONTRACTUALLY BOUND MAKING INTENTION KNOWN COMMON CHAPTER 4 CONSENSUS AS BASIS FOR UAL COMMITMENT MAKING INTENTION KNOWN CONCEPT OF CONSENSUS INTENTION TO BE UALLY BOUND COMMON INTENTION CONSENSUS / TRUE AGREEMENT = BASIS FOR EVERY (C) EVERY PARTY MAKES

More information

Contract Law Final Exam Version C

Contract Law Final Exam Version C Contract Law Final Exam Version C True/False Indicate whether the statement is true or false. 1. Compliance and excuse are valid defenses to a breach of contract action. 2. To have a constructive or implied

More information

Spring 2018 Business Law Fundamentals O'Hara 2018 D

Spring 2018 Business Law Fundamentals O'Hara 2018 D Page 1 of 7 as your signature PRINT your name EXAM #2 Business Law Fundamentals LAWS 3930 sections -001, -002-003 Chapters 1-4, 24, 6, 7, 9-19 INSTRUCTIONS: 1. Affix your printed name as your signature

More information

LAW OF CONTRACT I IN TANZANIA

LAW OF CONTRACT I IN TANZANIA Moshi Co-operative University From the SelectedWorks of MWAKISIKI MWAKISIKI Summer April 9, 2017 LAW OF CONTRACT I IN TANZANIA MWAKISIKI MWAKISIKI, Moshi Co-operative University This work is licensed under

More information

R.K. TALREJA COLLEGE, ULHASNAGAR - 3. MCQS 1. A contract may be a. In writing b. Oral c. Partly oral, partly written d.

R.K. TALREJA COLLEGE, ULHASNAGAR - 3. MCQS 1. A contract may be a. In writing b. Oral c. Partly oral, partly written d. R.K. TALREJA COLLEGE, ULHASNAGAR - 3 CLASS: S.Y.B.Com. INTERNAL TEST 20M- QB SUBJECT: BUSINESS LAW SEMESTER III (2015-16) MCQS 1. A contract may be a. In writing b. Oral c. Partly oral, partly written

More information

9084 LAW. 9084/32 Paper 3, maximum raw mark 75

9084 LAW. 9084/32 Paper 3, maximum raw mark 75 CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Advanced Level MARK SCHEME for the May/June 2014 series 9084 LAW 9084/32 Paper 3, maximum raw mark 75 This mark scheme is published as an aid to teachers and candidates,

More information

COURSE OUTLINE. Business Administration 120 (C-ID Number: BUS 125) Business Law I (C-ID Title: Business Law)

COURSE OUTLINE. Business Administration 120 (C-ID Number: BUS 125) Business Law I (C-ID Title: Business Law) Degree Applicable Glendale Community College May 2014 COURSE OUTLINE Business Administration 120 (C-ID Number: BUS 125) Business Law I (C-ID Title: Business Law) I. Catalog Statement Business Administration

More information

JANHIT COLLEGE OF LAW

JANHIT COLLEGE OF LAW Q. Define contract? Discuss the essential elements of a valid contract? (Or) Law of contract is not the whole of law of agreement or whole law of obligation. Discuss enumerating the essentials of a valid

More information

SHRIMATI INDIRA GANDHI COLLEGE DEPARTMENT OF BANK MANAGEMENT BUSINESS LAW SECTION-A

SHRIMATI INDIRA GANDHI COLLEGE DEPARTMENT OF BANK MANAGEMENT BUSINESS LAW SECTION-A SHRIMATI INDIRA GANDHI COLLEGE DEPARTMENT OF BANK MANAGEMENT BUSINESS LAW SECTION-A 1. What is law? A citizen may think as asset of rules, a lawyer may think as a vocation and a legislator may look a guide

More information

LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS - JANUARY 2013

LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS - JANUARY 2013 Note to Candidates and Tutors: LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS - JANUARY 2013 The purpose of the suggested answers is to provide students and tutors with guidance as to the key points students

More information

TITLE 7 CONTRACTS TABLE OF CONTENTS

TITLE 7 CONTRACTS TABLE OF CONTENTS TITLE 7 CONTRACTS TABLE OF CONTENTS CHAPTER 7.01 General Provisions 7.0101 Definition 1 7.0102 Essential elements of a contract 1 7.0103 Law of place applied to contracts 1 7.0104 Time of performance 1

More information

BUSINESS LAW CONTENTS. Introduction. The Legal Profession. Hints on Answering Law Questions. Core Subjects in the Syllabus

BUSINESS LAW CONTENTS. Introduction. The Legal Profession. Hints on Answering Law Questions. Core Subjects in the Syllabus Business Law 1 BUSINESS LAW CONTENTS Introduction The Legal Profession Hints on Answering Law Questions Core Subjects in the Syllabus The Law of Contract Offer Acceptance Consideration Vitiating Factors

More information

Opening Assignment. The Bargain. Contracts. Elements of Contract. Ending an Offer. What is an Offer 10/31/2017

Opening Assignment. The Bargain. Contracts. Elements of Contract. Ending an Offer. What is an Offer 10/31/2017 Opening Assignment Should the shopkeeper have been allowed to continue increasing the price of the vase? Explain. The Bargain Contracts What is a contract? Legally binding agreement Who may enter into

More information

B-LAW NOTES UNIT-1:- CONTRACT ACT

B-LAW NOTES UNIT-1:- CONTRACT ACT B-LAW NOTES UNIT-1:- CONTRACT ACT 1Q. Define contract? Discuss the essential elements of a valid contract? (Or) Law of contract is not the whole of law of agreement nor whole law of enumerating the essentials

More information

CONTRACT LAW IN THE SOUTH PACIFIC

CONTRACT LAW IN THE SOUTH PACIFIC CONTRACT LAW IN THE SOUTH PACIFIC Jennifer Corrin Care Senior Lecturer TC Beirne School of Law University of Queensland Cavendish Publishing Limited London Sydney CONTENTS Preface Table of Cases Table

More information

RC Steenkamp 24 April 2018

RC Steenkamp 24 April 2018 RC Steenkamp 24 April 2018 REFRESHER What are the essential elements of a legally binding contract? Contents of the contract? Express vs implied terms Type of implied terms? Conditions, warranties and

More information

Includes: Online business to business transactions Online business to consumer transactions Digital delivery of products and services Online

Includes: Online business to business transactions Online business to consumer transactions Digital delivery of products and services Online Includes: Online business to business transactions Online business to consumer transactions Digital delivery of products and services Online merchandising Automated telephone transactions eg phone banking

More information

Contracts I Professor Keith A. Rowley William S. Boyd School of Law University of Nevada Las Vegas. Fall 2004

Contracts I Professor Keith A. Rowley William S. Boyd School of Law University of Nevada Las Vegas. Fall 2004 Contracts I Professor Keith A. Rowley William S. Boyd School of Law University of Nevada Las Vegas Optional HW Assignment #1 - Model Answers 1. Read the attached version of Coakley & Williams, Inc. v.

More information

Contract Law. 2. Contract formation: a) mutual assent: offer & acceptance b) consideration: need to have an exchange of something.

Contract Law. 2. Contract formation: a) mutual assent: offer & acceptance b) consideration: need to have an exchange of something. Contract Law Jan 18th, 2012: 1. Sources of law: -statutory law: United Commercial Code, uniformed state law; (only for sales of goods, does not require parties to be merchants) -common law; -restatement:

More information

Contracts 1! Semester Contracts 1 LAWS1071. Rose! 1! Vassel

Contracts 1! Semester Contracts 1 LAWS1071. Rose! 1! Vassel Contracts 1 LAWS1071 Rose! 1! Vassel AGREEMENT: OFFER The Basis of Contracts 1. Offer + acceptance +communication = agreement 2. Consideration 3. Intention to be legally bound 4. Certainty Agreement pg.

More information

INTERNATIONAL SALE OF GOODS ACT

INTERNATIONAL SALE OF GOODS ACT c t INTERNATIONAL SALE OF GOODS ACT PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to December 2, 2015. It is intended for information

More information

LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS - JUNE 2011

LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS - JUNE 2011 Note to Candidates and Tutors: LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS - JUNE 2011 The purpose of the suggested answers is to provide students and tutors with guidance as to the key points students

More information

OVERVIEW OF CONTRACT LAW

OVERVIEW OF CONTRACT LAW OVERVIEW OF CONTRACT LAW Liability is generally the key issue in regards to contractual disputes. Purpose of K law is to provide the rules which determine when one party is liable to another under or in

More information

Contents. Table of cases. Introduction

Contents. Table of cases. Introduction Table of cases Contents Introduction 1. The Making of a Contract 17 The nature of contracts-unilateral and bi-lateral ` 18 The notion of offer and acceptance 18 The invitation to treat 19 Offers of sale

More information

1 of 5 8/27/2014 2:11 PM Units: Teacher: LawandJustice, CORE Course: LawandJustice Year: 2012-13 Constitutional Law and Justice process of ethical decision-making and how does this process relate to law?

More information

California Bar Examination

California Bar Examination California Bar Examination Essay Question: Contracts And Selected Answers The Orahte Group is NOT affiliated with The State Bar of California PRACTICE PACKET p.1 Question PC manufactures computers. Mart

More information

Subject: BUSINESS LAW Credits: 4 SYLLABUS

Subject: BUSINESS LAW Credits: 4 SYLLABUS ? Business Law Subject: BUSINESS LAW Credits: 4 SYLLABUS General Law of Contract Offer and Acceptance, Capacity of Parties, Free Consent, Essentials of a Contract, Void Agreements and Contingent Agreements,

More information

Cambridge Assessment International Education Cambridge International Advanced Subsidiary and Advanced Level. Published

Cambridge Assessment International Education Cambridge International Advanced Subsidiary and Advanced Level. Published Cambridge Assessment International Education Cambridge International Advanced Subsidiary and Advanced Level LAW 9084/32 Paper 3 MARK SCHEME Maximum Mark: 75 Published This mark scheme is published as an

More information

Business Law. Business Law

Business Law. Business Law M N Business Law IM S Business Law Business Law COURSE DESIGN COMMITTEE TOC Reviewer Mr. Mario Sequeira Visiting Faculty, Global Access - School for Continuing Education Specialization: Intellectual Property

More information

PART I INDIAN CONTRACT ACT, 1872

PART I INDIAN CONTRACT ACT, 1872 CONTENTS Foreword I-7 Message I-5 Preface to First Edition I-9 About the book I-11 About the authors I-13 B.Com. (General, Computers and Vocational) (III Year) I-17 Contents I-21 PART I INDIAN CONTRACT

More information

Law of Contracts. Determining Contractual Intent. Offer. 6 Elements of Legally Enforceable Contracts

Law of Contracts. Determining Contractual Intent. Offer. 6 Elements of Legally Enforceable Contracts 6 Elements of Legally Enforceable Contracts Law of Contracts 1. Offer and Acceptance 2. Genuine Assent 3. Legal Purpose Business Law Chapters 6-11 4. Consideration (Exchange of value) 5. Capacity to Contract

More information

Business Law PRECISION EXAMS

Business Law PRECISION EXAMS PRECISION EXAMS Business Law EXAM INFORMATION Items 64 Points 71 Prerequisites NONE Grade Level 10-12 Course Length ONE SEMESTER Career Cluster BUSINESS MANAGEMENT AND ADMINISTRATION DESCRIPTION Students

More information

LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS JANUARY 2016

LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS JANUARY 2016 Note to Candidates and Tutors: LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS JANUARY 2016 The purpose of the suggested answers is to provide students and tutors with guidance as to the key points students

More information

Chinese Contract Law: A Brief Introduction. ZHANG Xuezhong. Assistant Professor of Law.

Chinese Contract Law: A Brief Introduction. ZHANG Xuezhong. Assistant Professor of Law. Chinese Contract Law: A Brief Introduction ZHANG Xuezhong Assistant Professor of Law zhangxuezhong@ecupl.edu.cn East China University of Politics and Law Overview 1. In General 2. Principles of Chinese

More information

Unilateral Contracts vs. Bilateral Contracts

Unilateral Contracts vs. Bilateral Contracts Unilateral Contracts vs. Bilateral Contracts A unilateral contract is a promise in exchange for a performance. A bilateral contract is a promise in exchange for a promise. Note: An implied-in-fact contract

More information

QUESTION 1. Carl said, Let me think a moment.

QUESTION 1. Carl said, Let me think a moment. QUESTION 1 Zena placed an advertisement in a local newspaper: Wanted: Someone to clean my four-bedroom, four-bath house (2500 square feet) once a week for the next month; pay $35 per hour. No interview

More information