The court cited the following opinion of the Privy Council; “it is the opinion of the Board that having regard to the nature of the company and limited market for its shares, damages would not be an adequate remedy”. Valid contact in existence There should be a concluded contact. In the present, there was an agreement for transfer of property. The transferor did not dispute the agreement in his reply to the notice from the transferee. He did not even dispute in his written statement averments made in the plaint as to the agreement.
1.0 Introduction Traditional export is governed by rules and regulations that ensure the fulfilment of successful transactions as well as the security of the involved parties. This paper focuses on foreign trade and particularly as it regards to marine transportation. The shipping/marine industry faces myriads of challenges when it comes to the delivery of services some of which include: delays due to natural causes, inadequate insurance cover, contractual loopholes due to the involvement of several parties, conflicts of interests, which dictate the choice of contract to be used and indemnity risk. The rules and regulations governing foreign export are both national and international some are shared, while others are distinct to specific
14 of the combined Acts, there is an implied condition that where goods are sold in the course of a business and the buyer expressly, or by implication, makes known to the seller that every goods supplied under the contract must be fit for the purpose. The implied terms of fitness of goods for a disclosed purpose are excluded on these circumstances that buyer did not rely on the seller’s skill and judgment or it would not be reasonable for buyer to rely on the seller’s skill and judgment. Case: Godley v. Perry (1960) The plaintiff purchased a catapult from the defendant. It broke whilst being used by the plaintiff and resulted in him losing an eye. Held: The purpose of the purchase was known by implication.
In S. 2, it defined a mercantile agent as an “agent having in the customary course of business such as agent authority either to sell goods, or to consign goods for the purpose of sale, or to buy goods, or to raise money on the security of goods.” On the other hand, mercantile agent is an agent who is consigned with the possession of good or documents. The person has right to sell the goods or entrust them for sale. For example, broker, auctioneer and so on. Meanwhile, for the innocent purchaser to get a good title in a good purchased from a mercantile agent, the following conditions need to fulfill: a) At the time of disposition, the mercantile agent must be in possession of the goods or documents of title to goods. b) The possession must be with the consent of the owner even if it is not for the purpose for sale.
CIF evolved from the FOB term as a result of efforts by buyers to shift the risk of fluctuations in the cost of freight to the seller. The FOB term had some of the attributes of what is today known as a CIF contract. The author points out it was necessary to add terms for cases in which the seller undertakes to deliver the goods at destination. In these cases, sellers’ obligation is reduced to arranging and paying for the transport and tendering a document that enables the buyer to receive the goods from the carrier at destination. However, the seller assumes no risk for loss of or damage to the goods after they have been placed on board the ship in the country of origin.
States craving for more and more revenue approached the Centre for getting powers to do what Gannon Dunkerley and other judgments have undone. The Law Commission of India considered all these matters in its 61st Report and recommended certain amendments to the Constitution of India, in consequence of which, parliament enacted the Constitution (Forty-sixth Amendment) Act, 1982. Various articles of the Constitution were amended, main being introduction of new clause (29A) in the Article 366 which incorporates various definition clauses. Accordingly the State Government got power to levy tax upon the Works Contracts. Also, it provided that such a contract would be deemed as sales contract.
Damages Under Law of Contract: A Remedy or Penalty. 3(11). • Mcchesney, Fred S. "Tortious Interference with Contract versus "Efficient" Breach: Theory and Empirical Evidence." The Journal of Legal Studies: 131. • Shavell, Steven (1980), ‘Damage Measures for Breach of Contract’, 11 Bell Journal of Economics,466-490.
Offeree get benefit from English postal in terms of acceptance and Indian postal rule in terms of revocation. In English law question arose, if there is no fraud and acceptance has genuinely not arrived, whether offeror will get justice or he will be bound by contract of which he doesn’t have the knowledge that it exists. As Household Fire and Carriage Accident Insurance Co v Grant, highlights the injustice which possibly results from the implementation of the postal rule; where the defendant made an offer to buy shares in a company. He sent his letter of offer and the company sent their acceptance letter but never reached the defendant. Later the company went bankrupt, and asked Mr Grant for the outstanding payments on the shares.
The asset constructed, built or manufactured in accordance with the agreed specifications and conditions shall be accepted by the purchaser, and the seller shall be entitled to the price of the istisna` asset. The parties shall have the legal capacity to enter into the istisna` contract and may be a natural person or a legal person. A party in istisna` contract may enter into the contract through an agent. The best view is to fix the delivery time to avoid dispute even though it is not a requirement. If the subject matter does not conform to the contractual specifications at the time of delivery, the purchaser has the right to either refuse or
According to Matthews cited by Cacho (2003), transaction costs are the costs “of arranging a contract to exchange property rights ex ante and monitoring and enforcing the contract ex post, as opposed to production costs, which are the costs of executing a contract”. In case of PES schemes, transaction costs are associated with costs of drawing attention to potential buyers, costs of working with project partners and costs of ensuring parties meet their obligations (Rojas and Berger 2012; Bracer et al.