In the event that the limitation for general damages is not present or, if it is present but found to be unenforceable the overall limited of liability should cap the organisations liability. Most organisations will have a policy whereby the Contractors overall liability, to the Company, for breach of contract should always be limited in some way. This can be expressed as a percentage of the contract value (in this case the contract value should be clearly defined if possible) or as a specific sum of money. Limitation of liability clauses and exclusion of liability clauses are often difficult to enforce as the courts in many jurisdictions do not encourage parties to a contract to be allowed to exonerate themselves from their liabilities. In addition to having wording to limit the liability for breach one approach to limit your liability is to ensure that the scope of work and the obligations in the contract are well defined and clear.
STUDY ON A CONTRACT WHICH CAN AND CANNOT BE SPECIFICALLY ENFORCE UNDER SPECIFIC RELIEF ACT, 1963 Introduction Specific performance is equitable relief, given by the court to enforce against a defendant, the duty of doing what he agreed by contract to do. Thus, the remedy of specific performance is in contrast with the remedy by was of damages for breach of contract, which gives pecuniary compensation for failure are both, remedies available upon breach of obligation by a party to he contract; the former is ‘substitutional’ remedy, and the latter a ‘specific’ remedy. The remedy of specific performance id granted by way of exception. The plaintiff seeking this remedy must first satisfy the court that the normal remedy of damages is inadequate;
Substitutive performance as it used to be Traditionally, where there has been a breach of trust arising from a misapplication of the trust property, the breach had to be remedied by having the trust falsified. This subjected the trustee to a strict liability to restore the trust property in specie. Where this was not possible, the trustee had to compensate the beneficiary by paying him or her a monetary sum equivalent to the value of the trust property. This is known as substitutive performance. As stated by Elliott, ‘a beneficiary seeking substitutive performance relief in respect of a misapplication of trust property does not complain of a breach of trust causing loss’ .
Whether the loss paid is total or partial insurers subrogated to all the rights and remedies of the insured. However, the insurer can retain only up to the amount they have indemnified the insured under subrogation. Such rights and remedies include right of recovery from third parties. In the event of loss of goods at the destination, the sum insured which is the agreed value will be paid. In case the goods are damaged during transit, the amount payable is arrived as a proportion of the sum insured according to the percentage of depreciation, suffered by the goods as certified by surveyors Principal of proximity-P&I is a special type of marine insurance.
resources spent for this purpose will of course have to be reimbursed through the premium. Also, if the insurer is uncertain whether he has the full information, he may ask for a higher premium for safety reasons. The duty of disclosure is therefore a tool to obtain a more correct premium, and — contrary to what the assured may believe - this premium may also be lower than if there was no such duty. Section 20 provides that the contract of marine insurance will be voidable for misrepresentation. Although the doctrine of misrepresentation applies to contract law in general, the provisions of section 20 will prevail in the context of marine insurance.
His bid amounted to an offer which he was entitled to withdraw at any time before the auctioneer signified acceptance by knocking down the hammer. 1.1 Explain the importance of the essential elements required for the formation of a valid contract. Discuss the elements in Case 1.1 given. (AC 1.1 : Explain the importance of the essential elements required for the formation of a valid contract). [Grade Descriptors M1] • A contract is a binding between two parties that is enforceable by law or equity and without enforceable contracts business will collapse, and any contract is established on foundation, those foundations are the essential elements involved in forming a legal contract: 1.
Another facts that could be argued is that the rational of stripping the fiduciary of its unauthorized property. On the off chance that the property imparting gathering is not endured any loss, the inquiry emerge here is the reason that the organization have propitiatory rights when they endured no misfortune. Wouldn’t it be more fair and equitable if the employee is ordered to pay the state instead of the principal? The last factor that was arises is that what was the loss in the Reid’s case. It can be arguably said that the loss of confidence on the administration of justice.
The requirements for an actionable misrepresentation are that; the misrepresentation must be a statement of existing fact or past events, and not a statement of opinion; it must induce a person to enter into the contract; it must be material in that it relates to a matter which would influence a reasonable person’s decision whether to enter into the contract. (Misrepresentation Act, Cap 390) There are three types of misrepresentation: The first is innocent misrepresentation - when the representor had reasonable grounds for believing that his or her false statement was true. The second is negligent misrepresentation - a representation made carelessly or without reasonable grounds for believing its truth. The third is fraudulent misrepresentation - where a false representation has been made knowingly, or without belief in its truth, or recklessly as to its truth. The affect of a finding of misrepresentation, regardless of whether it is innocent, negligent or fraudulent, is that the contract is voidable, and the innocent party may rescind the contract, which generally means terminating the contract and returning the parties to the position they were before the
This stage is important because the employer will only be liable if the employee is ‘acting within the course of his employment’ when the tort is committed. It is, therefore, essential to consider what is meant by this in law. If the employee is outside the scope of his or her employment, the injured person has no choice but to sue the employee who may not be in a financial position to pay
a) Termination of contract, rescue from insolvency and liquidation: - Termination of contract Termination of contract is considered to be lawful when a legitimate reason happens to end of the contract before performance has been completed. This contract call as the terminate contact is because the contract has become legally responsible under the law in the Malaysia and cannot be fulfil their stipulator duties. When this contract is failure to perform, then this contract will be result in breach of contract lawsuit or other legal liabilities. But, it also can be legally terminated before the contractual duties have been fulfilled. Factors vitiating the contract to become voidable i) Coercion Under Section 15 Contracts Act 1950, when a person is persuasive by another to do some action like using the actual or endangered physical violence, psychological pressure, threats, economic duress or the bringing of unfounded criminal proceeding against him.