Bank has a right of lien only when goods, securities amount to what the creditor owes to the bank. Banks take certain documents of proof and security while granting advances and these documents confer right to convert general lien as an implied pledge. The general of the banker is more than a right as it is also classified as implied pledge on the part of the borrower. Bank has a 'Right of Sale ' of goods under lien. Some principles governing the Lien: 1.
Taking the matter to court, it decided that the wording of the notice did sum to an offer and by purchasing and utilizing the smoke ball, Mrs Carlill had acknowledged that offer. The court held that the organization has to pay Mrs Carlill the 100 pounds. Ben, similar to the smoke ball company, has breached a contract after
The Role of Cash Reserves in Fractional Reserve Banking 1. Introduction The essay seeks to explain the function that cash reserves play in the fractional reserve banking system. Two types of banks operate in this banking system, monetary savings banks and private commercial banks, both banks are unique in a sense of their ability to create money. This ability is explained that, these banks keep fraction of their outstanding deposits liabilities as cash in reserves against these deposits in the process of providing loans and spending. The focus of the essay will be on commercial banks, as they have added odd ability of money creation with its own debt.
However according to http://www.mondaq.com/x/189046/wealth+management/Reconciling+FACTA+With+Bahamian+Laws the bank can be exempted from a breach of confidentiality by certain requirements such as disclosure is under compulsion of law, duty of the public to disclose, the interest of the bank requires disclosure and disclosure is implied by the customer. A bank is also exempted from breach of confidentiality if they have to present a clients’ financial information to the courts for court matters without the consent of the client, however this can be only done if the bank ensures that the court order is confidential. Despite this, based on the common law principles the courts will not allow banks to present them with a client’s
A mistake is an incorrect understanding by one or more parties to a contract. For a mistake to affect the validity of a contract it must be an "operative mistake", The effect of a mistake is: At common law, when the mistake is operative the contract is usually void ab initio (from the beginning). Therefore, no property will pass under it and no obligations can arise under it. Even if the contract is valid at common law, in equity the contract may be voidable on the ground of mistake. Property will pass and obligations will arise unless or until the contract is avoided.
In this case, when one party providing the standard terms is in breach of contract and wants to depend on this term, it should render a contractual performance substantially different from that which was reasonably expected of him, or; in respect of the whole or any part of his contractual obligation, to render no performance at all, except in so far as (in any of the cases mentioned above in this subsection) the contract term satisfies the requirement of reasonableness. To pass the reasonableness test, the clause must be fair and reasonable in the circumstances which were, or ought reasonably to have been, known to, or in the contemplation of, the parties on entry into the contract. There are many factors to be considered by the Courts
By virtue of Article 28, it has restrict the buyer and the seller rights to require specific performance. As this can be seen in the case of Magellan International Corporation v Salzgitter Handel GmbH, where the court held that when the CISG enable a party to claim specific performance, Article 28 will allows the seized court to look for alternative reliefs under its own substantive law in a like case. Also, in the same case, the court held that if the national law would grant specific performance and it is no conflict with the CISG, this means that there is no problem arises. If the national law disallow to grant specific performance, then the alternative relief is to award damages. This is shown in the case of Zurich Chamber of Commerce which heard on 31 May 1996, where the Arbitral Tribunal pointed out that Russian law rejected to grant specific performance.
The ‘common law position’ is a term that is used to describe the legal position should an issue not be addressed expressly in the contract or relevant statute. That is to say if the contract is ‘silent’ in regard to the specific issue. The common law position in regard to liability is that liability follows fault. It is typical in the upstream oil and gas industry to enter into a ‘knock-for-knock indemnity regime. A knock-for-knock indemnity regime is a contractual agreement whereby each party takes responsibility for their own personnel and property regardless of
Admissible evidence in a court of law is any statement, documentary, or tangible evidence that may be introduced to the judge or jury in order to establish or bolster a point put forward by a party to the proceedings. Generally, in order for evidence to be admissible it must be relevant, without being prejudicial, and reliable. Basically, if evidence is to be admitted at court, it must be relevant, material, and competent. To be considered relevant, it must have some reasonable tendency to help prove or disprove some fact. It need not make the fact certain, but at least it must tend to increase or decrease the likelihood of some fact.
It has to be established that both parties have agreed to the terms of the contract which includes the exclusion clause. Consumer guarantees that are imposed by the ACL include a guarantee of acceptable quality of goods, a guarantee of due care and skill in supply of services and a guarantee that goods and services will be fit for the purpose stated. In unfair contracts, the ACL enables certain exclusions to be unenforceable. Exclusion clauses are sometimes found on documents which might not be contracts. They could be found on tickets or receipts in which a party might not have signed.