Contract Essays

  • Contracts: Advantages And Contract

    1866 Words  | 8 Pages

    A lump sum contract is also known as fixed price or stipulated sum contract which mean that the buyer or purchaser pays the seller or provider a fixed total amount for the product or work. This is a very common form of contract in construction field. These is contract are agreeing by both parties. The prices including cost of material, work performing and markup for overhead and profit. This kind of contract suitable for the project is well defined and the tender is very rare to make changes. This

  • Contract In Contract Law

    1365 Words  | 6 Pages

    them, contract law and related legal fields are expected to accommodate the systematic exchange of rights starting with one individual or association then onto the next. This section will give an expansive diagram of a portion of the sorts of agreements that can be made, the sorts of rights they can exchange, and a percentage of the legal confinements and necessities included (Chen-Wishart 2012). As per Sir William Anson in his book Principal Of contract (1919), he characterises contract as legal

  • Difference Between Contract And Contract

    907 Words  | 4 Pages

    and foremost, the main difference between contract and agreement is their legalities. Contracts are those which lawful action can be taken with and consciously agreed by two or more parties. Whenever any party of the contract breached the terms and conditions, he or she could be sued by another parties who have the consideration in the contract concerned. However, agreement includes both enforceable and unenforceable and indicates a broader term than contract. Generally, those unenforceable agreements

  • Construction Contract Analysis

    4794 Words  | 20 Pages

    Based on the Financial Reporting System (FRS) 111, construction contracts has been defined as a contract specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. Construction contracts can be divided into two which were fixed cost contracts and cost plus contracts. Fixed cost contracts are agreement between contractor and customer being made which

  • Contract Theory Vs Perfect Contract

    1924 Words  | 8 Pages

    INTRODUCTION In daily life, we are bound to various types of contracts, such as contracts for employment, house loans, car loans and even marriage contract. Basically, a contract is an agreement entered by two or more parties, upon sufficient consideration, with the intention to perform or not to perform certain actions. A contract also can be simplified as a legally enforceable promise. For an example, Bank A gives a loan to a client, Mr Lim to buy a new house with the promise on the part of Mr

  • Consumer Contract Characteristics

    1216 Words  | 5 Pages

    no.1 The main characteristics of consumer contract: A customer contract is an agreement between two parties a seller and a buyer , in customer contract the seller agrees to supply the buyer with goods or services which are used in person by the buyer , the buyer is considered the last user of the product or service , the customer contract usually involve finished products but they also include raw materials and services . Features of a customer contract: OFFER: the will to sell and go in obligation

  • Elements Of Contract Law

    2695 Words  | 11 Pages

    It is generally agreed upon that a contract plays an important role in our daily lives. Each day as we buy a drink, take a flight on an aeroplane, purchase furniture or even enrol in a college, we are entering into a contract. A contract is defined as an agreement that is made between two or more parties, giving rise to legal rights and obligations that is enforceable by the law. Contracts are normally written but it can be spoken or implied, and generally have to do with sale, employment, lease

  • Tort And Contract Law

    845 Words  | 4 Pages

    to have prevented repetitive actions. When parties are bound by contracts, contractual liability also exists. Companies and individuals are all applicable for Tort Laws. “Law of obligations” can be used as a classifier for both laws of tort and contract. Every individual is applicable for the Tort Law that has relevance to while the contract law is assumed voluntarily.

  • Insurance Contracts Characteristics

    756 Words  | 4 Pages

    Though all contracts share fundamental concepts and basic elements, insurance contracts typically possess a number of characteristics not widely found in other types of contractual agreements. The most common of these features are listed here: 1. Aleatory If one party to a contract might receive considerably more in value than he or she gives up under the terms of the agreement, the contract is said to be aleatory. Insurance contracts are of this type because, depending upon chance or any number

  • Importance Of Contract Law

    1028 Words  | 5 Pages

    Contract law is an agreement that has some commitments which is enforced by the law and it contains all the terms and conditions that is signed between by two parties. In engineering and construction world, contract law is a basic rule and term that engineers should understand and have enough experience and knowledge about the basis of contract law in order to produce a successful project. Engineers should understand the regulations and principles of the contract law such as studying the Risks of

  • Misrepresentation In A Contract

    1249 Words  | 5 Pages

    Introduction Misrepresentation is a form of distortion whereby a person is persuaded to enter into a contract entirely or partly by a false statement of fact, not opinion or intention made by the other contracting part. According to Law of Contract misrepresentation refers to a false statement of past or present fact, not law or opinion, made by one party to another before or at the time of the contract concerning some matter or circumstance relating to it . A misrepresentation may be made fraudulently

  • Elements Of Contract

    1139 Words  | 5 Pages

    A contract is an agreement between two or more parties to create legal obligations which are enforceable by law. The contracting parties must have the same understanding of the terms before a contract is formed. The four essential elements of a contract are offer, acceptance, consideration and intention to create legal relations. Offer is a statement by one party to a contract that he or she proposes to do something. An offer may be communicated in writing, orally or by conduct. It can be made to

  • Difference Between Bilateral Contract And Unilateral Contracts

    794 Words  | 4 Pages

    This case study is based on contract (or informally known as an agreement in some jurisdictions) that can be enforced by the law between two or more parties to do something or to abstain from doing something. In order for a contract to be formed, the involved parties must get to mutual assent. Therefore, a contract is a mutual agreement, which creates legally binding and duties between the parties. Learning the difference and similarity between different kinds of contracts can help the learners to find

  • Oral Contract Case Study

    1475 Words  | 6 Pages

    worth more than $500, this contract must follow all the rules under UCC. As what UCC has said, a contract for the sale of goods worth $500 or more is not enforceable unless there is some writing, signed by the defendant, indicating that the parties reached an agreement. The contract must consist a statement of the quantity of goods being sold as well. However, there is an exception when it comes to the sales of good. If the buyer receives and accepts the goods, the contract will become enforceable.

  • Impossibility In Contract Law

    1750 Words  | 7 Pages

    fault of either contracting party and render performance of the contract impossible or radically different from what the parties contemplated when they enter into it. Subsequently leading the Courts to call in frustration and discharge the contract irrespective of the parties’ wishes. Due to its radical impact towards the contracting parties, the threshold of ‘impossibility’ is set very high by the Courts thus frustration of contracts is of limited practicability. The definition of ‘impossibility’

  • Morality And Contract Law

    1210 Words  | 5 Pages

    Introduction Morality and contract law look like two separate concepts, however, if we consider deeply, we will discover the relationship between them. Morality and legality are traits of law. Consulting the fact that contract law should consider the acceptance of both sides, it will involve more problems about morality. If we attempt to understand the linkage, we should interpretation correlate notions of morality and contract law. What I intend to demonstrate is to hold the understanding of the

  • Chevrolet Union Contract

    810 Words  | 4 Pages

    an agreement to use the agency contract as a basis of this project. The nature of this contract is a relationship between two parties the first is the principal “Chevrolet” and the second party is the agent “Mansour Group” in case of our project. The principal agrees that the agent would act on his behalf, using some terms and conditions that both parties agree on to sell products. Termination of the contract and the actions that are considered a breach in the contract are also discussed and agreed

  • Warranties In Contract Law

    1264 Words  | 6 Pages

    Introduction This question requires an examination of the law of contract and the nature of the subject matter that was contracted between the parties. Only Antonia and Jonathan are legally bound by and entitled to enforce the contract (Coulls v Bagot’s ) and may sue or be sued under the contract. The rights and obligations of Antonia and Jonathan depend on whether the contract has been validly terminated. If the contract validly terminated, all future obligation will be terminated, but obligations

  • Contract Law Elements

    1388 Words  | 6 Pages

    fourth element of a valid contract is capacity to contract. Contractual Capacity is the legal ability to enter into a contract. Minors have certain rights and obligations established by the courts when it comes to contracts. Once a person reaches the age of 18, they are considered a major in every state in the nation. In addition to minors, other persons are able to avoid contracts. Mentally impaired and intoxicated people or convicts lack the capacity to enter into a contract. In principle, every person

  • Essay On Breach Of Contract

    761 Words  | 4 Pages

    XI. Breach of contract Breach is defined as an act of failing to observe or comply with the law, agreement, or code of conduct. In the other hand, contract means a spontaneous, cautious, and legally binding agreement between two or more parties. Therefor breach of contract is failing to comply with the legal agreement between parties. In a wider meaning, breach of contract is the failure to comply or be able to perform in whole or part whatever is in the contract without any legal reason or excuse