Case Study : Indian Contract Act

The Service Contract Act also states the consequences that occur if you do not follow the provisions pertaining to the act. If a contractor violates the act, they will be liable for the amount of any underpayments to the employees

Wally, business owner of Windy City Watches is located in downtown Chicago, IL. Business is booming and Wally needs to buy a large quantity of Rolek watches which sell for $50 apiece. He calls Randy Rolek, the wholesaler located in Milwaukee WI. They discuss terms on the phone for a while before coming to an agreement in which Wally offers to buy 100 watches for $25 each. Randy sends over an order form in which Wally states that he is agreeing to purchase watches from Randy for $25 each, but does not include the quantity in which he will buy. Randy sends 50 watches the following week with a note included stating that he has sent 50 watches and will send the other remaining 50 watches within a few days but includes the bill for the full

Contract law has set out to provide a healthy trade environment. Contracts are promises enforced by the law, with the support of something of value that has a legal purpose. It is an agreement between parties, formed by the elements: offer and acceptance, with all parties having the capacity to perform obligations enforceable by law. There are instances where the enforcement of a contract would bring about gains or losses to society and commerce.

A contract is an enforceable promise between parties. The parties to any contract must perform according to the relevant and required standards. This includes substantial performance of the services promised, complete or strict performance and personal satisfaction. Failure to perform as required is a breach, which is a compensable injury. Several defenses exist as a result of contract breach. This may include, statute of limitation, statute of frauds requirement for writing, fraud, mistake done during contract performance, lack of good capacity and unconscious ability.

A contract is a bargain which two or more parties entered into voluntarily with a lawful object, each of whom intends to create one or more legal responsibility between them in law. Thus, a contract may be formed when two or more parties each promise to perform or to refrain from performing a little action now or in the future. (Boston, T. 1779) What is more, contract law shows what promises or commitments our society believes should be legally binding. Similarly, Professor Arthur Corbin's (1874–1967) famous first axiom of contract law is that the main purpose of law is the realization of reasonable expectations induced by promises. Hence, comments demonstrate that the purpose of contract law is to protect legal promises or commitments between two or more parties which build a

Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class, I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach of contracts will be highlighted. Also, legal excuses for nonperformance or other grounds for discharge of contracts will be addressed. Finally, three types of common contracts personally and professionally encountered will be mentioned.

Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three additional weeks to come up with the money. Bernie agrees but only if Vivian puts down a deposit. Vivian agrees and Bernie drafts an agreement stated the sale will must take place no later than March 31st. Vivian reads and signs the agreement and

A contract is an agreement between and offeror, and an offeree, that can be enforceable by a court of law or equity (Cheeseman, 2010). A contract consists of the following elements; agreement, consideration, contractual capacity, and lawful object. Understanding each of these elements is of the utmost importance to ensure that each party involved has a good understanding of what is expected from one another.

In this task I will explain the impact of relevant legislations / regulations on two types of employment contract of the company New Forrest logistics as well as analyse the impact of the legislation of the two contracts of the company.

Contract is defined as an agreement between two or more parties creating obligations that are enforceable or otherwise recognizable at law. For purposes of this chapter, we are concerned with agreements to buy and sell some type of agricultural product. Contracts 101 You should be concerned about contract law because it determines how parties to the contract will need to keep the promises they make. Although very few contracts ever end up in court, if the parties to a contract disagree on something and are unable to resolve the disagreement, they may have to resort to the judicial process. This means that as the parties negotiate a contract, they need to consider how a judge might ultimately interpret it. For a contract to be enforceable, it must involve:

A contract is an agreement made with an intention of legal rights and obligations which the law will enforce. It contains the agreement, consideration and intention. It also have some other things to consider, like capacity of parties, genuine consent or legality of object.

Contracts, business, and laws are three simple little words, but when put together they have a substantial impact on our everyday lives. Below we will discuss three case studies. The first case is between Chris, Matt, and Ian vs. Donald Margolin, who was injured when he used an aftershave lotion that he bought off the internet called Funny Face. The second case is between Sam, his landlord, and a national chain store. Sam is being accused of conducting business from his apartment and going back on a verbal promise. In the last case is two lifelong friends who decided to join in a partnership and open up a sporting goods shop. Therefore, before the appropriate court can proceed with the first case, the court should take into several considerations around the rules of jurisdiction, alternative dispute resolution (ADR), and whether or not corporation/or corporate offices can be held for the criminal or potential act. In the second case before the court can rule the court should determine the various elements of a valid contract, if a quasi-contract exists, a promissory estoppel, and the rights an obligation of a tenant would prevail on Sam 's claims. Finally, in the third case between Jeb and Josh, they should determine the type of business entity that will overall protect their business and personal needs.

Contract Law Case Study Both the parties in the question have come to a problematic situation

A contract is a legally enforceable agreement between two or more parties that creates an obligation to do or not do particular things.

• Understand various provisions of negotiable instrument Act, 1881 regarding negotiation, assignment, endorsement, acceptance, etc. of negotiable instruments.