Contract Between Swimu And The Abbots

2. Due to the circumstances of the contract (that it be for sale of land) specific performance will be awarded.

There are several issues that need to be addressed as it relates to the situation. These issues include those from a policy standpoint, as well as those from a legal standpoint. The following are the issues this author saw fitting to tackle:

3.) . Should the February 1, 2012, agreement and the May 1, 2012, agreement be accounted for separately or as a single arrangement?

The following case American Agricultural Chemical Co. v. Kennedy & Crawford, 103 Va. 171 (Va.1904) it is expressed that; where the consideration for the promise of one party is the promise of the other party, there must be absolute mutuality of engagement, so that each party has the right to hold the other to a positive agreement. Both parties must be bound or neither is bound. A party making a promise is bound to nothing until a promisee, within a reasonable time, engages to do, or else do or begins to do, the thing which is the condition of the first promise. Until such engagement or such doing, the promisor may withdraw his promise, because there is no mutuality, and therefore no consideration for it.

The validity of contract is determined by the involved parties being in agreement to the terms of the contract. One of the parties submits the offer while the other accepts it within the stipulated period. The agreement concerning contracts should never be coerced since if procured by fraud or duress, it becomes void. Its enforceability may leave more questions than answers if it one sided. This is case where the terms are favors unreasonably one party in the contract (Helewitz

2. Last part: "Board Discussion","However, there was decidedly less agreement on the matter of financing..."

Consideration is a contract where the terms are mutually traded among the two parties. The contract could be used to require a party to perform certain acts, or be used to refrain a party from committing certain acts. For example, I am driving a vehicle and a car drives up behind me and slams into my vehicle. The driver of the car understands that he is fully at fault, but does not have enough money to pay for the damages. Instead of filing a lawsuit against him, I decide to sign a contract that gives the driver of the vehicle who damaged my car 60 days to pay for the damage, and on top of that a fee for not being able to pay right away. In the contract it states that I will not file a lawsuit until the 60 days are over, but after the 60

Uniform Commercial Code Article 2 allows for offers without consideration; however, this is not a contract for the sale of goods. Therefore, with this contract consideration would be needed. Common law requires that consideration must be in place for a contract to be considered binding, but it also will allow for an offer to be revoked under promissory estoppel. Promissory estoppel allows for a promise to be revoked if the promisor induces an action to the promissee. The promissee must be substantially relying on the promise by the promisor.

A fundamental rule is that a contract is formed only when a complete offer is unconditionally accepted by the other side

Sam is able to reply on the doctrine of Promissory Estoppel which states a contract can be enforced even though there is no consideration.

The contract in English law enhances principle of freedom of contract. Indeed, the terms of the contract is freely determined and agreed by the parties. However, there are various circumstances in which additional terms may be implied into the agreement. The aim of implied terms is often to provide a supplement to a contractual agreement in the interest of making bargain more effective, to achieve fairness between the parties and to alleviate hardship.

A promise is enforceable by the law if it comprised the two bases to be considered legally recognized – reliance and consideration. Reliance is deemed as “an alternative basis for enforcing promises” (Maggs, p. 13). On the other hand, consideration is defined “for a promise as something – a performance or another promise – given in exchange for the promise as a part of a bargain” (Maggs, p. 13). There are basically four requirements that characterize a consideration: there should be a return promise or performance bargained; the return promise or performance is agreed due to the promisor’s request in exchange for the promisee’s request; performance may be in the form of forbearance, act, or destruction, modification, creation of legal relation; and the return promise or performance may be granted to another person or to the same promisor and may be granted by another person or the same promisee. Given these characteristics, consideration is often referred as “the bargain

The legal issue in this question is whether Jason Miao can go back on his promise of paying the extra $5,000 to Damien, for covering the additional cost of materials and additional work needed to construct the swimming pool.

the contract was wholly a written agreement or partly oral. If the contract relies on the written agreement, do the exceptions of the parol evidence rule apply in this scenario?

Emma was appointed by Anthony, a reputable property developer, as the main contractor for the project of constructing the new luxury apartment complex. A contract was agreed with contract price of $15,000,000 and no termination clause. Project was to be completed on 12 December 2016.