A contract is a legally binding agreement and a term is a component of a contract and it is crucial to determine the classification of term being adopted because if there is a breach of a term it will bring about conditions of breach of contract. Different terms carry more severe consequences in contrast to others, therefore the contract may be repudiated or damages awarded. However, terms in insurance contracts are treated differently and further to this, the law around terms in insurance contracts
A contract is a legally binding agreement providing that there has been an offer, acceptance, consideration and intention to create legal relations. A term is a component of a contract and it is crucial to determine the classification of the term being adopted, this is for the reason that if there is a breach of a term, this will bring about conditions of breach of contract. Different kinds of terms carry more severe consequences in contrast to others, therefore the contract may be repudiated or
1. What is the difference between Unilateral and Bilateral contracts? The main difference between Unilateral and Bilateral contracts lies in the promises made by the parties. Unilateral contract - Only one party is making a binding promise and is obliged to perform. That means that if the other party which is unknown fulfils the conditions, the first party is obliged to act. An example of a unilateral contract is the announcement made by the owner of a stolen object that he/she will give an award
For some people, there is no difference between a contract of service and a contract for services, as long as they are employed. But, in essence, there is a difference between the two. A contract of service is a contract whereby a person engaged in a service employer is engaged in a contract, as well as a contract and the work of the employer to indicate that the work and contract for services to be completed is defined as a contractual arrangement, person agrees to provide to another person's employer
Void and voidable contracts Void contracts are agreements that illegitimate and unenforceable since it is created, and the law treats a void contract as if it had never been formed. This means that even if one party breach of contract, another party cannot recover because actually there was no clear contract. The cause of void contracts could be considered some reasons. For example, the agreement is probably impossible agreement or illegal agreement in law. Also, if the agreement is against
What is the difference between a unilateral and a bilateral contract? When majority of the people think about the contracts, bilateral agreements come to their mind. As in its most basic form, as bilateral contract is an agreement at least between two people or more groups. Most personal and business contracts would fall into this category. Whereas the simplest way to understand unilateral business contract is by analyzing the word 'unilateral.' In its general terms, as unilateral contracts will involve
Oral and Written contracts Oral Oral contracts are contracts made by talking with each other and there is no written agreement. In all but simplest of transactions, there will be some negotiations before a contract is made. Companies making a deal for one supply the other may hold detailed discussions about price, quality contract and delivery; when hiring a firm to put in the central heating might ask how long the job will take, what the price includes and who will do the work; and if it’s
similarities as well as difference between Feminist Care Ethics and Rawlsian Social contract Theory. Before we compare and contrast two theories with each other, first we need to understand what exactly the philosophical theories of Feminist Ethics and Rawlsian Social Contract Theories are. These two theories both try to solve the issues of equally and justice in similar yet different ways. In one of John Rawls writings, A Theory of Justice, discusses the theory of Social Contract Theory. In his writing
characterized by governmental infringements called for formation of rigid shield of individual liberty. The then prevailing legal theory emphasized on liberty such that the law rendered governments able in guaranteeing individual rights. Social contract theory is a willful agreement among societal members to delegate their authority to a governmental body for protection, welfare provision, and regulation of relations among the individuals. In such
the definition of a contract, as well as its formation, differ between contract law in Common Law Jurisdictions and in Civil Law Jurisdictions (France). The Common Law views contracts as bargains, exchange, a simple agreement has no binding force. It is mainly concerned with forecasting the impact and the binding legal consequences of a party’s promise. The structure or purpose of the contract is not as important as knowing whether the promise of performance that the contract is based upon is enforceable