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Mr Ali agrees to service all the air conditioners in a building that has 15 floors. He has completed the work till 12 floors only at the moment.
a. The above example is an example of Executed contract. Answer as YES OR No?
b. Give reason to support your answer in part a
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- Select the statements that are true for the contingent renewal contract for quality. Select one or more: a. The contract is renewed each period contingent on the quality of the product in the previous period. b. The principal is the buyer of the product while the seller is the agent. c. The principal is the seller of the product while the buyer is the agent. d. The buyer wants the quality per dollar paid to be as high as possible, and providing quality is expensive for the seller. e. The agent chooses whether or not to renew the contract.Define consideration. Can consideration be illegal for a binding contract? Can consideration be modified in a contract? Is that ethical?Jessy wants to clean her walkways at her house. She rents a pressure washer from AAA Rent All. The parties verbally agree on $125 for the day. AAA Rental All prints out a written receipt with a description of the machine and the price, which Jessy pays in advance. This contract is I. Express II. Formal Select one: a. II Only b.Neither answer is correct c.Both I and II d.I Only
- Case Study: Mr. Murad owned a valuable plot in Bahria Town, worth Rs. 5m. He was forced by some aggressive men to sell this plot to Mr. Noman for Rs. 3.8m. They threatened him of destroying his car, if he would not give consent to this contract. 1. If Mr. Murad gives his consent accordingly, then explain the legal status of this contract, as per the viewpoint of various Muslim jurists on this issue. 2. Describe the legal consequences of this contract, as well.Mr. Rashid verbally agrees to sell his farm house to Mr. Salman for Rs 3 crores. Later he communicated again to Mr. Salman and said that I don’t want to sell my farm house at the moment. The above contract is an example of Unenforceable contract. Answer as YES OR No? Give reason to support your answer in part a.Bill has been adjudicated by the court to be mentally incompetent. Any contract that bill would enter into would be void? True or false
- Forward contracts are: a. Contracts usually involving the exchange of a commodity or financial instrument. b. Easily resold c. Always standardized d. An agreement between more than two partiesPlease no written by hand solution 3. Bob in Burnaby called Ed in Toronto and offered to sell him 40 kgs of smoked salmon at $15 p/kg. He requested that Ed phone him back by noon the next day. That way, Bob could offer it to someone else if Ed wasn’t interested. Instead of phoning. Ed sent a letter of acceptance saying he would have his agent pick up the fish. On these facts, which of the following is false? a) The place of formation of the contract, if there was one, was Burnaby if using the mails was unreasonable. b) If using the mail was unreasonable, the acceptance could not be effective until it was received. c) If using the mail was unreasonable, the acceptance was effective when it was mailed d) Although a response by phone was requested, a response by mail would be effective if received before noon the next day. e) The place of formation of the contract, if there was one was Toronto if the use of the mails ws reasonable.Q1: How contract is discharged by subsequent impossibility? (important instructions: answer must be original in contax, should not contain plagirism, answer must be in proper detail and higlighted all important points. explanation must contain proper facts and figure and examples are mandatory)
- Pedro sold a piece of land to his nephew Quintin, a minor. One month later, Pedro died. Pedro’s heirs then brought an action to annul the sale on the ground that Quintin was a minor and therefore without legal capacity to contract. If you are the judge, would you annul the sale?What is wrong in this equation, Qd = 0.2P + 100 Select one: a. 0.2P b. none c. 100 d. Equal signWhich of the following statements is correct? a. In a principal-agent model, the party who proposes the contract is called the principal. b. In a principal-agent model, the party who decides whether or not to accept the contract and then performs under the terms of the contract (if accepted) is called the agent. c. In a principal-agent model, the agent is usually the party with asymmetric (or better) information. d. All of the above.