Give 3 takeaways on the importance of the Law in Obligation and Contract
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Give 3 takeaways on the importance of the Law in Obligation and Contract
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- Discuss the contract according to its enforceability?There are 4 essential parts to a contract. All 4 components (Agreement, Consideration, Capacity and Legality) are necessary to have a viable contract. Contracts can be created by words, in writing, by behavior and via court order (estoppel). Explain and define the 4 components of a contract. Chapter 11 speaks to the first component.. "Agreement" (which consists of an offer and acceptance). Explain what an offer is and how one can show acceptance. There are many ways that Agreement (meeting of the minds) can be met whether in a written, oral and implied contract. Find an interesting case that talks to the issue of when or how important Agreement is in contract formation. They say "Timing is everything" in contract law. Why is time so important when making an offer or receiving an acceptance? Remember to use a minimum of 350 words(b) Describe the types of Musharakah contracts and give ONE (1) example for each type.
- Describe five basic elements of a contract based on Contract act 19502. Explain any four ways that render a contract voidable.For PFRS 15 to apply, a contract with a customer should meet which of the following conditions? I. The contract has been approved by the parties to the contract. II. Each party's rights in relation to the goods or services to be transferred can be identified. III. The payment terms for the goods or services to be transferred can be identified. IV. The contract has commercial substance. V. It is probable that the consideration to which the entity is entitled to in exchange for the goods or services will be collected. A.I, III, IV and V B.I, II, III and IV C.I, II, III, IV and V D.I. II. III and V
- Why does “Identify the performance obligation(s) in the contract,” is important? Explain with example.Q> Define Forward and Future contract and also differentiate between hedging and Speculation.Discuss five (5) factors that should be considered in determining whether employment should be classified as Contract for Services or Contact of Services providing support from relevant case-law to support your answer for 2 of the factors discussed.
- Give example/illustration of reciprocal obligation. Explain why it is a reciprocal obligation.T/F 1.Sale is a mode that gives rise to a title 2. Nominate which means that it has been given a particular name by law. A certain set of provisions will be applicable In trying to construe issues related to the contract.Define contract laibilities.
