Contract Essay

5711 words - 23 pages
Pat was very frustrated because she wanted to purchase a home but lacked the funds or credit to do so even though Pat was expecting shortly to receive a one-half million dollar final installment payment for some land she sold several years earlier. Dan knew that Pat was very interested in purchasing a home and approached Pat with a proposal to assist Pat in buying a home. Dan told Pat that he would help Pat with the financing. After finding the home she wanted to buy for $250,000, Dan and Pat orally agreed that Dan would purchase the home and "when you come up with the money, I (Dan) will sell it to you (Pat) for $250,000 plus a fair commission to be determined." Dan purchased the home identified by Pat and the following week Pat moved in and began living in the house. During the first six months after moving in, Pat installed new carpeting, window coverings and a patio cover at a cost of $8,000. Pat also mailed to Dan a check for $1,000 each month, with a note enclosed with each payment. In each note, Pat asked Dan, "Tell me what a fair commission isI want to finalize our deal." Dan cashed the checks each month, but failed to respond to Pat's notes. Eleven months after moving into the home, Pat received the half-million dollar installment check. Pat immediately went to Dan with a check for $275,000 and asked Dan to convey the property to her according to their agreement. Dan refused to accept the check and ordered Pat to move out. If Pat brings an action against Dan, what are the legal issues involved in this action and how should each be resolved? Discuss.

Issue:Is Dan l ...

Read More

Similar Essays

Essays On Negligence

53804 words - 216 pages

INTRODUCTION TO THE LAW OF CONTRACT DEFINITION  A contract may be defined as a legally binding agreement or, in the words of Sir Frederick Pollock: “A promise or set of promises which the law will enforce”. The agreement will create rights and obligations that may be enforced in the courts. The normal method of enforcement is an action for damages for breach of contract, though in some cases the court may order performance by the party in default.  CLASSIFICATION  Contracts may be divided into two broad classes:   1.    Contracts by deed A deed is a formal legal document signed, wi

View Document

Labour ACT

22188 words - 89 pages

Labour Act Chapter 198 Laws of the Federation of Nigeria 1990 Arrangement of Sections Part I General Provisions as to protection of wages, contracts of employment and terms and conditions of employment Protection of wages 1. Manner of payment. 2. Agreement as to place and manner of spending wages illegal. 3. Wages not to be paid on certain premises. 4. Advances. 5. Deductions (including deductions for over-payment of wages). 6. Authority of employer to open shop. Contracts of employment 7. Written particulars of terms of employment. 8. Med

View Document

Contract Privity

9448 words - 38 pages

Cambridge Law Journal 2001 Strangers to justice no longer: the reversal of the privity rule under the Contracts (Rights of Third Parties) Act 1999 Neil Andrews Subject: Contracts Keywords: Privity of contract; Third parties Legislation: Contracts (Rights of Third Parties) Act 1999   *CLJUK 353  I. INTRODUCTION FOR almost a century and a half each time a contractual third party attempted to board the train the Common Law guards would close the carriage doors smartly in his face. But now the Contracts (Rights of Third Parties) Act 1999 (hereafter “the Act”) gives a third party a ticket t

View Document

Related Essays on Contract Essay

  • Credit Transaction

    24901 words - 100 pages

    CREDIT TRANSACTIONS include all trans actions involving the purchase or loan of goods, services or money in the present with LOAN is a contract by which one of the parties a promise to pay or deliver in the future (contract of deliv ers to another, either something not consumable security) so that the latter may use the same for a certain time and return it, in which case the contract is c alled commodaturm; or money or other consumable thing, upon the condition that the same amount of the 2 TYPES OF CREDIT TRANSACTIONS: same kind and quality shall be paid, in which case 1. – S

    View Document

    Tok Sample Essays

    17067 words - 69 pages

    DIPLOMA PROGRAMME Teacher Support Material Theory of Knowledge Assessment exemplars k INTERNATIONAL BACCALAUREATE ORGANIZATION First examinations 2001 Diploma Programme Theory of Knowledge Teacher Support Material: Assessment Exemplars November 2002 The International Baccalaureate Organization wishes to acknowledge the work of IB teachers and examiners in the production of this document. © International Baccalaureate Organization 2002 Organisation du Baccalauréat International Route des Morillons 15 Grand-Saconnex / Genève CH-1218 Contents Introduction Assessed E

    View Document

    Derivatives

    28737 words - 115 pages

    1.0 Introduction to derivatives The emergence of the market for derivative products, most notably forwards, futures and options, can be traced back to the willingness of risk-averse economic agents to guard themselves against uncertainties arising out of fluctuations in asset prices. By their very nature, the financial markets are marked by a very high degree of volatility. Through the use of derivative products, it is possible to partially or fully transfer price risks by locking-in asset prices. As instruments of risk management, these generally do not influence the fluctuations in the unde

    View Document

    Public Procurement

    10575 words - 43 pages

    THE PUBLIC PROCUREMENT ACT 2006 Act No. 33 of 2006 I assent SIR ANEROOD JUGNAUTH President of the Republic 27th December 2006 ________ ARRANGEMENT OF SECTIONS Section PART I - PRELIMINARY 1. Short title 2. Interpretation 3. Application of Act PART II - PROCUREMENT POLICY OFFICE 4. Procurement Policy Office 5. Staff of Policy Office 6. Policymaking responsibility 7. Functions of Policy Office PART III - CENTRAL PROCUREMENT BOARD 8. Central Procurement Board 9. Secretary of the Board 10. Staff of the Board 11. Functions of the Board 12. Powers of the Board 1

    View Document

    Harrison Keyes

    2028 words - 9 pages

    Contract Creation and Management Span Systems is one of the leading and most prestigious banking software companies located in California. Span Systems develops custom e-banking software. The company is valued at $85 million. Kevin Grant is the Director with Harold Smith being the Transaction Attorney. Span Systems was approached by Citizen-Schwarz AG (C-S) to develop a Java-based transaction processing software program. C-S is a German bank located in Stuttgart and has revenues in excess of $20 billion. Leon Ther is the Outsourcing Director for C-S. Span Systems and C-S signed a one y

    View Document

    Business Law

    2072 words - 9 pages

    Issues: According to the facts about there were number of issue where firstly what was the effect of Baca’s statement ‘No worries’? It is a term or representation? If promissory in nature, then is it a term or collateral contract? Discuss also Parol evidence. Secondly, whether the term is a condition, intermediate term or warranty? Thirdly whether the contract will be breach? Last but not least whether Bukara should have to pay the RM375, 000 or Gagah Complex should be paying money to Bukara? Contracts can be made in either writing or orally. If the contract is in written, the presumption is

    View Document

    Contract Management

    2151 words - 9 pages

    Contract Management SE575 Grade ___/100 Date November 11, 2011 Scenario Summary: This scenario covers a contract dispute situation. The contract in question is an agreement between Systems Inc. and Big Bank. Please review the contract located in Scenario Summary of the “You Decide” page to familiarize yourself with the specifics of the contract. Your Role/Assignment: You are the manager of a large data processing project. Your company, Systems Inc., worked very hard to obtain a contract with Big Bank to do the data conversions from their recent acquisition, Small Bank. The

    View Document

    Insurance

    9271 words - 38 pages

    covers cell phones, smartphones, data cards & netbooks PROTECTION PROGRAMS Total Equipment Coverage Wireless Phone Protection Extended Warranty EQUIPMENT LOSS THEFT DAMAGE LIQUID DAMAGE MALFUNCTION n n n Equipment Protection Programs Choose the coverage that fits your lifestyle. This brochure details the following three Equipment Protection options available to you: Total Equipment Coverage ........................... Page 2 (Wireless Phone Protection & Extended Warranty) Monthly Fee: Insurance Deductible:** Total Equipment Coverage* Asurion’s Wireless Phone Protection an

    View Document

    Business Start Ups

    90057 words - 361 pages

    101 Small Business Ideas for Under $5,000 Corey Sandler Janice Keefe John Wiley & Sons, Inc. 101 Small Business Ideas for Under $5,000 Corey Sandler Janice Keefe John Wiley & Sons, Inc. This book is printed on acid-free paper. ? ? Copyright © 2005 by Word Association, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise,

    View Document

    Hedging

    5118 words - 21 pages

    Hedging Foreign Exchange Risk with Forwards, Futures, Options and the Gold Dinar: A Comparison Note Ahamed Kameel Mydin Meera Department of Business Administration International Islamic University Malaysia Introduction The 1997 East Asian currency crisis made apparent how vulnerable currencies can be. The speculative attacks on the Ringgit almost devastated the economy if not for the quick and bold counter actions taken by the Malaysian government, particularly in checking the offshore Ringgit transactions. It also became apparent the need for firms to manage foreign exchange risk. Many i

    View Document

    Contract Law Duress And Undue Influence

    3298 words - 14 pages

    Contract law - duress and undue influence What are the differences between “Duress” and “Undue Influence”? Discuss, ensuring that you illustrate your answer by reference to relevant case law. It is of fundamental importance that parties to a contract enter into the agreement voluntarily rather than as a result of pressure (duress) or manipulation (undue influence). The essence of a contract, a legally binding contract is founded upon the parties giving their free consent to be bound by the terms of the agreement. Common law allows the doctrines of duress and undue influence to allow a

    View Document

    Contract Management

    2650 words - 11 pages

    In today�s business environment companies are choosing to renegotiate contracts rather than go to court to have the contracts enforced. A court remedy breach of contract can be lengthy, costly, and in the end no one wins. Companies such as Span Systems and Citizen-Schwarz (C-S) should have a clear understanding of contract laws, as well renegotiation practices designed to remedy breach of contract. Both parties are obligated to fulfill each part of the agreement, and failure to meet the terms of the contract by law can be consider a breach of contract. This breach can occur when partie

    View Document

    Rfp In Contract Procurement

    3920 words - 16 pages

    REQUEST FOR PROPOSAL (RFP) CONSTRUCTION OF A NEW PRACTICE FIELD: FEASIBILITY STUDY FEDY Semi-Pro Baseball Team Inc

    View Document

    Nation Restaurant News

    19430 words - 78 pages

    cr_rm_NRN_6-30-08_p069_T100 6/19/08 9:47 PM Page 1 SPECIAL REPORT PART ONE OF A TWO-PART REPORT T HIS 35TH EDITION OF NATION’S RESTAURANT NEWS’ ANNUAL Top 100 report is the first installment of a comprehensive two-part study, generated through exclusive research by the editors of the publication. The Top 100 report and the forthcoming Second 100 report provide a detailed, brand-by-brand assessment and three-year performance comparison of individual organizations whose aggregate sales account for more than 41 percent of the entire $550 billion U.S. consumer foodservic

    View Document

    Factory Law

    48516 words - 195 pages

    Report on The Working Conditions of Contract Labour  in Cement manufacturing Industry, Cement Related Mines, Food Corporation of India AND National Thermal Power Corporation WORKING CONDITIONS, WELFARE SOCIAL SECURITY   AND INDUSTRIAL RELATIONS WORKING CONDITIONS 4.1 Hours of Work, Rest Interval and Spreadover. Working hours of contract workers are regulated through the Factories Act, Mines Act/Plantation Labour Act, as the case may be.  The Factories Act, 1948 provides that normally an adult worker shall not be allowed to work for more than 9 hours in a day and 48 hours in a week.  U

    View Document

Other Popular Essays

Thousands of quality examples at your fingertips!

Writing doesn’t have to be hard. Essays, guides, research papers, and case studies will help you get the inspiration and competitive edge you need for your studies!