practice.docx - PART A Element of contract offer acceptance...

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PART A Element of contract - offer - acceptance - consider - Intention to create legal relations ITT - is an invitation to induce other party to make an offer. It is not, by itself, capable of being accepted as to form a binding agreement Example ITT - display of good - supply of information - auction - advertisement, catalogues and circular Offer - defines that ‘when one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to the act or abstinence, he is said to make an offer - an offer, once accepted, becomes an agreement or contract. A contract is an agreement enforceable by law Requirement of an offer - the subject matter of the offer must be certain - the offer must be communicated to the offeree Past consideration - consists of something performed before the making of promise. The past act was done or omitted not in responses to the promise. It was an independent promise was made subsequent to the act or omission Executory consideration - is when one promise made in return for another company in the future. There is an exchange of promise to do an act between 2 parties Executed consideration - is when one party makes a promise in return for the performance of an act by the other party. When the act is performed by offeree, the consideration is executed. Then it is the offeror’s to perform his promise Commercial agreement - there is a presumption that the parties do intend to make a legally binding contract Non-commercial agreement - there is a presumption that there is no intention to create legal relation where the parties are involved in an agreement concerning family, domestic or social matters unless it can be proven otherwise
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NEMO DAT QUOD NON HABEL - S27 - means ‘no one can transfer a better title than himself has’. Thus, a person cannot give what he does not have, including he cannot transfer title that he does not have. The purpose of this rule is to protect the right of ownership so that when the goods is stolen or sold without the owner’s consent, the right of the owner is preserved Estoppel – S27 - may arise when ‘the owner of the goods, by his conduct, make it appear to the buyer that the person who sells the goods has his authority to sell and the buyer act in reliance on it - The owner will be estopped or prevented from denying the seller’s authority to sell. The buyer who takes the goods in good faith and for value will acquire a good title by estoppel Partnership dissolution - Dissolution by agreement - Dissolution by operation of law - Dissolution by death or bankruptcy - Dissolution by charge Agency creation - agency by express appointment - agency by implied appointment - agency by necessity - agency by ratification PART B Scholarship General rule - section 2 of Age of Majority Act 1971 states that the age of majority is 18 years old.
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