b) Write two elements of a contract of indemnity.
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- Set out & explain any five exclusive clauses found in a contract of sale of business.Martha sells goods to James for $25,000. Martha assigns her right to receive the $25,000 to XYZ Finance James refuses to pay XYZ the $25,000. James makes two arguments for not paying. First James claims that XYZ has no privity of contract and that XYZ is not a third-party beneficiary of its contract with Martha. Second – James claims that the goods were worthless. Assume that the goods were worthless. You are the judge. Who wins and why? Address both arguments that James makes.Provide the legal definition of a contract.
- John owns a small rental cottage in St Augustine and his mother Brenda lives nearby in a rented apartment. He is concerned about her having a secure home to live in after her retirement so he decides to convey the cottage to her for the rest of her life, after which, ownership will revert to him. What would John's attorney probably have advised him to do to achieve these goals? Establish a Trust with his mother as one of the trustees Convey a tenancy at sufferance to Brenda. Convey a tenancy by the entireties to Brenda, pur autre vie. О Convey a life estate to Brenda with the right of reversion to John.Differentiate obligations arising from delict from obligations arising from quasi – delict.What is the basis for enforcing a contract under the doctrine of promissory estoppel?
- Alan’s real estate broker suggested that he use a quitclaim deed to sell his super cool Brentwood condo so that the buyer would: Be the grantor under the deed and have full recourse against the seller for any title related claims Acquire only the legal interest in the property that Alan previously held Know that all prior mortgages, liens, and other encumbrances had either been reconveyed or removed from the property’s title Receive assurance that the property was free from any title defectsCan the certainty of the object of the contract be negated by the failure of the parties to state the exact location of the property in the contract?What is the definition of consideration and what general principles apply to its presence in contracts? Define promissory estoppel.
- State the effect of illegality on a contract.Business contracts may contain exclusion clauses as a means of limiting or excluding liabilities. Explain what is meant by the term “exclusion clause” and how case law and statutes regulate the use of such clauses in business contracts.explain the following terms in your own words and understanding and give specific examples. - Obligations - Contracts - Law - Quasi-Contracts - Quasi-Delicts