Q.23. What are the essential elements of a valid contract?explain elaborately?
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Q.23. What are the essential elements of a valid contract?explain elaborately?
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- Name Nature of Gontracts Guiz 1. A unilateral contract is a type of ontrast in which each party plays two roles: a promisor and a promisee, True False 2. A bilateral contract is a type of contract in which both parties play two roles: a promisor and a promisee. True False 3. For a contract to be valid, each party to a contract must receive something of value for their efforts, What is the legal term used to describe the value that each party receives? 4. For a contract to be valid, each party must have the same understanding of what is contained in the contract. What is the legal term used to describe this common understanding of the contract terms? 5. For contracts to be considered legally binding, they must be established based on lawful subject matter. Which of the following are not requirements that the subject matter must meet in order to be considered lawful? (Select all that apply.) The subject matter does not violate any fundamental dictates of common law. The subject matter…Question 6: 2 TASTYCHICKEN LLC a food processing unit located in the Rusayl Industrial Estate has approached SECURE & RELIABLE INSURANCE SAOG to insure their factory, assets and storage facilities located across Oman. Explain how SECURE & RELIABLE INSURANCE SAOG will determine whether to accept this business and if yes on what terms.9. In many countries, a computer-scanned image of a signed contract is legal. True False
- Q.1.4 Parties who wish to enter into a legally binding contract must have the necessary legal capacity to enter into a contract, otherwise the contract will not be valid. Q.1.4.1 Explain the difference between contractual capacity and legal (2) сарacity. Q.1.4.2 Explain whether it is possible for a legal subject to possess one of the (3) above forms of capacity without the other and justify your answer.Question 3 Buyer and seller enter into a clear contract. The buyer refuses to purchase for a reason not excused by a contingency. Which statement is correct? A - The seller is entitled to damages the buyer caused, which are taken from either the earnest money deposit or the 20% down payment. B - The original buyer gets the earnest money deposit back as soon as there is a new offer. C - The seller has the right to terminate the contract and keep the earnest money deposit. D - The seller has the right to keep 20% of the down payment on property.QUESTION 44 Which of the following represents the basic distinction between a bilateral contract and a unilateral contract a. The rights under a bilateral contract are assignable, whereas rights under a unilateral contract are not assignable. b. Only one promise is involved ifthe contract is unilateral but two promises if the contract is bilateral. c. Specific performance is available if the contract is unilateral whereas it is not if the contract is bilateral. d. The Statue of Frauds applies to a bilateral contract but not to a unilateral contract.
- D7/84 ◦ The sequence in determining the taxability of interest income of an FI: Consider s.14(1) first If not chargeable under s.14(1), then consider s.15(1)(i) ◦ Interpretation on s.15(1)(i): (a) if the place where the funds are made available is a factor in determining source under s.14; and (b) if under s.14 it is decided that the interest is not subject to Hong Kong tax Then the matter must be viewed again under s.15(1)(i) but this time the place where the funds were provided is to be disregarded as a factor in determining the source of the interest It is talking about Hong Tax, Special Business, Calculating profit tax of financial instituition, loan interest income. Can you explain above paragraph in a simple way and with simple example?1. Provide a bibliography for the following citations below. a. CONTRACTS: BASIC PRINCIPLES. (n.d.). https://www.shsu.edu/klett/CONTRACTS%20BASIC%20PRINCIPLES%20ch%2010%20new.htm b. Martella, M. H., Esq. (n.d.). ELEMENTS OF A CONTRACT | Law 101: Fundamentals of the Law. https://courses.lumenlearning.com/suny-monroe-law101/chapter/elements-of-a-contract/ c. Boots v royal pharmaceutical society. (n.d.). https://groupecomes.com/amadeus-broadway-goaaxfw/boots-v-royal-pharmaceutical-society-2f0a8fWith the aid of relevant examples write short notes on any 5 remedies available forbreach of contract.
- 3Q20Question 13 A party contracts to guaranty the collection of the debts of another. As a result of the guaranty, the creditor, upon debtor's default, can immediately proceed against the guarantor without further notice. True False Question 14 Hudson National Bank files a financing statement regarding a transaction with EcoVibes. To be valid, the financing statement must contain both the debtor's and creditor's signatures. True False Question 15 The Truth-In-Lending Act applies to all merchants that sell consumer goods. True False