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Q.28. What are the elements of a legally enforceable contact and the consequences of breach of contract?
Explain elaborately?
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Solved in 2 steps
- Discuss 6 main remedies for breach of contract.Question 43 Which of the following is true of discharge of performance by agreement? A party is allowed to rescind a contract without the consent of the other party. Mutual rescission requires parties to enter into a second agreement that expressly terminates the first one. Unilateral rescission is not regarded as breach of contractQuestion 3(a) In legal perspective, a minor is incapable to make any valid contracts. Describe the above statement with the support of relevant legal authorities.
- DEFINITIONS Define or give the meaning of the following: Consent- Acceptance- Natural elements- Option contract Mistake of law DISCUSSIONS When is a contract voidable or annullable? Is it always required that he who alleges fraud or mistake in entering into a contract, must prove hiss allegation? Explain. Give the requisites in order that intimidation may vitiate or annul consent of a party to a contract. May fraud be commuted by a party to a contract though there is no mis interpretation on his part? Explain. Will the acceptance of a business advertisement of a thing for sale produce the perfection of a contract? Explain. PROBLEMS Explain or state briefly the rule or reason for your answer. In a contract containing an option period, when is the offerer not allowed to withdraw his offer even before acceptance by the offeree? When is the offerer allowed to withdraw his offer even after acceptance? S sold his house to B believing that B was C. Can S legally…Explain . What are the legal consequences if a person with limited capacity to contract is deceived or manipulated?The following situations generally require a contract to be in writing: • sales of land • purchases of goods over $500 • promises made in consideration of marriage ⚫ contracts that cannot be completed in less than one year • a contract in which one person promises to pay the debt of another person This legal concept is known as offer and acceptance promissory estoppel the statute of frauds et lux perpetua luceat eis
- 95 mortgage loan originator is permitted to receive compensation for a closed mortgage loan in which of the folloving ways? A) Terms of the transaction - higher interest rate D) Terms of the transaction - interest only mortgage loan C Directly from the consumer at closing D) Directly from the consumer and from the seller's agent at closing3 - A breach of contract occurs when either party violates the agreed upon promise. TrueFalseDiscuss any five (5) remedies available to the employees in case of breach of contract. b) With the aid of examples, explain the term vicarious liability.
- Question 3 Decide whether an acceptance is enforceable in the following circumstances with reference to the relevant statutory provisions and case laws: (b) Azlan offered to sell his new smartphone to Richard for RM900. Richard spoke to him and he would pay RM700 instead.6 - A contract must always contain explicit written terms in order for it to be legally upheld. TrueFalseWhat constitutes a breach of contract?