Do you understand what is a wagering agreement and a contingent agreement? Wagering Contracts and Contingent Contracts? If NO, then a must view slideshow for you.
Do you understand what is a wagering agreement and a contingent agreement? Wagering Contracts and Contingent Contracts? If NO, then a must view slideshow for you.
Definition of Consideration, When Consideration or object is unlawful, effects of illegality, Unlawful & illegal agreements.....
It's useful for law students.
Specific performance of contract is subject matter of Specific relief Act 1963. These slides are summarized presentation to enable the students to understand the concept of specific relief
Discharge of Contract "PART 1" (Chapter 12) - Business LawSandeep Sharma
PPT on "Discharge of Contract" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
(Meaning with suitable example & explanation)
Definition of Consideration, When Consideration or object is unlawful, effects of illegality, Unlawful & illegal agreements.....
It's useful for law students.
Specific performance of contract is subject matter of Specific relief Act 1963. These slides are summarized presentation to enable the students to understand the concept of specific relief
Discharge of Contract "PART 1" (Chapter 12) - Business LawSandeep Sharma
PPT on "Discharge of Contract" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
(Meaning with suitable example & explanation)
RemediesA valid agreement has been made, the promisor’s duties h.docxsodhi3
Remedies
A valid agreement has been made, the promisor’s duties have not been discharged; he or she has breached the contract. When one party has failed to perform, what are the rights of the parties? Or when the contract has been avoided because of incapacity or misrepresentation and the like, what are the rights of the parties after disaffirmance? These questions form the focus of this chapter.
A. Theory of Contract Remedies
Purpose of Remedies
The fundamental purpose of remedies in noncriminal cases is not to punish the breaching party but—if possible—to put the nonbreaching party in the position he or she would have been in had there been no breach. There are two general categories of remedies—legal and equitable. In the category of legal remedies are damages. Damages are money paid by one party to another; there are several types of damages.
In the category of equitable remedies are these three: specific performance, which means a person is ordered to deliver a unique thing (land or a unique personal property, such as a painting or an antique car); injunction, a judicial order directing a person to stop doing what he or she should not do (such as competing with a former employer in violation of a noncompete agreement); and restitution, which means putting the parties back into the position they were in before the contract was made.
Parties Have the Power—but Not the Right—to Breach
In view of the importance given to the intention of the parties in forming and interpreting contracts, it may seem surprising that the remedy for every breach is not a judicial order that the obligor carry out his or her undertakings. A damage remedy to compensate the maker for out-of-pocket loss or lost profits is sensible; a judicial decree forcing the computer manufacturer to pay for and take delivery of the boards would be wasteful. In general and if possible, the fundamental purpose of contract remedies is to put the nonbreaching party in the position it would have been in had there been no breach.
B. Promisee’s Interests Protected by Contract
Contract remedies serve to protect three different interests: an expectation interest, a reliance interest, and a restitution interest. A promisee will have one of these and may have two or all three. An expectation interest is the benefit for which the promisee bargained, and the remedy is to put him in a position as good as that which he would have been in had the contract been performed. A reliance interest is the loss suffered by relying on the contract and taking actions consistent with the expectation that the other party will abide by it; the remedy is reimbursement that restores the promisee to his position before the contract was made. A restitution interest is that which restores to the promisee any benefit he conferred on the promisor.
C. Legal Remedies: Damages
The promisee, whom we will hereafter refer to as the nonbreaching party, has the right to damages (a money award), if that is required to make h ...
Critical Appraisal of Section 124 & 125 of Indian Contract Act, 1872.pptxtaxguruedu
Indemnity in a literal sense means protection against loss. In an indemnity contract, one party – the indemnifier – promises to reimburse some other party – the indemnified – for the damage experienced by the other.
Discharge of ObligationsA. Discharge of Contract DutiesA perso.docxlynettearnold46882
Discharge of Obligations
A. Discharge of Contract Duties
A person is liable to perform agreed-to contract duties until or unless he or she is discharged. If the person fails to perform without being discharged, liability for damages arises. Here we deal with the second-to-the-last of the four broad themes of contract law: how contract duties are discharged.
Discharge by Performance (or Nonperformance) of the Duty
A contract can be discharged by complete performance or material nonperformance of the contractual duty. There is in every contract “an implied covenant of good faith” (honesty in fact in the transaction) that the parties will deal fairly, keep their promises, and not frustrate the other party’s reasonable expectations of what was given and what received.
Full Performance
Applies to the promises to answer personally for a duty of the deceased person made by the executor of the will, or by the administrator of the estate if there is no will.
Nonperformance, Material Breach
Under UCC Section 2-106(4), a party that ends a contract breached by the other party is said to have effected a cancellation. The cancelling party retains the right to seek a remedy for breach of the whole contract or any unperformed obligation. The UCC distinguishes cancellation from termination, which occurs when either party exercises a lawful right to end the contract other than for breach.
Substantial Performance
Logically, anything less than full performance, even a slight deviation from what is owed, is sufficient to prevent the duty from being discharged and can amount to a breach of contract. But under modern theories, an ameliorative doctrine has developed, called substantial performance: if one side has substantially, but not completely, performed, so that the other side has received a benefit, the nonbreaching party owes something for the value received.
Substantial Performance
The doctrine of substantial performance recognizes that the contractor has not completed construction, and therefore is in breach of the contract. Under the doctrine, however, the owner cannot use the contractor’s failure to complete the work as an excuse for non-payment. “By reason of this rule a contractor who has in good faith substantially performed a building contract is permitted to sue under the contract, substantial performance being regarded as full performance, so far as a condition precedent to a right to recover thereunder is concerned.”
Anticipatory Breach and Demand for Reasonable Assurances
When a promisor announces before the time his performance is due that he will not perform, he is said to have committed an anticipatory breach (or repudiation). Another type of anticipatory breach consists of any voluntary act by a party that destroys, or seriously impairs, that party’s ability to perform the promise made to the other side. These same general rules prevail for contracts for the sale of goods under UCC Section 2-610.
Related to the concept of anticipat.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
2. Generally when ever a contract is made, it gives rise
to rights and obligations between the parties.
When both the parties perform their obligation, the
contract is said to be performed and is treated as
„Terminated‟.
But if any one of the parties to a contract does not
fulfill its contractual obligation, it is called „Breach
of Contract‟.
3. A contract creates certain obligations that are to be
followed by the people who entered into the agreement.
In the eyes of law, a party‟s failure to fulfill the
contractual obligation is known as „Breach of Contract.‟
4. A Breach can occur when a party fails to perform on
time, does not perform in accordance with the terms of
the agreement, or does not perform at all.
5. In case of breach of contract the party who does
not perform his obligation is called „Defaulting
Party‟ .
Where as the other party who was interested in
the performance of the contract is called
„Aggrieved Party‟
6. Actual Breach of Contract
Anticipatory Breach of Contract
7. When a party to a contract refuses or fails to
perform his part of the contract at the time fixed
for the performance of that contract, it is known as
„Actual Breach of Contract‟.
8. When one party to a contract shows its intention
not to perform the contract before the contract
becomes due is called „Anticipatory Breach of
Contract‟.
9. 1.Exoneration from Performance/ Cancellation/
Rescission
If a party to a contract breaches the contract, then
the aggrieved party may treat the contract as
terminated.
In such a case, he is absolved of further obligations
under the contract.
10. When the aggrieved party who wants to cancel
the contract gives or has given his express or
implied confirmation to the contract.
When without the fault of any party, the
circumstances have changed in such a way, that
it becomes impossible to perform the obligation
in the given time.
11. 2. Claim for Damages:
The aggrieved party can file a case against the
defaulting party for the loss suffered by him due to
breach of contract.
This is also known as „Compensation of Damages‟.
The amount of compensation always depend upon
the facts of the case and the level of loss incurred.
12. 3. Claim for Quantum Meruit:
The term Quantum Meruit literally means “As much
as earned”.
In other words we can say the payment in the
proportion to the amount of „work done‟ or
remuneration according to the work done.
If a person has done some work for another in
pursuance of a contract which ha since been
discharged by the latter‟s wrongful breach. He may
obtain reasonable compensation for his work by suing
him on the basis of Quantum Meruit.
13. If a person delivers something to another
person not with the intention to enter into
contract, but other person enjoys the benefit
thereof, then he becomes bound to make
compensation.
Further, if there is a contract to do work for a
lump sum, payable only after the completion
of the work, no action can be brought on the
basis of Quantum Meruit.
14. 4. Claim for Specific Performance:
Specificperformance is an order by the court upon
the party guilty of breach of contract directing him
to perform what he promised to do.
Thisorder is issued by the court when it seems that
damages are not an adequate remedy, so the court
can ask for specific performance under Specific
Relief Act, 1963.
15. 5. Claim for Injunction
According to Sec 42 of the specific Relief Act,
injunction is another form of specific performance.
This
is a negative order of the court through which
one person does something which he had promised
not to do, the court by issuing an order may
prohibit him from doing so.
16. The term damages implies the monetary
compensation for the loss suffered by the
aggrieved party as a result of breach of
contract by other party
But the debatable question is that what
amount an aggrieved party may claim from
the defaulting party!
17. Compensation for loss: In case of breach of
contract aggrieved party may ask for compensation
for loss.
Efforts to use resources for minimizing the loss:
According to Sec 73, it is the duty of the aggrieved
party, in case of breach of contract to make efforts
to minimize the loss .
18. Compensation where Penalty stipulated:
According to sec 74, if the amount of penalty
has already been determined, in case of
breach of contract, in such case the aggrieved
gets the right to recover that amount.
19. Ordinary Damages: These are the normal losses
which arise because of breach of contract.
Special Damages: In some special circumstances
the aggrieved party can claim for direct as well as
indirect damages, only if the defaulting party is
aware of such special circumstances.
20. Exemplary or vindictive or punitive damages: This
is the amount charged to punish the guilty party
for the breach.
21. Stipulated penality or Liquidated damages:
Liquidated damages means a sum fixed at the time of
contracting, which is fair and genuine pre-estimation of
the probable loss that is likely to result from the breach of
contract.
The amount of Penality is that amount which is not
concerned with the amount of actual loss occurring due
to Breach of Contract. Penality means a sum fixed at the
time of entering into contract, which is extravagant in
amount in comparison to the greatest loss due to Breach. It
is a kind of punishment.
Interest as damage
