This document provides a review of essential elements and concepts related to contracts and insurance law, organized into 5 categories of multiple choice questions. It covers topics such as the elements of a valid contract, offer and acceptance, breach of contract, estoppel, waiver, damages for breach, and differences between civil and common law. Each question is followed by a detailed answer explaining the key points regarding the legal concept in question.
Check out these study notes which I found online and which I think will be very useful to you. I have made hard copies which I will give to you at the next lecture.
Contract assignment may seem to be complicated this is because there is a lot case law regarding to the contract law.Standard contract terms also have an important role to play in international commerce.Contractual relationship has to be performed as duty of legal obligations and legal rights must be arise. Formality of contract performed validity and enforceability of a contract. Throughout the assignment, I realised the intention to create legal relations is the supportive rule of law the formation of a contract for example offer,acceptance and consideration. There is a need of intention to create legal relations therefore legal duty arise within the party that intended to enter a contractual relationship.
Check out these study notes which I found online and which I think will be very useful to you. I have made hard copies which I will give to you at the next lecture.
Contract assignment may seem to be complicated this is because there is a lot case law regarding to the contract law.Standard contract terms also have an important role to play in international commerce.Contractual relationship has to be performed as duty of legal obligations and legal rights must be arise. Formality of contract performed validity and enforceability of a contract. Throughout the assignment, I realised the intention to create legal relations is the supportive rule of law the formation of a contract for example offer,acceptance and consideration. There is a need of intention to create legal relations therefore legal duty arise within the party that intended to enter a contractual relationship.
PRC Contract Law Principles and Risk Management in Contract DraftingRHKLegal
An overview of contract drafting techniques with regard to the PRC Contract Law principles and recent Supreme Court Directions. An analysis of limitation of liability and liquidated damages clauses in the China market context.
David Quinlan from Pinsent Masons explains the basics of contract law for sport and recreation organisations – from the Sport and the Law Conference 2014.
2014 has been a year of remarkable upheaval and uncertainty across the globe. The aftershocks of the 2008 financial crisis and Eurozone debt crisis continue to reverberate throughout the world’s financial markets. To the challenges posed by these aftershocks have been added those of continued warfare and strife across much of the Middle East, the deteriorating situation in the Ukraine and the attendant cooling in relations between Russia, the US and the EU. The effect of these and other similar events on the contractual relations entered into by our clients is uncertain and may necessitate the invoking of the doctrine of frustration and the use of Force Majeure clauses, particularly for those clients doing business in emerging markets. This session examines the kind of events which may justify the invocation of frustration and Force Majeure, such as political change, civil unrest and the imposition of sanctions, and offers tips on how best to minimise the effect of such risks at the contract drafting stage and during times of unrest
PRC Contract Law Principles and Risk Management in Contract DraftingRHKLegal
An overview of contract drafting techniques with regard to the PRC Contract Law principles and recent Supreme Court Directions. An analysis of limitation of liability and liquidated damages clauses in the China market context.
David Quinlan from Pinsent Masons explains the basics of contract law for sport and recreation organisations – from the Sport and the Law Conference 2014.
2014 has been a year of remarkable upheaval and uncertainty across the globe. The aftershocks of the 2008 financial crisis and Eurozone debt crisis continue to reverberate throughout the world’s financial markets. To the challenges posed by these aftershocks have been added those of continued warfare and strife across much of the Middle East, the deteriorating situation in the Ukraine and the attendant cooling in relations between Russia, the US and the EU. The effect of these and other similar events on the contractual relations entered into by our clients is uncertain and may necessitate the invoking of the doctrine of frustration and the use of Force Majeure clauses, particularly for those clients doing business in emerging markets. This session examines the kind of events which may justify the invocation of frustration and Force Majeure, such as political change, civil unrest and the imposition of sanctions, and offers tips on how best to minimise the effect of such risks at the contract drafting stage and during times of unrest
Remedies available to an innocent party when there is a breach of contract are
1) Rescission of contract;
2) Damages;
3) Specific performance
4) Injunction
5) Quantum Meriut
but for the purpose of answering the question, this slides covers on rescissions of contract and damages.
This research service provides an in-depth analysis of the global pharmaceutical contract manufacturing market with particular focus on the finished dose formulations such as solid, liquid and semi-solid, and injectable dose formulations. Segment analysis, trends and revenue forecast for the global, U.S. and European regions have been provided in detail. Strategic recommendations for the success of market participants have also been discussed.
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 ...
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Basic Contract Law: For Small Business Owners and Independent ContractorsRyan K. Hew
This presentation was given to the Social Media Club of Hawaii's pros on November 14th, 2012. It discusses the basics of contract law and is intended for an audience of small business owners and independent contractor consultants. As this is general legal information please do not rely upon it for specific legal advice, and seek out an attorney in a relevant jurisdiction for legal help and services.
4. Question
Name 4 Essential Elements of a Contract
5. Answer
1. Agreement (an offer & acceptance)
2. Capacity to contract
3. Consideration
4. Legal Purpose
Without ALL four, the contract is not legally enforceable
7. Answer
1. Intent to contract (conveyed with words of promise)
2. Definite Terms (parties, subject matter, price, time of
performance)
3. Communication with other party (knowledge at
completed performance)
8. Question
5 Essential Elements of duration & termination
9. Answer
1. Lapse of time
2. Operation of Law (e.g. the subject of the contract becomes
illegal after the offer, or is destroyed before acceptance)
3. Offeree’s Rejection
4. Counteroffers
5. Offeror’s Revocation (prior to acceptance)
Once a contract arises, death/insanity does not terminate it unless
it’s a personal service of the deceased/insane)
10. Question
6 Characteristics of Insurance Contracts
11. Answer 1. Conditional (e.g. payment conditioned on a covered
loss)
2. Fortuitous & involve unequal amounts
3. Utmost good faith
4. Adhesion
5. Indemnity
6. Nontransferable (without insurer’s written
concent
12. Question
5 Essential Elents for an Insurance Contract
13. Answer
1. Type of Coverage
2. Object/Premises to be Insured
3. Amount of Insurance
4. The Insured’s Name (not the carrier)
5. Duration of Coverage
16. Answer Estoppel is a legal principle that prohibits a party
from asserting a claim or right that is inconsistent
with that party’s past statement or conduct on
which another party has detrimentally relied.
Led down the garden path either before or after
the written contract
17. Question
What 3 things trigger estoppel in Insurance Law?
18. Answer
1. False representation of a material fact
2. Reasonable reliance on the representation
3. Resulting in injury or detriment to the insured
19. Question
How does waiver, estoppel, & election prevent the
insurer from reviving a defense forfeited earlier?
20. Answer 1. Waiver is intentional relinquishment of a known right in
an existing contract
2. Estoppel is a legal principle that prohibits a party from
asserting a claim or right that is inconsistent with hat
party’s past statement or conduct on which another
party has detrimentally relied.
3. Election is a voluntary act of choosing between two
alternative rights
Give Examples
22. Answer
1. Parol evidence rule: In order to waive a right
the contract must be in force
2. Prohibits oral evidence from being introduced
into evidence
23. Question
Describe 3 ways estoppel differs from waiver.
24. Answer 1. Waiver is contractual in nature and rests upon
agreement between parties. Estoppel is equitable in
nature and arises from false misrepresentation
2. Waiver gives effect to the waiving party’s intention.
Estoppel defeats the inequitable intent of the
estopped party
3. The parol evidence rule applies to waiver but not to
estoppel.
27. Answer
Repudiation: A party’s refusal to meet obligations
under a contract at time of performance
Anticipatory Beach: A party’s unequivocal
indication before performance is due that she will
not perform when performance is due
29. Answer Material Breach: Violation of the agreement that would
justify an owner’s termination of the contract
Material v Minor Breach is a matter of degree
• Extent of breaching party’s performance
• Willfulness of the breach
• Extent to which the non-breaching part obtained
benefits and can receive compensation
33. Answer
Intentional or reckless act, extreme or outrageous
in nature causing severe emotional distress, that
results in physical injury
Extracontractual Damages can be awarded for this
breach
34. Question
Explain each of the 5 types of damages awarded
for breach of contract
35. Answer 1. Compensatory Damages (indemnify for actual harm)
2. Consequential Damages (indemnify for indirect loss, foreseeable)
3. Punitive or Exemplary Damages (to punish recklessness, maliciousness,
deceitfulness, to make an example)
4. Extracontractual Damages
--breach of insurer’s duty of good faith
--Intentional infiction of emotional distress or extreme & outrageous
conduct
5. Liquidated Damages (reasonable estimate of damages, in contract)
38. Answer
A valid offer requires:
1. Intent to contract
2. Definite terms
3. Communication to offeree
Acceptance requires a valid offer & valid acceptance
40. Answer The substitution of a 3 rd party for one of the
original parties to a contract, releasing the original
party from rights and obligations under the
contract
42. Answer
1. It must be made by the offeree
2. It must be unconditional and unequivocal
3. The offeree must communicate the acceptance
to the offeror by appropriate word or act
43. Question
Executory v Implied v Express Contracts
44. Answer Executory –not completely performed by one or
both parties
Express—terms and intentions are explicitly stated
Implied—terms and intentions are indicated by the
actions of the parties to the contract and the
surrounding circumstances.
46. Answer Void – an agreement that never reaches contract
status, based on an unenforceable agreement (i.e.
illegal) , Not legally enforceable.
Voidable – one party can reject (avoid) based on
some circumstance surrounding the contract
execution.
57. Answer Civil Law has a foundation of law in Europe, Latin
America, Scotland, Louisiana based on the French
Code of Napoleon. The system relies on scholarly
interpretation of their codes and constitutions, not
court decision
Common Law is based on English law and
‘precedent.’ Law developed from court cases.