Though, today the common law and equity are distinguished between only historically. Thirdly, the term ‘common law’ refers to the law created in the courts as a contrary to the legislation created by Parliament. For instance, Hadley v Baxendale (1854) which said that consequential damages arising from a breach of contract cannot be recovered if those damages were not foreseeable. It is the example of case law. Although England is described as a common law system, this description is in a sense misleading because
True 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. False 3. The primary governmental body that has influence over the FASB is the SEC. False 4.
It is said that the words or actions must be imperative in order to create a trust. Words or actions which express a hope or wish (precatory words) will not. The courts aren‘t looking for technical words, as Maitland remarked at the end of the nineteenth century, trusts can be created with the most untechnical of words, and it seems that the word ‗trust‘ may not even be necessary to create one (Paul v Constance  1 WLR 527). Indeed, all this is summed up neatly in the maxim equity looks at the intention not the form. Good starting point on imperative wording offered by 2 contrasting cases.
In addition, the need for necessity to justify the existence of a contract was discussed. The court found on the facts that the parties did not appear to have any intention of creating legal relations. Looking at their relationship objectively, the parties had a very long-term, good commercial relationship, but they had not intended to express it in terms of a contractual obligation. However, the intention of the parties to be bound by a legal contract is fundamental to the establishment of a contractual relationship.
There are, therefore, limitations to the doctrine of the undisclosed principal. There needs to be, because it might be unfair to a third party who thought he was dealing only with the other party ot then find out that that other party was in fact the agent of a principal. 1) Personal Considerations The general rule is that an undisclosed principal cannot intervene if the agent’s contract is of a personal nature, that is, where the third party relied on the skill, solvency or other personal characteristics of the agent and which cannot be vicariously performed (Collins v Associated Greyhound Racecourses Ltd). Difficulty has been caused by cases where the third party is not relying on the agent’s positive attribute but is objecting to the undisclosed principal’s negative attribute. Said v
What is and object clause? An object clause is a provision in a company’s constitution stating the purpose and range of activities for which the company is carried on. In the UK company law up until reforms in the company’s Act 1989 and the company’s Act 2006, an objects clause circumscribed of capacity, or power, of a company act. The legal position was that any contract entered into beyond the power, or Ultra vires, would be deemed void ‘ab initio’. The legal problems concerning object clauses are now historical artifacts.
ii. Major issue: The key point is whether there exists a valid contract between Tommy and Ada. iii. Explanation “Three elements: (1) an agreement (offer and acceptance), (2) consideration and (3) intention to create legal relations, are essential to bring a contract into existence.” 1. Offer and Acceptance “An offer is a definite promise made by the offeror to the offeree with the intention to be bound by such promise without further negotiation.” a) The threat made by Tommy was not an offer.
Therefore there are three elements of contract: promise, agreement, and recognition by the law. The most important element of contract is enforcement. If a contract is not recognised by the law, it is not enforceable and it means that parties of contract are not bound by their agreements. In contract law, the contract’s enforceability is provided by consideration. In this essay, I will provide information about consideration, starting with its definition, functions, requirements and the purpose of consideration.
Q. "An agreement enforcable by law is a contract"- Explain.Also explain the essentials of a valid contract. An agreement enforcable by law is a contract because a contract is an agreement giving rise to obligations which are enforced or recognized by law. All agreements are contracts if they are made by free consent of parties who are competent to contract for a lawful consideration and with a lawful object and not expressly declared as void. Every promise and every set of promises forming the consideration for each other is an agreement.
What is commercial law? There is no legal definition of commercial law. However, there are some acceptable definitions. First and foremost, W.H.Disney defined commercial law as “…all that portion of the law of [England] which is more especially concerned with commerce, trade and business.” Besides, H.C.Guntteridge states that “…commercial law can be defined as the special rules which apply to the contract of the sale of goods and to such other contracts as are adscititious thereto, namely contracts for the carriage and insurance of goods and contracts. The main objective of which is to finance at the carrying out contract of sale.” Last but not least, Prof.Roy Goode defined commercial law as “….