...statement. Before we can critically examine the statement, it is necessary to understand the meaning of agreement and contract. According to section 2(a) "every promise on every set of promises forming the consideration for each other an agreement. It is fact an agreement is a proposal and its acceptance, by which two or more person or parties promises to do abstain from doing an act. But a contract according to section 2(h) of the Indian Contract Act, "An agreement enforceable by law is a contract. It is clear these definitions that the there elements of a contract ore (a) Agreement Contractual Obligation (b) Enforceability by Law. For Example: X invites his friend to tea and the latter accepts the invitation. This is a social agreement not a contract because it does not imply any legal obligation. We can say that (a) All contracts are agreements, (b) But all agreements are not contracts. (A) All Contracts are Agreements For a Contract to be there an agreement is essential; without an agreement, there can be no contract. As the saying goes, "where there is smoke, there is fire; for without fire, there can be no smoke". It could will be said, "where there is contract, there is agreement without an agreement there can be no contract". Just as a fire gives birth to smoke, in the same way, an agreement gives birth to a contract. Another essential element of a contract is the legal obligation for the parties to the contract, there are many agreements that do not entail any legal...
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...“Do not be concerned about the future; keep your attention on today, and stay in the present moment. Just live one day at a time. Always do your best to keep these agreements, and soon it will be easy for you. Today is the beginning of a new dream.” This statement by Don Miguel Ruiz is probably one of my new favorite quotes. Mainly because it is relatable to everyone. The Four Agreements is a guide for those who are seeking a development in their personal life. The book was written by, Don Miguel Ruiz, and he got his ideas from the ancient Toltec wisdom of the Natives of Southern Mexico. The Toltec people were known to be very knowledgeable artists and scientist. They made a society to explore and conserve the traditional spiritual knowledge and practices of their ancestors. Don Miguel Ruiz was brought up in rural Mexico. He was expected to follow his Toltec ways by his mother who was a Toltec faith healer, and grandfather who was a Toltec ‘nagual’, a shaman. Despite this, Don Miguel decided to pursue an orthodox education, which allowed him to be authorized to practice for several years as a surgeon. He first studied the Toltec ways in profundity, and then healing, teaching, lecturing and writing during the following two decades. It was then in 1997 when he published The Four Agreements. (Miguel Ruiz) The Four Agreements: Be impeccable with your word: Speak with Integrity and say only what you mean, and mean what you say and be responsible for your actions. Try not to use...
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...received something called a reaffirmation agreement from one of your creditors - from your mortgage company, your car lender, or any other creditor whose loan financed the purchase of some property. In some cases, a reaffirmation agreement is required to keep the property at issue; in others, it may be a poor idea to sign. As personal bankruptcy lawyers in Plano TX, the attorneys at Collins & Arnove have the experience necessary to review reaffirmation agreements and advise their clients about whether to enter into such agreements and whether such agreements are necessary. What is a Reaffirmation Agreement? When you buy property on credit (such as a house or a car), the lender often takes a security interest in that property. For example, when you buy a house and obtain a mortgage loan, the mortgage lender will obtain a lien on your house, so that if you do not pay your mortgage, the lender can foreclose, taking the house because you defaulted. Similarly, a car lender can repossess the car if you do not pay the loan, provided the lender took a security interest...
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...recommendations and what I learned about this contract. The reason this employment contract created is because both the employer and the employee need to confirm their obligations, liabilities, and rights. The relationship between the company and the consultant should based on a valid employment contract. In the recommendation part, I try to find out the best way that the consultant can do under this agreement, and if the problem is arising, how can we solve it. The pulling out of legal principles found that many common law ideas were applied in the contract. The use of common law specifies the provisions that about what the consultant can do and what they cannot do. The contract is written in English, and the words is used in the contract are no ambiguity. I explain the clauses line by line use my own words. The clause covers many areas, and it is detailed. The scenario part covers stories that I try to explain the application of the common law based on this contract. I use some certain example that will occur in our real life try to solve problem through the provisions in this agreement. II. Introduction Canadian is use common law and civil law (Quebec), and Africa is use common, so I choose the contract in a firm in Africa, Deloitte, which is one of the biggest accounting firm in the world. Employment contract is very important for both employees and employers. The employees should know...
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...on 23/12/13 BRIEF DISCUSSION ON CONTRACT ACT- 1872 According to Section 2 (h) of the Indian Contact Act, 1872, "A contract is an agreement enforceable by law”. A contract therefore, is an agreement the object of which is to create a legal obligation i.e., a duty enforceable by law. From the above definition, we find that a contract essentially consists of two elements: (1) An agreement and (2) Legal obligation i.e., a duty enforceable by law. As per section 2 (e) "Every promise and every set of promises, forming the consideration for each other, is an agreement." Thus it is clear from this definition that a 'promise' is an agreement. Section 2 (b) states that "When the person to whom the proposal is made signifies his assent thereto the proposal is said to be accepted. A proposal, when accepted, becomes a promise." An agreement, therefore, comes into existence only when one party makes a proposal or offers to the other party and that other party signifies his assent (i.e., gives his acceptance) thereto. In short, an agreement is the sum total of 'offer' and 'acceptance'. Example, A promises B to sell his horse for Rs. 10,000/-. The Law of Contract deals with such promises which create legal obligations. This excludes those promises made in common life which may be morally binding but creates no legal binding. Promises which do not give rise to legal obligations are not contracts. For example, if A promises B to attend the dinner and fails to attend then B cannot...
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...definition of a contract can be: A contract is a written or spoken agreement intended to be enforceable by law. It consists of 2 main parts: 1) Agreement 2) Its enforceability by Law 1) Agreement: Agreement = offer + acceptance In other words it is an accepted proposal 2) Enforceability by Law: An agreement to become a contract, it must give rise to a legal obligation or duty. An agreement in order to be a contract must give rise to a legal obligation and not a social obligation. Therefore only those agreements, which are enforceable in a court of law, are contracts. For an agreement to become a contract it should have the following characteristics: ➢ There must be 2 parties in the agreement. The offer must be definite and the acceptance of the offer must be absolute and unconditional. ➢ There must be an intention to create a legal relationship and not a domestic or social. ➢ The agreement is legally enforceable only when both parties give something and get something in return. This is known as “consideration”. It may not be only in cash or kind. It may be an act or abstinence or a promise to do or not to do something. ➢ The parties must be competent to enter into a valid contract. For eg. they should be sane, having sound maturity and should not have been disqualified from any law to which he is subject. ➢ Free consent. There is absence of free consent if the agreement is induced by coercion...
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...Pre-contractual Explanations It is important that you read these pre-contractual explanations for the credit agreement with Premium Credit Ltd carefully. You should also read the pre-contract credit information provided with the credit agreement. They explain the key features of the credit agreement to help you decide whether our product is suitable for your needs and financial situation. 1. What the agreement is for You can use the credit agreement to finance the payment for different Services, such as insurance policies, school fees, professional membership fees and club fees. However we must agree each use of the credit agreement in this way. We will tell you on request whether we are willing to finance any particular Service (or any Service arranged by a particular intermediary). 2. How much does it cost? Each time that you use the credit agreement to pay for a Service we will charge you a Transaction Fee and we may charge a Facility Fee. The Transaction Fee is a percentage of the amount that you borrow to pay for that Service. We will tell you the percentage that we will apply, and the amount of the Transaction Fee, for each Service that you finance. The percentage may change for each Service that you finance. The Facility Fee is a flat fee that is payable for each Transaction and is payable unless we tell you otherwise. If the Transaction is not for business purposes then the Facility Fee will be £0. If your Transaction is for business purposes then it will be £5 if...
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...All contracts are agreement but all agreement are not contracts Answer; A contract is a legally binding agreement or relationship that exists between two or more parties to do or abstain from performing certain acts. A contract can also be defined as a legally binding exchange of promises between two or more parties that the law will enforce. For a contract to be formed an offer made must backed acceptance of which there must be consideration. Both parties involved must intend to create legal relation on a lawful matter which must be entered into freely and should be possible to perform. An agreement is a form of cross reference between different parties, which may be written, oral and lies upon the honor of the parties for its fulfillment rather than being in any way enforceable. All contracts are agreement because there must be mutual understanding between two parties for a contract to be formed. All parties should agree and adhere to the terms and conditions of an offer. The following cases illustrate ways in which all contracts are agreements; In the case of invitation to treat, where an invitation to treat is merely an invitation to make an offer. When a firm's offer is accepted it results into a contract provided other elements of contracts are accepted. Considering person A buying a radio on hire purchase from person B who deals with electronics and its appliances. Both parties must come to an agreement on payment of monthly installment within specified period...
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...Travon Gaines English A FYE- 6099 12 November 2014 Lifetime Agreements Don Miguel Ruiz novel The Four Agreements is about applying four agreements to your life and discovering the true meaning of life while learning how to find freedom, true happiness, and love. This author explains how one should live their life by the four agreements and life will become easier. Living by these agreements I learn to look at situations a different way which helps in a certain aspect of making life easier. Ruiz lived by these four agreements and shared them to help others seek a better life. The four agreements are a new way of living life. Out of all the agreements the three that I focus on the most in my life are to don’t make assumptions, don’t take anything personally, and to always do your best so that I can live an enjoyable and worry free life. The agreement to not make assumptions is a significant agreement that Ruiz talked about because to me it means that you should never judged a book by its cover. “The big mitote in the human mind creates a lot of chaos which causes us to misinterpret everything and misunderstand everything”(Ruiz 65). In our brains we make assumptions because we need to satisfy our need to imply what we think happened or what we think we heard or saw and run with that. If I learn not to make assumptions then that will help me stop worry and not think about the negative thoughts that would cloud my brain rather than the positive thoughts that I should...
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...Essential Elements of Contract A contract is agreement enforceable by law. Every contract is an agreement but every agreement is not necessarily a contract. An agreement becomes contract only when it possesses certain essential elements. The presence of these features in the agreement gives it legal enforceability. 1. Valid offer Any agreement between two or more parties begins with an offer. An offer is made when one person signifies to another his willingness to do or abstain from doing something in view of .... Rules of Valid Offer a) Offer may be expressed or implied. b) There must be two parties: offerer and offeree c) The terms of the offer must not be vague but certain. d) Offer must be distinguished from an invitation to make an offer. 2. Acceptance When the person to whom offer is made signifies his assent thereto , he accepts the offer. Rules of Valid Offer a) Only offeree can give the acceptance. b) Acceptance follows the offer. c) Acceptance must be unconditional. d) Acceptance has to be communicated in a mode prescribed by the offerer and within the time mentioned by the offerer. e) If no mode and time is prescribed, it has to be in a reasonable mode and within a reasonable time. 3. Consideration In a contract the promise to deliver goods/ services is countered by a promise to do something in return then a contract will come into existence. For example, to pay money in return of good/ services. The promised payment is the consideration for...
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...with all applicable laws and regulations. It is, therefore, a serious matter for the company if a director is underperforming or if he or she is at odds with the strategies which the majority of the company’s management have adopted. In such circumstances, there may be no option for the company other than to seek the removal of such a director from office. In many companies, the power to remove a director from office is granted to the board of directors or to a majority shareholder under the company’s Articles of Association. For these companies, removing a director will be a relatively straightforward matter, usually requiring the board or majority shareholder to simply serve written notice on the director in question. For companies which do not have these powers enshrined in their Articles, company law provides a statutory procedure to allow shareholders to remove a director by passing an ordinary resolution at a general meeting of the company. Statutory Procedure The procedure for removing Ian by ordinary resolution is set out in sections 168 and 169 of the Companies Act 2006. A shareholder wishing to propose a resolution to remove a director must give special notice of his intention to the company. On receipt of the special notice from the shareholder, the board of directors of the company must call a general meeting of the company to consider the proposed resolution, to take place no earlier than 28 days from the date the company received the special notice. Notice of...
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...is common knowledge that in business transactions quite often promises are made at one time and the performance follows later. Explaining the object of the law Sir William Anson observes:”the law of contract is intended to ensure that what a man has been promised to him shall be performed” DEFINITIONS • A contract is an agreement made between two or more parties which the law will enforce • Pollock: “Every agreement and promise enforceable at law is a contract.” • Salmond: “A contract is an agreement creating and defining obligations between the parties.” AGREEMENT • An agreement is defined as “every promise and every set of promises, forming consideration for each other.” • A proposal when accepted becomes a promise. Agreement = Offer + Acceptance INDIAN CONTRACT ACT 1872 The law of contract in India is contained in the Indian contract act, 1872. According to section 2(h) of Indian contract act: an agreement enforceable by law is a contract” ESSENTIAL ELEMENTS OF A VALID CONTRACT 1. OFFER AND ACCEPTANCE: When one person signifies to another his willingness to do or abstain from doing anything with a view to obtaining the assent of that other to such act or abstinence he is said to make a proposal. The first step towards creating a contract is that one person shall signify or make a proposal or offer to the other, with a view to obtaining the acceptance of that another person to whom the offer...
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...Teaching Unit: Subject - Verb Agreement © 2000, 1978 Margaret L. Benner All rights reserved. Although you are probably already familiar with basic subject-verb agreement, this chapter begins with a quick review of basic agreement rules. Subjects and verbs must AGREE with one another in number (singular or plural). Thus, if a subject is singular, its verb must also be singular; if a subject is plural, its verb must also be plural. In the present tense, nouns and verbs form plurals in opposite ways: nouns ADD an s to the singular form; verbs REMOVE the s from the singular form. These agreement rules do not apply to verbs used in the simple past tense without any helping verbs. The agreement rules do, however, apply to the following helping verbs when they are used with a main verb: is-are, was-were, has-have, does-do. The agreement rules do not apply to has-have when used as the SECOND helping verb in a pair. They do NOT apply to any other helping verbs, such as can, could, shall, should, may, might, will, would, must. The subject-verb agreement rules apply to all personal pronouns except I and you, which, although SINGULAR, require PLURAL forms of verbs. Now click on the link below to do exercise 1. Link to Exercise 1 The remainder of this teaching unit deals with some more advanced subject-verb agreement rules and with exceptions to...
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...Consensual Relationship Agreements… For or Against? In this day and age things are moving extremely quickly and everyday something new change. Women have gone from house wives, cooking and cleaning, taking care of the children, preparing the home at the rate their partners see fit, to home providers. Technology has gone from typewriters and pagers to laptops and smart phone, while opening up a whole new way of dating from social networks to text messaging. One in five relationships start online, however in my young years, I could recall at time when dating once meant receiving a phone call at home, and later being asked out for potentially a dinner and a movie. Now, dating begins with sending an inbox through Facebook, while “liking” and commenting on status messages, following or “tweeting” a person on twitter, or commenting on how good pictures look on this new world wide epidemic called instagram. In addition to the fast pace environment we live in, people are spending a lot more time working. Whether it’s working to take care of single family homes which are growing more and more by the year, or working to take care of self with the cost of living rising each day. Each week people spend a minimum of at least five days and forty hours a week in the workplace as considered as fulltime. In a world moving at such a fast pace one must one wonder how or where is the best place to form relationships, and if it’s ideally okay to form relationships in the work place. More...
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...by minor. ➢ Agreements Opposed To Public Policy. ➢ Free consent. ➢ Legality of object and consideration 1. ESSENTIAL ELEMENTS OF A VALID CONTRACT 1. “All contracts are agreements but an agreement are not contracts” – Discuss? (OR) Essential elements of valid contract? Ans. Indian contract Act (I A), 1872, sec 2 defines a contract us “an agreement enforceable by law.” From the above definitation, the features of contract can be classified as 1. Agreement 2. Legal obligation. 1. Agreement: According to Sec2 (e), “Every promise or every set of promises forming consideration for each other” is called an Agreement. Therefore, AGREEMENT = OFFER + ACCEPTANCE CONTRACT =AGREEMENT+ENFORCEABILITY AT LAW FEATURES OF AN AGREEMENT: 1. Plurality of the parties 2. Consensus – ad-idem 3. Legal obligation 1. Plurality of the parties; for every agreement, there should be minimum two parties because one person alone cannot enter into an agreement with himself. 2. Consensus – ad-idem; the minds of both the parties must be in ad-idem, i.e., both the parties must think of the same subject matter the same time and in the same sense. 3. Legal obligation; an agreement, to become a valid contract, it should end in legal relations. Agreements without legal obligation will not be able to construct a contract. These agreements are purely domestic...
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