LAB PROJECT REPORT LAW OF TENDERS AND AUCTIONS PGPM 2010-12 TERM 1 TABLE OF CONTENTS 1. Auction and tender.……………………………………………………………………………………………………………….......3 2. Auction………………...……………………………………………………………………………………………………………….......3 2.1 Legal Aspect as per The Sale of Goods Act, 1930...............................................................3 2.1.1 Legal Rules Regarding Auction..................................................
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RAYMOND KIPCHIRCHIR RONO BUSINESS LAW INVITATION TO TREAT Definition: An invitation to treat is a tool to get negotiations going and show the terms which one party may be willing to accept. It is a mere declaration of willingness to enter into negotiations, not like an offer as it has to be accepted so as to form a binding contract (a pre-offer communication). Situations that can be categorised as invitation to treat: * Display of items - A mere display and qutation of a price does not
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act is the acceptance and that offers of this type may be made to a particular person or to the world at large ,In other word to any unmentioned person or persons. Definition of contract A contract may defined as an agreement enforceable by law between two or more persons to do or abstain from doing some act or acts, their intention being to create legal relation and not merely to exchange mutual promises. I order to decide whether a contract has come into being, it is necessary to establish
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Contract by Tender The request for tenders represents an invitation to treat and each tender submitted amounts to an offer unless the request specifies that it will accept the lowest or highest tender or other condition. If the request contains such a condition this will amount to an offer of a unilateral contract where acceptance takes place on performing the condition: Spencer v. Harding Law Rep. 5 C. P. 561 Case summary Auctions Where an auction takes place with reserve
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refuse to sell the item, falling back on its right to refuse services because it has not entered a contractual obligation with the customer. This is true even when stores promise ‘special offers’ or price-matching programs. In a book contract law, second edition by Mindy Chen-Wishart state that no offer is made when a party communicates his proposed terms unless he also communicates his commitment to be bound on the other’s acceptance of the terms. A communication may only be a request for a
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P63,130.00 was issued levied on the personal properties of the petitioner. Before the date of the auction sale, petitioner deposited with the Clerk of Court in his capacity as the Ex-Officio Sheriff P50,000.00 in Cashier's Check of the Equitable Banking Corporation and P13,130.00 in cash for a total of P63,130.00. Private respondent refused to accept the check and the cash and requested for the auction sale to proceed. The properties were sold for P50,000.00 to the highest bidder with a deficiency
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people. However, Ah Heng does not pay up when the loan becomes due. From the eyes of the law James is required to obtain a money lending licence to lend money to people legally. However, since James did not have a money lending licence, the contract can be deemed illegal depending on whether the purpose of the licence was used to raise revenue for the government or to protect the public. Example Case Law: Smith v Mawhood A tobacconist had to obtain a licence and have his name painted on the place
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1. Invitation to Treat v. Offer to the World at Large A contract may be defined as ‘a promise or set of promises which the law will enforce’ or as ‘an agreement giving rise to obligations which are enforced or recognized by law’ . An ‘offer’ is an expression of willingness to contract made with the intention (actual or apparent) that it shall become binding on the person making it as soon as it is accepted by the person to whom it is addressed . An offer may be addressed either to an individual
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less formal creation of an obligation between two parties. An agreement usually lacks one or more of the essential elements that are required to be present in order to form a valid contract that will be considered legally enforceable by curt of law. Contract outline, the terms of the relationship that should be formed between two parties to the contract. An agreement also outlines the terms of relationship between the two. However, the difference is that the contract outline is far more rigid
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Contractual agreement has traditionally been analysed in terms of offer and acceptance. One party, the offeror, makes an offer which once accepted by another party, the offeree, creates a binding contract. Key concepts that are needed to familiarise with in relation to offer and acceptance include the distinction between an offer and an invitation to treat – is needed to be able to identify specific examples of where an offer or an invitation to treat exists. If the maker of the statement clearly
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