Search results
Results From The WOW.Com Content Network
Contract law regulates the obligations established by agreement, whether express or implied, between private parties in the United States. The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law.
[7] He further separates the law of obligations into contracts, delicts, quasi-contracts, and quasi-delicts. Nowadays, obligation, as applied under civilian law, means a legal tie (vinculum iuris) by which one or more parties (obligants) are bound to perform or refrain from performing specified conduct (prestation). [8]
An illusory promise, or one which the promisor actually has no obligation to keep, does not count as consideration. The promise must be real and unconditional. This doctrine rarely invalidates contracts; it is a fundamental doctrine in contract law that courts should try to enforce contracts whenever possible.
Under Scots law, a contract is created by bilateral agreement and should be distinguished from a unilateral promise, the latter being recognised as a distinct and enforceable species of obligation in Scots Law. Scots contract law is related to Roman Dutch contract law owing to the influence of Dutch and Flemish merchants and scholarship on ...
The concept of good faith was established in the insurance industry following the events of Carter v Boehm (1766), and is enshrined in the Insurance Contracts Act 1984 (ICA). [26] The act stipulates, in Section 13, obligations of all parties within a contract to act with utmost good faith.
"Contracts" The Conflict of Laws. Second Edition. Stevens and Sons. 1980. Chapter 13. Page 209 et seq. Dicey. "Contracts: General Rules" and "Particular Contracts". A Digest of the Law of England with Reference to the Conflict of Laws. London. 1896. Chapters 24 and 25. Page 540 et seq. Joseph Story and Isaac F Redfield. "Foreign Contracts".
The test of whether one has acted in good faith is a subjective one; the cases suggest honesty, and possibly also reasonably. There is no general obligation to act in good faith term under English contract law: an attempt was made by Lord Denning in a series of case during the 70s and 80s but they are no longer considered 'good law'. European ...
In law, a default is the failure to do something required by law or to comply with a contractual obligation.Legal obligations can arise when a response or appearance is required in legal proceedings, after taking out a loan, or as agreed in a contract; failure to carry them out puts one in defaults of the obligations.