Search results
Results From The WOW.Com Content Network
[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]
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.
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 ...
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.
If a contract specifies "subject to finance", it may impose certain obligations on the purchaser: [41] If the contract is silent on the level of effort required by the finance seeker (usually purchaser) to obtain finance, the finance seeker may come under an implied duty to cooperate.
The kind of contract modification performed by the law in question was arguably similar to the kind that the Framers intended to prohibit, but the Supreme Court held that this law was a valid exercise of the state's police power, and that the temporary nature of the contract modification and the emergency of the situation justified the law. [21]
The element that converts any agreement into a true contract is "intention to create legal relations". There must be evidence that the parties intended the agreement to be subject to the law of contract. If evidence of intent is found, the agreement gives rise to legal obligations whereby any party in breach may be sued.
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 ...