law of contract

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extracted material on business law business law aau, college of business and economics part - four law of contract 1. background goods are bought, sold, and moved by way of contract; employees are hired under contract; land and buildings are developed, bought, sold, financed or leased under contract; business risk is reduced by the contract of insurance; and, indeed, many businesses, such as partnerships, are based on contracts. in a sense, contracts represent the foundation of most commercial activities, and consequently, contract law represents one of the most important areas of business law. in this part the formation of a valid contract is explained. a contract can be described as an agreement concluded by two or more persons with the serious intention of creating legally enforceable obligations. law of contract is an area of the law that relates almost exclusively to business transactions. contract law differs from many other areas …

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romised benefit. an obligation is the legal relationship that exist between parties to an agreement when they acquire personal rights against each other that either entitle them to performance and/or oblige them to perform. performance may entail an obligation to do or not to do something, or to deliver something. personal rights may come about through various events, for instance through delict or contract. thus, the conclusion of contract is an event giving rise to obligations. although a contract is an agreement between two or more parties, not all agreements are contracts and not all agreement create obligation. for example, social appointments (such an agreement between friends to meet at a restaurant on a specified date and time) are agreements but they are not contracts as they do not create legally enforceable obligations. at most they create only moral duties. the difference between a contract and an agreement lies in …

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se that is made by only one party.this is a one-sided type of contract because only the offeror, who makes the promise, will be legally bound. the offeree may act as requested, or may refrain from acting, but may not be sued for failing to perform, or even for abandoning performance once it has begun, because he or she did not make any promises. contracts under ethiopian law when we come to the ethiopian legal system, we find the definition of contracts (enforceable agreements) under article 1675 of the ethiopian civil code. as such contract is defined as; ‘’an agreement whereby two or more persons as between themselves create, vary or extinguish obligation of proprietary nature’’. taking contract as a means constituting a valid obligation among contracting parties, it will have an automatic effect to get established, (formed) , varied (made deviation or change on the duties where contracting parties …

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e parties who are competent to contract. every person is competent to contract who is or the age of majority according to the law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject. although human beings are subject to rights and duties from the moment of birth, to death some may not be entitled to exercise such rights and duties. still others may exercise only some of their rights. minors and judicially interdicted persons cannot enter into a contract. however; when a legally interdicted person enters into a contract which he was prohibited from such is not limited to incapacity but also extends to illegality as per art 1716. the same holds true for special incapacities indicated under art. 194. rights are held by every person from the moment of birth, and these rights, …

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as period of minority. a minor is a natural person whose age is below eighteen. a minor is a person of either sex, who is below eighteen years of age (art. 215 –revised family code), and minority starts from the beginning of physical personality. a minor cannot perform juridical acts (i.e.-acts that entail legal consequences) “except in cases provided by law” (216/3- rfc). the words “except in cases provided by law” indicate that there are certain juridical acts that minors are allowed to perform. b. mental deficiency: - according to article 339/1, an insane person is one who cannot understand the importance of his actions as a result of being insufficiently developed (i.e.- retarded development, mental disease or senility). the two cumulative elements in the definition of insanity pertain primarily to the mental condition of the person, and secondly to his inability to understand the importance of his actions. in …

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extracted material on business law business law aau, college of business and economics part - four law of contract 1. background goods are bought, sold, and moved by way of contract; employees are hired under contract; land and buildings are developed, bought, sold, financed or leased under contract; business risk is reduced by the contract of insurance; and, indeed, many businesses, such as partnerships, are based on contracts. in a sense, contracts represent the foundation of most commercial activities, and consequently, contract law represents one of the most important areas of business law. in this part the formation of a valid contract is explained. a contract can be described as an agreement concluded by two or more persons with the …

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