LAW OF CONTRACT - 1872
Law is a system of rules and guidelines, usually enforced through a set of institutions. Contract law regulates everything from buying a bus ticket to trading on derivatives markets.
Property law defines rights and obligations related to the transfer and title of personal and real property. If the harm is criminalised in legislation or case law, criminal law offers means by which the state can prosecute the perpetrator.
1. The English Connection:
2. Common law: precedents & customs.
3. Equity: natural justice.
4. Pacta sunt servanda: agreements must be honored.
5. Stare decisis: settled law should not be disturbed
Definitions.
• Proposal - When one person signifies to another his willingness to do or to 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.
• Promise - 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. The person making the proposal is called the "promiser and the person accepting the proposal is called the It promise"
•Consideration - When, at the desire of the promiser, the promisee or has clone or abstained from any other person doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such Act or abstinence or promise is called a consideration for the promise.
• Agreement - Every promise and every set of promises, forming the consideration for each other, is an agreement.
• Contract - An agreement enforceable by law is a contract.
• An agreement not enforceable by law is said to be void.
Law is a system of rules and guidelines, usually enforced through a set of institutions. Contract law regulates everything from buying a bus ticket to trading on derivatives markets.
Property law defines rights and obligations related to the transfer and title of personal and real property. If the harm is criminalised in legislation or case law, criminal law offers means by which the state can prosecute the perpetrator.
1. The English Connection:
2. Common law: precedents & customs.
3. Equity: natural justice.
4. Pacta sunt servanda: agreements must be honored.
5. Stare decisis: settled law should not be disturbed
Definitions.
• Proposal - When one person signifies to another his willingness to do or to 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.
• Promise - 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. The person making the proposal is called the "promiser and the person accepting the proposal is called the It promise"
•Consideration - When, at the desire of the promiser, the promisee or has clone or abstained from any other person doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such Act or abstinence or promise is called a consideration for the promise.
• Agreement - Every promise and every set of promises, forming the consideration for each other, is an agreement.
• Contract - An agreement enforceable by law is a contract.
• An agreement not enforceable by law is said to be void.