Sale of Goods-CIMA

Statutory references in this chapter are to the Sale of Goods Act 1979 unless other wise noted. DEFINITION OF A CONTRACT FOR THE `SALE OF GOODS' 1. The main statute on sale of goods is the Sale of Goods Act ...Read More

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Law of Agency-CIMA

CREATION OF AGENCY 1.the relationship of principal and agent is usually created by mutual consent. The consent (with one exception - see below) need not be formal-nor expressed in a written document It is usually an express agreement even if ...Read More

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Remedies For Breach Of Contract-CIMA

REMEDIES AVAILABLE FOR BREACH OF CONTRACT l.A party may apply to the court for a number of remedies when the other party is in breach of party contract (a) Damages - as compensation for loss caused by the breach. (b)Action ...Read More

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Intention To Create Legal Relation-CIMA

EXPRESS STATEMENTS OF INTENT 1.  agreement is not a binding contract unless the parties intend thereby to create legal relations. Where the parties have not expressly denied such intention, what matters is not what the parties have in their minds, ...Read More

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Offer And Acceptance -CIMA

The particular significance of offer and acceptance is that a)       new terms cannot thereafter be introduced into the contract unless both parties agree; and b)       the terms of the contract appear from the offer and acceptance rather than from , ...Read More

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Consideration-CIMA

NATURE OF CONSIDERATION 1. A promise given in a contract is only binding on the promisor if (i)             it is supported by consideration; or (ii)            the promise is in the form of a deed. 2. The requirement of consideration for ...Read More

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Discharge of Contract -CIMA

1.How A CONTRACT COMES TO AN END a party who is subject to the obligations of a contract may be discharged from those obligation in one of four ways. The agreement is then at an end. The four ways are: ...Read More

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Illigality of Contract -CIMA

TYPES OF VOID OR ILLEGAL CONTRACT Some types of contract cannot be enforced in a court of law because they are unlawful in themselves or disapproved as contrary to public policy. The following categories may be distinguished. (a) Void by ...Read More

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Terms of The Contract-CIMA

LEGAL MODIFICATIONS OF EXPRESS TERMS As a general principle the parties may by their offer and acceptance include in their contract whatever terms they prefer. But the law may modify these express terms in various ways. (a)The terms must be ...Read More

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CIMA

DEFINITION OF LAW Law, as it is, is the command of the Sovereign. It means, 1) law has its source in sovereign authority, (2) law is accom­panied by sanctions, and (3) the command to be law should compel a course ...Read More

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