ACNB Slides_18-20-23-25-27-30 Dec 2013 & 03-06-08-10-13 Jan 2014.pdf

8/11/2019 ACNB Slides_18-20-23-25-27-30 Dec 2013 & 03-06-08-10-13 Jan 2014.pdf

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LO1: Understand the essentialLO1: Understand the essentialelements of a valid contract inelements of a valid contract in

a Business Contexta Business Context

: pp y emen s o: pp y emen s oContract in BusinessContract in Business

situationssituationsB: A KB: A K

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Essential Elements of a valid contractEssential Elements of a valid contract

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Outcomes and assessment criteriaOutcomes and assessment criteria

LO1:

1.1

1.2

1.3

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What is aWhat is a contractcontract

A A

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Essential Elements of a valid contractEssential Elements of a valid contract

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Essential Elements of a valid contractEssential Elements of a valid contract continued..continued..

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Void ContractVoid Contract

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Privity of ContractPrivity of Contract

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Conditions, warranties & Innominate termsConditions, warranties & Innominate terms--

Application ScenarioApplication Scenario

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3. Validity factor3. Validity factor

33..11 II

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Contract by deedContract by deed

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Contracts which must be in writingContracts which must be in writing

A A

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4. Offer & Its Application4. Offer & Its Application

4.1 A 4.1 A

C C

C C GG L 1831 L 1831

HH & C L A L 1932& C L A L 1932A A

C C CC C B C 1893 C B C 1893

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4.2 I 4.2 I II

O O

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C C H H FF 18931893

C C BB B G 1971 B G 1971

A A

A A

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4.3 A I 4.3 A I

A A

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A A

AA

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A A

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C A:C A:AA

C 1968 C 1968 61 61

A 1A 1 62 62

F B 1961F B 1961 62 62

I I A A ..

A 2A 21/13/2014 18


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4.4 4.4

A A

(C) (C)

F F

D D

C C H H 63 63

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CC OO AA

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OO AA

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CC GG 18281828 6565FF AA

CC FF LL 19621962 6666

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Acceptance & Its Case ApplicationAcceptance & Its Case Application

55..11 DD::

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55..44 AA AA

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55..77 && II AA ,,

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A 3A 3 DD 69 69

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Electronic ContractsElectronic ContractsII FF

DD

CC DD

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Chapter Roundup DiscussionChapter Roundup Discussion

A A

A A A I A I 4 4

AA

A A

E E 1/13/2014 28


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Chapter 5: ConsiderationChapter 5: Consideration

DefinitionPrivity of

Contract

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Consideration

Waiver ofexisting rights

Adequacy andsufficiency


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Chapter 5: Consideration & ItsChapter 5: Consideration & Its

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IntroductionIntroduction

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1. Consideration1. Consideration

II

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EE CC::II

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CC:: AA

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2. Adequacy and sufficiency of consideration2. Adequacy and sufficiency of consideration

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Activit 2: Which of the followin isActivit 2: Which of the followin is

true of consideration?true of consideration?-- Page 87Page 87

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3. Privity of contract3. Privity of contract

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CC AA 18611861

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Ch R dCh R d


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Chapter RoundupChapter Roundup

E E

E CE C

C C

A A

C C

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Wai er of e isting RightsWai er of e isting Rights


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Waiver of existing RightsWaiver of existing Rights

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CHAPTER 6:CHAPTER 6:INTENTION AND CAPACITYINTENTION AND CAPACITY

Application in Business ScenarioApplication in Business Scenario

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Learning ObjectivesLearning Objectives

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Intention and CapacityIntention and Capacity


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Intention and CapacityIntention and Capacity

Capacity to

Contract

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Intention and

Capacity

Intention to createlegal relation

I t ti t t l l l tiI t ti t t l l l ti


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Intention to create legal relationIntention to create legal relation

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1.1 D A1.1 D A C C H H B B 1919 (B B 1919 (

N.N. 98)98)

J 1969J 1969 N. N. 99)99)

1.2 C A1.2 C A

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1.3 1.3

(C)(C) AA 19921992

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11..44 LL CCFF ,,

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1.5 1.5

II ,,

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A 1A 1 101 101

A 2A 2 101 101

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2. Capacity to Contract2. Capacity to ContractCC

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Capacity to ContractCapacity to Contract

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Companies Capacity Minors


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C C N N

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C C

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Types of Contract & Its Application inTypes of Contract & Its Application in


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yp ppyp pp

Business ScenarioBusiness Scenario

F F C ( C)F F C ( C)

C CD CD C

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Face to Face Contract (Verbal Contract)Face to Face Contract (Verbal Contract)


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Written ContractWritten Contract


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Written ContractWritten Contract

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FF MM


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Distance Selling ContractDistance Selling Contract


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What are your obligations?What are your obligations?


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What are your obligations?What are your obligations?

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What information should you give?What information should you give?


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Chapter 7Chapter 7Terms and Exclusion Clauses &Terms and Exclusion Clauses &

Its Application in BusinessIts Application in Businesssituationssituations

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Types of TermsTypes of Terms


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ConditionsConditions


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WarrantyWarranty


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Innominate termInnominate term


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G A 1979 G A 1979

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Express termsExpress terms


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Exclusion clauses and their validityExclusion clauses and their validity


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Exclusion Clauses Case StudiesExclusion Clauses Case Studies


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14 1 3214 1 32 121 121

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Export mode of Contract...Export mode of Contract... ContinuedContinued


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Documentary requirements (documents related toDocumentary requirements (documents related tointernational transactions, exports/Imports, delivery ofinternational transactions, exports/Imports, delivery of

goods & payment)goods & payment)

Common export documents include the bill of exchange;Common export documents include the bill of exchange;commercial invoice and other invoices; bill of lading orcommercial invoice and other invoices; bill of lading ora rway ; nsurance po cy; an e er o crea rway ; nsurance po cy; an e er o cre

Force majeure or excuse for nonForce majeure or excuse for non--performance of contractperformance of contract Remedial ActionRemedial Action

Applicable lawApplicable law

ArbitrationArbitration Signature of the partiesSignature of the parties

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Damages & Remedies &Damages & Remedies &

pp ca on o us ness asespp ca on o us ness ases

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Performance and BreachPerformance and Breach


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I I

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Types of PerformanceTypes of Performance


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CompleteComplete

PerformancePerformance

u s an au s an a

PerformancePerformance

Inferior PerformanceInferior Performance

Summary: Types of PerformanceSummary: Types of Performance


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y ypy yp

Type of PerformanceType of Performance Legal ConsequenceLegal Consequence

Complete PerformanceComplete Performance The contract is dischargedThe contract is discharged..

Substantial PerformanceSubstantial Performance The nonThe non--breaching party may recover damages caused bybreaching party may recover damages caused by

..

Inferior PerformanceInferior Performance(material breach)(material breach)

The nonThe non--breaching party may either:breaching party may either:

(1)(1) Rescind (Cancel Officially) the contract and recoverRescind (Cancel Officially) the contract and recover

restitution (damages), orrestitution (damages), or

(2)(2) Affirm (Establish) the contract and recover damages.Affirm (Establish) the contract and recover damages.

Anticipatory BreachAnticipatory Breach


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A A

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Breach of ContractBreach of Contract


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DamagesDamages


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AA ()().. AA

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Case DiscussionCase Discussion-- ApplicationApplication


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C 1: H C 1: H BB 18541854 174 174

C 2: C 2: LL ( (

N I 1949)N I 1949) 175 175C 3: H II 1969C 3: H II 1969 175 175

C 4: H (L) C 4: H (L) II 175 175

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Types of DamagesTypes of Damages


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Consequential Damages.Consequential Damages.


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D D . . , , . , , .

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C : HC : H .. BB 174 174

Punitive Damages.Punitive Damages.


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Nominal Damages.Nominal Damages.


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JJ .. .. ,, .. .. HH '' .. ,, ,, JJ ,, ..

Case DiscussionCase Discussion-- Business ApplicationBusiness Application


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C 1: H C 1: H BB 18541854 174 174

C 2: C 2: LL ( (

N I 1949)N I 1949) 175 175

C 4: H (L) C 4: H (L) II 175 175

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Mitigation of DamagesMitigation of Damages


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Liquidated DamagesLiquidated Damages


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A , , A , ,

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ADDITIONAL REMEDIESADDITIONAL REMEDIES


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. .

' . ' .


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Content 3: Understand theContent 3: Understand the

negligence in business activitiesnegligence in business activities

1/13/2014 98

ContentContent

N D N D


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N: D ; N: D ; ; ;

DD C C ; ; ; ; ; ; ; ;

LL E ; E ; ; & ; &

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What Youll Learn


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H

H

1/13/2014 100

H


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Legal TermsLegal Terms


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Section Outline


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E N

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Unintentional Torts


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A ,

, , .

N .

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Intentional and Unintentional TortsIntentional and Unintentional Torts


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Intentional and Unintentional TortsIntentional and Unintentional Torts

TortsIntentional Torts

ExamplesExamples

When a person commits awrong against another andknows and desires theconsequences of his or her act.

Assault and BatteryTrespassFalse imprisonment

Unintentional Torts

ExamplesExamples

NegligenceStrict liability

When acting in a carelessmanner causes damage orinjury.

Unintentional Torts


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.

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Unintentional Torts

Strict liability is the doctrine that states


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ythat people engaged in ultra hazardousactivities will be held liable, regardless ofhow careful they were and regardless oftheir intent.

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1.1 D

Negligence


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1.2 B

1.3 D

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Negligence

I I


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I I : :

C C

D D

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: :


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( ) ( )

I I

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1.1 Duty of care


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1932 ( 1932 ( 254)254)

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1.2 Breach of duty of care


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..

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Cases on Breach of duty of care

N N 1971 1971 259 259


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NN 1971 1971 259 259

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L & K D C L & K D C18651865 261 261

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E LNE C 1944E LNE C 1944 261 261

B C 1951 B C 1951 260 260


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260 260

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1.3 Differences to contract: Contrast liability intort with contractual liability


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B ; B ;

DD I , I ,

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Oracle sued for salaryOracle sued for salary

discrimination against Indiandiscrimination against Indian:// //:// //


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Damage

C ;C ;


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I; I;

D D ;;E E

O O

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Damages in tortin tort

D D


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D D

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CausationCausation


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,,

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Remoteness of DamagesRemoteness of Damages


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,, ((

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Personal InjuriesPersonal Injuries


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Damage to PropertyDamage to Property


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Economic lossEconomic loss


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Occupier liabilitiesOccupier liabilities


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Documents

ACNB Slides_18-20-23-25-27-30 Dec 2013 & 03-06-08-10-13 Jan 2014.pdf