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Tuesday, August 15, 2006
- Law Revision
Let me test myself. I'm not looking at my notes. Honest.Exclusion Clause - A term in the contract which erm, er... limits or excludes er.. the liability of a party in the case of him breaching the contract. Condition - The main purpose and a vital part of the contract. Warranty - Wait let me think, a term which doesn't affect the main part of the contract but affects a little??? Innominate term - It depends on how bad the situation is I guess. haha. Restraint of Trade term - A term in the contract which restrains the party signing the contract? P.A.F.B. Discharge by Performance Discharge by Agreement Discharge by Frustration Discharge by Breach Misrepresentation - An untrue statement um, made by one party to another .... er... at the time or before the contract. F.I.N. Fraudulent Misrepresentation - A person who makes a false statement is liable for fraud. The injured party can rescind the contract and sue for damages. Innocent Misrepresentation - A person who makes a statement and has reasonable grounds to believe that the statement is true. The injured party can either rescind the contract OR sue for damages. Negligent Misrepresentation - A person who makes a false statement and has no reasonable grounds to believe that the statement is true. The injured party can rescind the contract and sue for damages. Unliquidated Damages - Not stated in black and white in the contract. Judge assesses the damage and decides on the conpensation. Liquidated Damages or Penalty - Stated in the contract. However, it has to be assessed by the judge to determine whether it is a genuine estimate or just to 'punish' the defendant. Express Terms - Terms which are specifically agreed to by parties and stated in the contract, whether orally or in written form. Implied Terms - Terms which are not dicussed upon but are nevertheless part of the contract. Contractual terms are implied in the contract by fact, by custom and by law. Ok, time for some shut-eye. Tmr's the big day. |
 rachel
Spongebob is my best friend ♥
stuff i wanna do
camping taiwan trip bungee jumping you know you want to
treasured ones
 class blog alfred avian beatrice ber cell group blog! char cheryl derek-ha dione dong eugene mummy flannery gene grace isabel it jeremy jeslyn jia xin joanie jonathan joseph joyann juan hui leon linda matthew michelle nat nisa nix noah ryan sheryl sp squash suffy timo von xiao mei wei zhi yinzai layout: lyricaltragedy icon: threemoresteps inspiration: fruitstyle |