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Contractual Agreements Act
Topic Started: Aug 17 2009, 12:30 AM (89 Views)
Lord Wallace Buttersworth
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Right Honourable Member
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Cliff notes at the bottom.

PREAMBLE:
This Act serves purely to define what is required for a legal document to form a contract.

PRINCIPAL OBJECTS OF THIS ACT:
To define the requirements of a Contract which are;
( a ) Offer and Acceptance
( b ) Consideration
( c ) An intention to create legal relations
( d ) Legal capacity
( e ) Formalities

DETAILS OF ACT:

Offer and Acceptance
Offer and Acceptance is the most important feature of a contract - it is that one party make an offer for an 'arrangement' that another party accepts, ad idem of 2 parties if you will. There must be evidence that the parties had each from an objective perspective engaged in conduct manifesting their assent, and a contract will be formed when the parties have met such a requirement. An objective perspective means that it is only necessary that somebody gives the impression of offering or accepting contractual terms in the eyes of a reasonable person, not that they actually did want to form a contract. Offer and acceptance does not always need to be expressed orally or in writing. An implied contract is one in which some of the terms are not expressed in words. This can take two forms. A contract which is implied in fact is one in which the circumstances imply that parties have reached an agreement even though they have not done so expressly. For example, by going to a doctor for a checkup, a patient agrees that he will pay a fair price for the service. If one refuses to pay after being examined, the patient has breached a contract implied in fact. A contract which is implied in law is also called a quasi-contract, because it is not in fact a contract; rather, it is a means for the courts to remedy situations in which one party would be unjustly enriched were he or she not required to compensate the other. For example, a plumber accidentally installs a sprinkler system in the lawn of the wrong house. The owner of the house had learned the previous day that his neighbor was getting new sprinklers. That morning, he sees the plumber installing them in his lawn. Pleased at the mistake, he says nothing, and then refuses to pay when the plumber delivers the bill. Will the man be held liable for payment? Yes, if it could be proven that the man knew that the sprinklers were being installed mistakenly, the court would make him pay because of a quasi-contract. If that knowledge could not be proven, he would not be liable.

Consideration
Consideration can be anything of value (such as an item or service), which each party to a legally-binding contract must agree to exchange if the contract is to be valid. If only one party offers consideration, the agreement is not legally a binding contract. A contract must be "met with" or "supported by" consideration to be enforceable; also, only a person who has provided consideration can enforce a contract. In other words, if an arrangement consist of a promise which is not supported by consideration, then the arrangement is not a legally enforceable contract. Mutual promises constitute consideration for each other. ("I promise you to do X, in consideration for which promise you promise me to do Y").

An intention to create legal relations
Intention to be legally bound simply is to denote a court's presumption that parties to an agreement wished it to be enforceable by a court.

Legal capacity
The capacity of both natural and artificial persons determines whether they may make binding amendments to their rights, duties and obligations, such as getting married or merging, entering into contracts, making gifts, or writing a valid will.

Capacity is an aspect of status and will be defined by this act:

( a ) for natural persons lex domicilii;
( b ) for artificial persons, the law of the place of incorporation, the lex incorporationis for companies while other forms of business entity derive their capacity either from the law of the place in which they were formed or the laws of the states in which they establish a presence for trading purposes depending on the nature of the entity and the transactions entered into.

Formalities
Formalisation and correct determination of the contract.

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Cliff notes:
1.) This Act simply defines what a contract is, and what is required for it.
2.) Why am I doing it? Because we probably should have one. It's a basic legal Act.
3.) I imagine this will receive no opposition, it's not evil and doesn't do anything really. We just should have it.
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DynamoJax
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17th and 20th PM of Ostentia.
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I support this bill.
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DMHowe
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Under Investigation
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Yup, support.
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