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Friday, February 7, 2020 | History

3 edition of Legal principles of contracts and negotiable instruments found in the catalog.

Legal principles of contracts and negotiable instruments

Legal principles of contracts and negotiable instruments

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Published by LexisNexis Butterworths in Durban .
Written in English

    Places:
  • South Africa
    • Subjects:
    • Contracts -- South Africa -- Outlines, syllabi, etc.,
    • Negotiable instruments -- South Africa -- Outlines, syllabi, etc.,
    • Agency (Law) -- South Africa -- Outlines, syllabi, etc.

    • Edition Notes

      Includes bibliographical references (p. 287-288) and index.

      Statementeditor, M.A. Fouché ; authors, M.A. Fouché ... [et al.].
      GenreOutlines, syllabi, etc.
      ContributionsFouché, M. A.
      Classifications
      LC ClassificationsKTL920 .L44 2002
      The Physical Object
      Paginationvii, 309 p. ;
      Number of Pages309
      ID Numbers
      Open LibraryOL3732368M
      ISBN 100409028118
      LC Control Number2003390668
      OCLC/WorldCa51912378

      The written contract may not be modified, altered, or varied by parol or oral evidence, provided that it has been legally executed by a person who intends for it to represent the final and complete expression of his or her understanding of the contract. Promissory estoppel is a doctrine by which a court enforces a promise that the promisor reasonably expects will induce action or forbearance on the part of a promisee, who justifiably relied on the promise and suffered a substantial detriment as a result. In the event that nothing occurs, you do not receive your money back. Now there can be many explanations for a cheque being returned, those reasons are stated in a memo sent by the bank along with the cheque. However, when a writing is ambiguous, parol evidence is admissable only to elucidate, not to vary, the instrument as written.

      The purchaser is not relieved of his or her promise to pay, because of the performance of the void oral promise by the seller. Negotiation, in this sense, means transference. Undue Influence Undue influence is unlawful control exercised by one person over another in order to substitute the first person's will for that of the other. Promissory Note A promissory note is an unconditional promise to pay put into writing by a person or entity and signed by the borrower or person making the promise. Aside from certain statutory exceptions pertaining to the sale of goods, as prescribed by Article 2 of the Uniform Commercial Code UCCif any of the proposed terms is not settled, or if no method of settlement is provided, then there is no agreement. Fourth, the promise or order must be payable "on demand or at a definite time.

      Exactly what party qualifies as the holder can vary greatly, depending upon the type of instrument in question and any special conditions that may apply to it. Courts determine whether there has been a breach or a substantial performance of a contract by evaluating the purpose to be served; the excuse for deviation from the letter of the contract; and the cruelty of enforced adherence to the contract. Unconscionable Contracts An Unconscionable contract is one that is unjust or unduly one-sided in favor of the party who has the superior bargaining power. The seller bank is the drawee and has no obligation to a holder to pay the money order.


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Legal principles of contracts and negotiable instruments Download PDF Ebook

An implied-in-law contract requires the party to perform as ordered by the court. The contract itself is outlines the obligations of the parties, and may give one party the right to hold the instrument. Since the acceptance of a unilateral contract requires an act rather than a promise, it is unnecessary to furnish notice of intended performance unless the offeror requested it.

This growth is to be traced in the main through a series of cases; and much the shortest and best, if not the only way of mastering the doctrine effectually is by studying the cases in which it is embodied.

Check cashers will not normally accept items with a qualified endorsement. Implied-in-Fact Contract: An implied contract is one that requires Legal principles of contracts and negotiable instruments book oral or written statements but is simply inferred by the actions of either one or both parties involved.

The majority of unconscionable contracts occur in consumer transactions. It is even possible to transform an order instrument into a bearer instrument through certain types of endorsements, and thereby, facilitate negotiation in that manner.

A total, major, material, or substantial breach of contract constitutes a failure to perform properly a material part of the contract. A donee beneficiary of Legal principles of contracts and negotiable instruments book contract is a non-party who benefits from a promise that is made for the purpose of making a gift to him or her.

Nothing but a lapse of time is necessary to make its performance due. It is very important Legal principles of contracts and negotiable instruments book include all the facts in brief that shall form the crucial part of the complaint. A promissory note, on the other hand, involves one party promising to pay another party a specific amount of money at a specific point in time.

Contracts sometimes specify that the benefits accruing to one party will be conferred upon a third party. Second is that the contract must be signed by the maker or the drawer of the contract. A contract for the sale of goods may be made in any manner that is sufficient to show agreement, and courts may consider the conduct of the parties when making this determination.

After reaching the age of majority, a person implicitly ratifies and becomes bound to perform the contract if he or she fails to disaffirm it within a reasonable time, which is determined by the circumstances of the particular case. Performance — The act of doing what is required by a contract.

A negotiable instrument may be transferred to a third party, holding the same value to the new holder. Trade acceptances refer to a type of time drafts in some contexts, and to a specific, important element of drafts in other contexts.

Under section c such a check is governed by revised article 3 and there can be a holder in due course of the check. A contract implied in fact, which is inferred from the circumstances, is a true contract, whereas a contract implied in law is actually an obligation imposed by law and treated as a contract only for the purposes of a remedy.

Such procedure does not offer sufficient inner manipulation over proceeds. Factors Not Affecting Negotiability Though there are many factors that would affect the negotiability of a given instrument, there are some factors that would appear significant which, as provided for under the Uniform Commercial Code, are actually insignificant and do not affect the negotiability of the instruments in question.

An implied condition is one that the parties should have reasonably comprehended to be part of the contract because of its presence by implication. If the lease is breached before the entire term has expired, the tenant is liable for the remaining rent as each month occurs, but is not liable prior to that time.

Although the contract of an infant or other person may be voidable, the person still may be liable in quasi-contract in order to prevent Unjust Enrichment for the reasonable value of goods or services furnished if they are necessaries that are reasonably required for the person's health, comfort, or education.

It ensues when a party who has a duty of immediate performance fails to perform, or when one party hinders or prevents the performance of the other party.

Promissory Notes Whereas drafts are a form of negotiable instrument which involve three parties and an order to pay, promissory notes involve only two parties and are promises instead of orders.Negotiable Instruments - General Principles PURPOSE OF CODIFICATION Chief purpose was to produce uniformity in the laws of the different states upon this important subject, so that the citizens of each state might know the rules which would be applied to their notes, checks, and other negotiable paper in every other state in which the law was.

Nov 14,  · Negotiable Instrument; definition.A negotiable instrument is a special contract which on its face is signed by the maker or drawer, making an unqualified promise or order to pay on demand or at a fixed or determinable future time, a sum certain in money, to.

Agency, Partnership, Bailments and Carriers, Leases, Negotiable Instruments, Master and Servant, and Suretyship. Much of the book is devoted to English statutory law, the chapters on stamping of contracts and on the capacity of parties containing little else. [] HeinOnline -- 31 Author: Arthur L.

Corbin.Pdf 02,  · This Pdf stems from the author's quest to write a book which is basic and simple to read for a student of the Negotiable Instruments Law. The book starts with the discussions on the General Principles of the Negotiable Instruments Law, then eventually discussing the types and classifications of Negotiable Instruments, and also integrates discussions.Principles of Business Law Syllabus Aims 1.

Acquire an understanding of the principles of Common Law system within the students’ own legal system and how it affects their business life. 2.

Negotiable instruments

Acquire a knowledge of the legal environment in which businesses operate in .Is the principle of negotiability of negotiable instruments still relevant to modern ebook trade finance law, or has been displaced by the electronic revolution and/ or the dematerialisation of negotiable instruments.

Introduction ‘Negotiable’ is an ambiguous word.