Download Commercial Contracts. A Practical Guide to Deals, Contracts, by Chris Thorpe, John Bailey PDF

By Chris Thorpe, John Bailey

This booklet goals to give an explanation for the foundations of agreement legislation for the businessman, and to place these rules into their advertisement context. an individual curious about advertisement transactions wishes not less than a easy knowing of the rules of agreement legislations - the criminal framework for all advertisement task. an absence of this sort of easy figuring out at top leads to a enterprise that's much less aggressive and eventually much less ecocnomic than it's going to be, and at worst could have dear and occasionally disastrous advertisement effects

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Extra resources for Commercial Contracts. A Practical Guide to Deals, Contracts, Agreements and Promises

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Let us try to give some reality to these concepts. 2, the shop assistant agreed to give me a 5 per cent cash discount. Suppose that Dixons write to me saying that the shop assistant had no authority to give me a dis­ count, and asking me to pay the extra 5 per cent. In legal terms they are saying that their agent exceeded his actual authority. In fact most shop assistants do have the authority to give a cash discount, and so it was quite reasonable for me to believe that this shop assistant had such authority.

The answer to that question depends on whether the obligations of B, C, D and E under the contract are joint, several or joint and several. 3 Joint obligations A joint obligation is a single obligation owed jointly by all the members of the group. In our example this means that A can sue any or all of B, C, D and E for the £100, although of course he can only recover £100 in total. If therefore B has no money, A can still recover his £100 in full from C, D and E. This is the situation when a partnership enters into a contract: the obligations of the indi­ vidual partners under the contract are joint obligations.

The newsagent's undertaking represents his consid­ eration for the agreement, and my undertaking represents my con­ sideration for the agreement, so the requirement of consideration from each party is satisfied and there is an enforceable contract between us. 52 Entering into a contract An undertaking to do something is by far the most common type of consideration, but there is one other type. This is where a party to an agreement, rather than undertaking to do something, has already done something.

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