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  • Kindle Edition
  • 484
  • Commercial Law
  • Richard D. Currier
  • English
  • 27 April 2018
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Commercial Law review Í 103 Racts By an express contract we mean a contract the terms of which are fully set forth Implied contracts arePg 25 contracts the terms of which are not fully stated by the parties There is a mutual agreement and promise but the agreement and promise have not been expressly put in words If I say to a man I will buy your horse Dobbin for 100 and he replies I will sell you the horse at that price there is an express contract I step into a taxi and simply say to the driver Take me to the Union Station The driver says nothing but takes me there Here is an implied contract By my conduct I impliedly agree to pay him the legal rate for the distance carriedFORMAL AND INFORMAL CONTRACTS Contracts are sometimes also divided into formal contracts and simple or parol contracts There are three kinds of formal contracts recognized in our system of law 1 Promises under seal 2 Contracts of record such as judgments and recognizances 3 Negotiable instruments Of the three it may be most difficult to understand why a judgment is included as a form of contract because a judgment is simply a judicial termination of a fact entered in the office of the county clerk and generally a lien on the real property owned by the judgment The Complete Fairy Tales replies I will sell you the horse at that price there is an express contract I step into a taxi and simply say to the driver Take me to the Union Station The driver says nothing but takes me there Here is an implied contract By my conduct I impliedly agree to pay him the legal Trivial Complaints rate for the distance carriedFORMAL AND INFORMAL CONTRACTS Contracts are sometimes also divided into formal contracts and simple or parol contracts There are three kinds of formal contracts My Philadelphia Father recognized in our system of law 1 Promises under seal 2 Contracts of Eduardo Aronica Brooklyn Gambino Soldier record such as judgments and de-munich-agrave-la-lib-eacute-ration-1938-1944 recognizances 3 Negotiable instruments Of the three it may be most difficult to understand why a judgment is included as a form of contract because a judgment is simply a judicial termination of a fact entered in the office of the county clerk and generally a lien on the Essays Biographical Critical And Historical Illustrative Of The Rambler Adventurer And Idler Vol 1 Of 2 real property owned by the judgment

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Commercial Law

Commercial Law review Í 103 Debtor The sole reason apparently for calling a judgment a contract is that an action of debt may be brought in a court of law upon such a judgment Sealed contracts and negotiable paper will be taken up in a later chapter Simple or parol contracts are those not embraced in the three previous classifications which constitute the formal contracts The term parol is a little ambiguous as it is sometimes used as opposed to a writtenPg 26 contract meaning simply an oral one and at other times it is used as opposed to the three previous formal contractsUNILATERAL AND BILATERAL CONTRACTS Contracts are also divided into unilateral and bilateral contracts In a unilateral contract the contract imposes obligations on one party only A promissory note is an example of a unilateral contract In a bilateral contract obligation is imposed on both parties John and Mary become engaged to each other This is a bilateral contract and either may sue the other for a breach Most important results flow from the distinction between unilateral and bilateral contracts This we shall consider laterCommercial Law Contracts Consideration and Enforceability Performance and Termination Transfer of Stock Personal Property Estates and Trust

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Commercial Law review Í 103 Commercial law is a general term used to cover the legal rules which relate most directly to everyday commercial transactions It is a term of no exact boundary but most commercial law is based in one way or another on the law of contracts which is one of the largest subjects in the law Bills and notes for instance are special forms of contracts In order to understand business law at all therefore it is necessary at the outset to have some knowledge of the fundamental principles of the law of contractsDEFINITION OF CONTRACTS What is a contract Simply a promise or set of promises which the law enforces as binding Any promise if it is binding is a contract or part of a contract So the law of contracts in their formation resolves itself into this What promises are binding A man may make all sorts of promises but when has he a right legally to say I have changed my mind I am not going to do what I said I would and when will he be liable in damages if he fails to do as he agreedCONTRACT TERMS EXPLAINED There are certain terms in contracts which the student will find repeatedly mentioned and with which he should be familiar at the outset For example contracts are spoken of as express contracts and implied cont

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