Law of Contract and Torts notes

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Law of Contract and Torts NOTES Law of Contract Contract Law is the body of law that governs the formation, enforcement and dissolution of contracts. It is primarily concerned with the obligation of parties to perform their promises under the terms of a contract. Contract Law is based on the principle of freedom of contract, which states that parties to a contract are free to enter into whatever terms and conditions they wish, so long as they do not violate any laws.

Contracts are a form of agreement between two or more parties, usually involving the exchange of some form of consideration, or payment, for services or goods. When a contract is formed, it creates an obligation between the parties to perform their promises as stated in the contract. Contracts can be either written or verbal. Written contracts are usually more detailed and provide more protection than verbal contracts.

Torts Tort law is the body of law that governs civil wrongs or harms committed by one person against another. It is based on the principle of fault, which states that a person is liable for their actions or omissions that cause harm to another. Torts cover a wide range of civil wrongs, including negligence, intentional torts, product liability, defamation, and emotional distress. Tort law also provides for remedies such as damages, restitution, and injunctions. Tort law is different from criminal law, which is the body of law that governs crimes committed by one person against another. However, some torts may also be punishable under criminal law.

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Law of Contract and Torts notes

Compare between future contract and option contract

A future contract and an option contract are two different types of financial derivatives instruments. A future contract is a legally binding agreement to buy or sell a specific asset at a specific price at a specified future date. An option contract is a contract that gives the holder the right, but not the obligation, to buy or sell an asset at a predetermined price on or before a specified date.

The main difference between a future contract and an option contract is the level of commitment. With a future contract, both parties are obligated to buy or sell the asset at the predetermined price regardless of the market conditions. With an option contract, the holder has the right to exercise the option and buy or sell the asset, but it is not obligated to do so.

Another difference between a future contract and an option contract is the cost of the contract. A future contract typically requires an upfront payment, known as a margin, to cover any losses that may be incurred. An option contract does not require an upfront payment, but it does involve the payment of a premium for the right to exercise the option.

Finally, there is a difference in the payoff of a future contract and an option contract. With a future contract, the payoff is determined by the difference between the agreed-upon price and the price at which the asset is traded when the contract expires. With an option contract, the payoff is determined by whether or not the option is exercised, and if so, the difference between the agreed-upon price and the price at which the asset is traded when the option is exercised.

Compare express contract and implied contract

A express contract is an agreement in which the terms are fully stated either orally or in writing. It is an agreement whereby the parties have expressed their agreement in words.

An implied contract is an agreement that is not expressed in words, but is inferred from the conduct of the parties. It is an agreement by conduct or by implication, rather than by express words.

Differentiate between options contract and swap contract

An options contract is a type of derivative contract that gives the holder the right, but not the obligation, to buy or sell an underlying asset at a specified price on or before a specified date. A swap contract is a derivative contract through which two parties exchange financial instruments, such as cash flows, interest rates or commodity prices. Swaps are typically used to hedge risk or to speculate on changes in the value of the underlying instrument.

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Compare the void agreement and a void contract

A void agreement is an agreement or promise that is not legally enforceable or valid. It is usually unenforceable because the object of the agreement is illegal or because it was made under duress. A void contract is a contract that is legally unenforceable and has no legal effect. A void contract is not valid from the start and cannot be enforced by either party. It cannot be ratified or amended and is void from the time of its inception.

What is the difference between forward contract and futures contract?

A forward contract is an agreement between two parties to purchase or sell an asset at a future date and at a predetermined price. A futures contract is similar to a forward contract, but it is a standardized agreement that is traded on an exchange. The key difference between a forward contract and a futures contract is that futures contracts are standardized and involve clearing house guarantees, while forward contracts are customized, bilateral agreements that do not involve a clearing house.

Difference between Forward and Future Contract

A forward contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The price of the asset is set at the time the contract is signed and does not change, regardless of the market price at the time of delivery. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The price of the asset is determined by the market price at the time of delivery and may differ from the price set at the time the contract was signed.

Tort Law: Definition and Meaning

Tort law is a branch of private law that governs civil wrongs that involve a breach of a duty owed by an individual or entity to another individual or entity. It is intended to provide remedies for the victims of torts, or civil wrongs, and to deter potential wrongdoers from committing torts in the future. Tort law covers a wide variety of wrongs, including defamation, negligence, intentional torts, and product liability. The remedies available under tort law can include monetary damages, injunctions, and restitution.

What is the difference between contract and agreement?

A contract is a legally binding document that is enforceable by law and sets out the rights and obligations of the parties involved. An agreement is a verbal or written understanding between two or more parties that is not legally binding.

Difference between Land Contract and Rent to Own

A land contract is a legal agreement between a buyer and a seller in which the seller finances the purchase of a house, usually with a down payment and monthly payments. The buyer has possession of the property and is responsible for all costs associated with the property, such as taxes and insurance. The seller retains title to the property until the buyer has paid off the loan.

Rent to own is an agreement between a buyer and a seller in which the buyer leases the property for a certain period of time, with the option to purchase at the end of the term. The buyer pays rent to the seller each month and typically makes a down payment at the beginning of the agreement. The buyer is responsible for all costs associated with the property, such as taxes and insurance. The seller retains title to the property until the buyer has paid off the purchase price.

What is contract function and contract formation?

Contract function is the purpose of a contract, which is to create a legally binding agreement between two or more parties. Contract formation is the process of creating a legally binding agreement by offering an offer, having it accepted, and fulfilling all the necessary legal requirements. This includes having both parties sign a written agreement, which outlines the conditions that both parties have agreed upon.

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