Specific Performance of Contracts for Delivery of Personal Property
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
In Dispute 30:2 Contract Formation
CHAPTER 30 CONTRACTS Introductory Note A. CONTRACT FORMATION 30:1 Contract Formation ― In Dispute 30:2 Contract Formation ― Need Not Be in Writing 30:3 Contract Formation ― Offer 30:4 Contract Formation ― Revocation of Offer 30:5 Contract Formation ― Counteroffer 30:6 Contract Formation ― Acceptance 30:7 Contract Formation ― Consideration 30:8 Contract Formation ― Modification 30:9 Contract Formation ― Third-Party Beneficiary B. CONTRACT PERFORMANCE 30:10 Contract Performance — Breach of Contract — Elements of Liability 30:11 Contract Performance — Breach of Contract Defined 30:12 Contract Performance — Substantial Performance 30:13 Contract Performance — Anticipatory Breach 30:14 Contract Performance — Time of Performance 30:15 Contract Performance — Conditions Precedent 30:16 Contract Performance — Implied Duty of Good Faith and Fair Dealing — Non-Insurance Contract 30:17 Contract Performance — Assignment C. DEFENSES Introductory Note 30:18 Defense — Fraud in the Inducement 30:19 Defense — Undue Influence 30:20 Defense — Duress 30:21 Defense — Minority 30:22 Defense — Mental Incapacity 30:23 Defense — Impossibility of Performance 30:24 Defense — Inducing a Breach by Words or Conduct 30:25 Defense — Waiver 30:26 Defense — Statute of Limitations 30:27 Defense — Cancellation by Agreement 30:28 Defense — Accord and Satisfaction (Later Contract) 30:29 Defense — Novation D. CONTRACT INTERPRETATION Introductory Note 30:30 Contract Interpretation — Disputed Term 30:31 Contract Interpretation — Parties’ Intent 30:32 Contract Interpretation — -
Who Needs That Recital of Consideration?
DraftingDrafting aa newnew dayday Who needs that ‘recital of consideration’? By Kenneth A. Adams t’s hardly a shocking notion that are hereby acknowledged, the parties Farnsworth, Farnsworth on Contracts any given contract could contain hereto covenant and agree as follows. 150 (2d. ed. 1998).) It follows that Ione or more provisions that reflect Recitals of consideration raise a using instead the vague language of a an inaccurate or outdated view of con- number of issues of legal usage. For traditional recital of consideration tract law. What’s more noteworthy is example, NOW, THEREFORE is archa- would be equally ineffective. the fact one such provision — the tra- ic, while in consideration of the premises Similarly, a false recital of consider- ditional recital of consideration — is simply an obscure way of saying ation cannot create consideration appears in most corporate agreements. “therefore” and is superfluous given where there was none. If, in the con- In this article, I explain why that the preceding “therefore.” And refer- tract between Acme and Roe, Acme traditional recital of consideration ences to the value or sufficiency of recites falsely that the payment to Roe fails to serve its intended purpose and consideration are outdated: With the was in consideration of future services why omitting it could only improve a rise of the “bargain test of considera- and Acme subsequently refuses to pay contract. tion” reflected in the Restatement (Sec- the bonus, Acme should prevail in any The ostensible function of a recital ond) of Contracts, the focus of judges action brought by Roe if it succeeds in of consideration is to render enforce- has shifted from the substance of the proving that the recital was false. -
“Supply for Consideration”? Presented by Tony Van Der Westhuysen BA; LLB; H
12/05/2017 Just what is a “Supply for consideration”? Presented by Tony van der Westhuysen BA; LLB; H. Dip Tax Law; MBA; Cert IV TAA 1 12/05/2017 Legislative Background Section 9-5 You make a taxable supply if: (a) you make the supply for consideration; and (b) the supply is made in the course or furtherance of an enterprise that you carry on; and (c) the supply is connected with the indirect tax zone; and (d) you are registered, or required to be registered. However, the supply is not a taxable supply to the extent that it is GST- free or input taxed. 2 12/05/2017 Section 9-10 Meaning of ‘supply’ • A supply of goods or services; • The provision of advice or information; • A grant, assignment or surrender of real property; • The creation, grant, transfer, assignment or surrender of any right; • Includes financial supplies Continued…. Section 9-10 (continued) Includes • an entry into an obligation or • release from an obligation • to do anything • to refrain from an act • to tolerate an act or situation 3 12/05/2017 What is not a supply? “Supply” does not include a supply of money, unless the money is provided as consideration for a supply that is a supply of money. (s9-10(4)) Section 9-15 Meaning of ‘consideration’ “Consideration” Includes: • any payment or any act or forbearance • in connection with, • in response to or • for the inducement of • a supply of anything 4 12/05/2017 Case law • Reliance Carpet Company Pty Ltd v FCT AAT (yes) FFC (no) HC (yes) • COT v Qantas Airways Ltd AAT (yes) FFC (no) HC (yes) GSTR 2006/9 The meaning of “Supply” 5 12/05/2017 The Propositions Sixteen in total Proposition 4 • A transaction may involve two or more supplies • Non-monetary consideration • GST-inclusive market value 12 6 12/05/2017 Proposition 5 • To 'make a supply' an entity must do something • The ordinary meaning of 'supply' requires a positive act by the supplier • Compulsory acquisitions? Re Hornsby Shire Council v. -
The Right of a Defaulting Vendee to the Restitution of Instalments Paid
YALE LAW JOURNAL VOL XL. l\'l.A.Y, 1931 No.7 THE RIGHT OF A D~~FAITLTING VENDEE TO THE RESTITUTION OF INSTALl\fENTS PAID THE question whether a vendee of land, ,vho defaults after hav ing ,paid one or more instalments of the price, can maintain an action for the recovery of any part of such instalments, is but a subordinate part of a larger problem. When can any contractor who is himself in default get judgment for compensation for a part performance rendered by 11im? It is a question of vital import to building contractors, sellers and buyers of goods, em ployees who have quit service or have been discharged for cause, as well as to vendees of land. In all these cases alike, there are conflict and inconsistency and differences of opinion as to what public policy and the general welfare require. The position of the defaulting vendee, however, has generally not been consci ously related to the other types of cases. In order to reconcile decisions, to eliminate actual conflict in the future, and to construct a consistent system of law, it is necessary to give more definite consideration to the equitable rules against the enforcement of penalties and forfeitures. If a contractor has committed a total breach of his contract, hav ing rendered no performance whatever thereunder, no penalty or forfeiture will be enforced against him; he will be required to do no more than to make the injured party whole by paying full compensatory damages. In like manner, a contractor who com mits a breach after he has rendered part performance must also make the injured party whole by payment of full compensatory damages. -
Lesser Known Breach of Contract Defenses
LESSER KNOWN BREACH OF CONTRACT DEFENSES Jack A. Walters, III Cooper & Scully, P.C. Founders Square 900 Jackson Street, Suite 100 Dallas, Texas 75202 (214) 712-9500 (214) 712-9540 fax www.cooperscully.com [email protected] 3rd Annual Construction Symposium January 25, 2008 TABLE OF CONTENTS I. INTRODUCTION...............................................................................................................1 II. BACKGROUND ON CONSTRUCTION CONTRACTS..................................................1 A. Contract Documents...............................................................................................1 B. Checklist of Issues Covered in a Contract..............................................................1 C. Definitions..............................................................................................................2 III. CONTRACT DEFENSES...................................................................................................3 A. Limitations (Statute of Limitations & Statute of Repose)......................................3 B. Standing/Privity......................................................................................................5 C. Failure of consideration / Lack of consideration....................................................6 D. Mistake 7 E. Ratification.............................................................................................................8 F. Waiver 9 G. Plaintiff's Prior Material Breach.............................................................................9 -
Unit 6 – Contracts
Unit 6 – Contracts I. Definition A contract is a voluntary agreement between two or more parties that a court will enforce. The rights and obligations created by a contract apply only to the parties to the contract (i.e., those who agreed to them) and not to anyone else. II. Elements In order for a contract to be valid, certain elements must exist: (A) Competent parties. In order for a contract to be enforceable, the parties must have legal capacity. Even though most people can enter into binding agreements, there are some who must be protected from deception. The parties must be over the age of majority (18 under most state laws) and have sufficient mental capacity to understand the significance of the contract. Regarding the age requirement, if a minor enters a contract, that agreement can be voided by the minor but is binding on the other party, with some exceptions. (Contracts that a minor makes for necessaries such as food, clothing, shelter or transportation are generally enforceable.) This is called a voidable contract, which means that it will be valid (if all other elements are present) unless the minor wants to terminate it. The consequences of a minor avoiding a contract may be harsh to the other party. The minor need only return the subject matter of the contract to avoid the contract. if the subject matter of the contract is damaged the loss belongs to the nonavoiding party, not the minor. Regarding the mental capacity requirement, if the mental capacity of a party is so diminished that he cannot understand the nature and the consequences of the transaction, then that contract is also voidable (he can void it but the other party can not). -
Delay As a Bar to Rescission John M
Cornell Law Review Volume 26 Article 7 Issue 3 April 1941 Delay as a Bar to Rescission John M. Friedman Follow this and additional works at: http://scholarship.law.cornell.edu/clr Part of the Law Commons Recommended Citation John M. Friedman, Delay as a Bar to Rescission, 26 Cornell L. Rev. 426 (1940) Available at: http://scholarship.law.cornell.edu/clr/vol26/iss3/7 This Article is brought to you for free and open access by the Journals at Scholarship@Cornell Law: A Digital Repository. It has been accepted for inclusion in Cornell Law Review by an authorized administrator of Scholarship@Cornell Law: A Digital Repository. For more information, please contact [email protected]. DELAY AS A BAR TO RESCISSION JOHN M. FRIEDMAN The remedy of rescission has enjoyed great popularity during the last few years. The frequency with which it has been invoked is probably trace- able not only to the increase in number of business transactions, but also to the economic stress of the times. Contracts made in the flush days of the 1920's have turned out to be not as desirable as planned. Promisors are unable to perform and promisees seek the return of specific consideration given, instead of resorting to a suit for damages against a defendant of doubt- ful responsibility. Purchasers discover that sellers' statements which induced sales were vastly exaggerated and, with worthless purchases on their hands, seek the return of the considerations paid. But just as the desirability of a rescission becomes manifest slowly to a would-be rescinder over a period of continued depression, so also the restora- tion by the defending party of the consideration given in the same measure becomes more difficult. -
An Overview of Indemnification and the Duty to Defend
AN OVERVIEW OF INDEMNIFICATION AND THE DUTY TO DEFEND Indemnification & Duty to Defend Subcommittee, ACEC Risk Management Committee Subcommittee Chair Theodore D. Levin, P.E., Attorney Morris Polich & Purdy LLP Subcommittee Members Karen Erger, Vice President, Director of Practice Risk Management Lockton Companies, Inc. Albert Rabasca, Director of Industry Relations XL Specialty Insurance Company Homer Sandridge, Underwriting Director, Professional Liability Travelers Insurance Creighton Sebra, Attorney Morris Polich & Purdy, LLP Principles and History One of the most basic principles of tort law is that every person should be responsible for damage that they have caused. Many states have reduced this concept to statute, each stating almost word for word that “Indemnity is a contract by which one engages to save another from a legal consequence of the conduct of one of the parties, or of some other person.”1 In many lawsuits, a plaintiff’s damages are caused by the convergence of several contributing factors originating from several different sources. To give one common example, a plaintiff homeowner alleging property damages resulting from construction defects may assert claims in one lawsuit against any of the diverse parties that contributed various scopes of work to the project, including the general contractor, subcontractors and trades that contributed to the defective work, as well as design professionals such as civil engineers, architects, and structural engineers. To put it even more bluntly, the owner files one suit against everyone in sight. In practice, however, the plaintiff more often merely sues the party or parties with whom he or she contracted, and lets the named defendant(s) do the legwork to identify and sue other parties that may also be responsible. -
Interpretive Guidance on Statement of Cash Flows (March 2018)
Life Sciences Accounting and Financial Reporting Update — Interpretive Guidance on Statement of Cash Flows March 2018 Statement of Cash Flows Introduction While the accounting principles underlying the statement of cash flows have been in place for many years, challenges in interpretation and preparation have consistently made the statement of cash flows one of the leading causes of restatements and comments from the SEC staff for life sciences entities. In the Industry Issues section below, we highlight issues commonly encountered by life sciences entities that are associated with the classification of cash flows as operating, investing, or financing. For more information as well as insights into topics not addressed below, see Deloitte’s A Roadmap to the Preparation of the Statement of Cash Flows. Industry Issues Foreign Currency Cash Flows The global nature of life sciences entities often gives rise to transactions that are denominated in a foreign currency and to businesses that operate in foreign functional currency environments. For example, the product supply chain structures for many life sciences entities typically involve the movement of materials and products across international borders throughout the manufacturing life cycle, giving rise to many transactions that are exposed to changes in the exchange rate. An entity should report the cash flow effect of transactions denominated in a foreign currency by using the exchange rates in effect on the date of such cash flows. Instead of using the actual exchange rate on the date of a foreign currency transaction, an entity may use an average exchange rate for translation if the exchange rates are relatively consistent throughout the reporting period. -
Rescission, Restitution, and the Principle of Fair Redress: a Response to Professors Brooks and Stremitzer
Valparaiso University Law Review Volume 47 Number 2 Winter 2013 pp.1-78 Winter 2013 Rescission, Restitution, and the Principle of Fair Redress: A Response to Professors Brooks and Stremitzer Steven W. Feldman Follow this and additional works at: https://scholar.valpo.edu/vulr Part of the Law Commons Recommended Citation Steven W. Feldman, Rescission, Restitution, and the Principle of Fair Redress: A Response to Professors Brooks and Stremitzer, 47 Val. U. L. Rev. 1 (2013). Available at: https://scholar.valpo.edu/vulr/vol47/iss2/8 This Article is brought to you for free and open access by the Valparaiso University Law School at ValpoScholar. It has been accepted for inclusion in Valparaiso University Law Review by an authorized administrator of ValpoScholar. For more information, please contact a ValpoScholar staff member at [email protected]. Feldman: Rescission, Restitution, and the Principle of Fair Redress: A Re Article RESCISSION, RESTITUTION, AND THE PRINCIPLE OF FAIR REDRESS: A RESPONSE TO PROFESSORS BROOKS AND STREMITZER Steven W. Feldman* I. INTRODUCTION Analyzing a remedy that the reporter for the Restatement (Third) of Restitution and Unjust Enrichment describes as having “[e]normous practical importance and theoretical interest,”1 scholars in recent years have produced a flood of articles covering contract rescission and restitution.2 In their 2011 Article in the Yale Law Journal, Remedies on and off Contract, Professors Richard Brooks and Alexander Stremitzer weigh in on the discussion.3 Relying on microeconomic theory, which reflects the perspective of rational buyers and sellers, the authors’ thesis is that current legal doctrine is too restrictive in allowing buyers’ rescission and too liberal in granting them restitution.4 Although other commentators * Attorney-Advisor, U.S. -
Equity—Clean Hands Doctrine—Not Automatically Invoked Against Fraudulent Transferor
University of Arkansas at Little Rock Law Review Volume 6 Issue 4 Article 5 1983 Equity—Clean Hands Doctrine—Not Automatically Invoked against Fraudulent Transferor Rufus E. Wolff Follow this and additional works at: https://lawrepository.ualr.edu/lawreview Part of the Banking and Finance Law Commons Recommended Citation Rufus E. Wolff, Equity—Clean Hands Doctrine—Not Automatically Invoked against Fraudulent Transferor, 6 U. ARK. LITTLE ROCK L. REV. 559 (1983). Available at: https://lawrepository.ualr.edu/lawreview/vol6/iss4/5 This Note is brought to you for free and open access by Bowen Law Repository: Scholarship & Archives. It has been accepted for inclusion in University of Arkansas at Little Rock Law Review by an authorized editor of Bowen Law Repository: Scholarship & Archives. For more information, please contact [email protected]. EQUITY-CLEAN HANDS DOCTRINE-NOT AUTOMATICALLY IN- VOKED AGAINST FRAUDULENT TRANSFEROR-MACCUne v. Brown, 8 Ark. Ct. App. 51, 648 S.W.2d 811 (1983). On December 12, 1978, six hundred fifty gold Krugerrands, thirteen Mexican pesos and one double eagle gold piece were placed in a Little Rock bank in a safety deposit box leased to Billie Jean McCune, the defendant. W.G. Brown, the defendant's father, re- tained the keys to the box. On August 28, 1981, Mr. Brown filed a complaint in equity against his daughter seeking a temporary re- straining order to keep her from removing any of the contents of the safety deposit box. At trial Mr. Brown, who was involved in a di- vorce proceeding at the time of the transfer, admitted he had trans- ferred the gold to his daughter in an attempt to defeat his ex-wife's rights to the property. -
“Clean Hands” Doctrine
Announcing the “Clean Hands” Doctrine T. Leigh Anenson, J.D., LL.M, Ph.D.* This Article offers an analysis of the “clean hands” doctrine (unclean hands), a defense that traditionally bars the equitable relief otherwise available in litigation. The doctrine spans every conceivable controversy and effectively eliminates rights. A number of state and federal courts no longer restrict unclean hands to equitable remedies or preserve the substantive version of the defense. It has also been assimilated into statutory law. The defense is additionally reproducing and multiplying into more distinctive doctrines, thus magnifying its impact. Despite its approval in the courts, the equitable defense of unclean hands has been largely disregarded or simply disparaged since the last century. Prior research on unclean hands divided the defense into topical areas of the law. Consistent with this approach, the conclusion reached was that it lacked cohesion and shared properties. This study sees things differently. It offers a common language to help avoid compartmentalization along with a unified framework to provide a more precise way of understanding the defense. Advancing an overarching theory and structure of the defense should better clarify not only when the doctrine should be allowed, but also why it may be applied differently in different circumstances. TABLE OF CONTENTS INTRODUCTION ................................................................................. 1829 I. PHILOSOPHY OF EQUITY AND UNCLEAN HANDS ...................... 1837 * Copyright © 2018 T. Leigh Anenson. Professor of Business Law, University of Maryland; Associate Director, Center for the Study of Business Ethics, Regulation, and Crime; Of Counsel, Reminger Co., L.P.A; [email protected]. Thanks to the participants in the Discussion Group on the Law of Equity at the 2017 Southeastern Association of Law Schools Annual Conference, the 2017 International Academy of Legal Studies in Business Annual Conference, and the 2018 Pacific Southwest Academy of Legal Studies in Business Annual Conference.