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Research Paper on Business Law - Essay Example

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Research Paper on Business Law

3. The courts in Barclays Bank v. O'Brien1 have classified undue influence into two classes; the first is actual undue influence where the claimant has to prove that the offender had used undue influence on the claimant to enter into the particular transaction. In the second class that is presumed undue influence, the claimant only has to prove that there was a relationship of trust and confidence which has been breached; there is no need to prove actual undue influence, once a confidential relationship has been established.
4. A lessee is under a duty to abide by the leasehold covenants which have been agreed upon in the agreement. Further the lessee has to maintain property so that third party entering the premises does not get affected from such non-maintenance.
5. Under the Statute of Frauds 1677 it has been clearly stated that contracts of surety must be made in writing and should be duly signed. However there are two exceptions which might be said to be relevant to surety, the first one is where there has been part performance and the second is where the defendant addresses the existence of a contract under an oath.
5 The general formation of a contract requires an offer (that is a definite promise to be bound by the contract provided that that certain terms and conditions are fulfilled), acceptance (an unequivocal intention to abide by the offer from the offeree), intention to create legal relations and certainty.
However there are certain formalities which must be fulfilled for courts to find a contract.
S.40 (1) of the Law of Property Act 1925 (repealed by s.2 of the Law of Property (Miscellaneous Provisions) Act 1989) clearly illustrates that any contract for the disposition of land or any interest thereof must be enforceable, that is the contract must be in writing, which contains the entirety of the terms and should be signed by both the parties. Further it can be stated that even if the formalities for the disposition of land is not followed, the courts can still find to be in existence of an equitable interest based on among other things constructive notice.
The contract for immovable's is relatively simpler, requiring just the general conditions listed above to be fulfilled for the existence of a contract to be established.
6. There have been found to be two types of warranties in insurance contracts, that is affirmative or promissory. A promissory note confers a statement of facts relating to the future or that certain facts will remain true during the tenure of the policy. On the other hand, an affirmative warranty indicates about the facts which were present at the time of the formation of contract. If it is found that that the affirmative warranty is untrue then the contract is held to be void from the beginning. However if it is found that the promissory warranty is found to be true, then the insurers have the option to make the option of a voidable contract when the warranty becomes true.
7 Repudiation has been defined as a refusal in order to avoid the contract or where the contract is brought to an end ...Show more

Summary

1.1 An aggrieved party can use the civil procedure to bring an action under contract or property law among other things. Under the circumstances of a contract the essential elements are offer, acceptance and intent to create legal relations. On formation of such a contract if it is found that there has been a breach of the contract, the aggrieved party can bring an action under the civil procedure…
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Research Paper on Business Law essay example
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