The relationship between a banker and its customers are not only fiduciary in nature but contractual as well. Therefore under any contractual terms, there exist terms and conditions, also known as an exclusion clause to protect the maker of the statement. With regards to case law, explain the rules of “incorporating” an exclusion clause in order for it to work.
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The relationship between a banker and its customers are not only fiduciary in nature but contractual as well. Therefore under any contractual terms, there exist terms and conditions, also known as an exclusion clause to protect the maker of the statement. With regards to case law, explain the rules of “incorporating” an exclusion clause in order for it to work.
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- Which Statements are TRUE regarding laws on obligations and contracts? 1. Freedom to contract means that the parties themselves determine the terms and conditions of their contract. 2. The only limitation of this freedom is that the terms and conditions should not be contrary to law. 3. Contracts are binding and effective only between the parties, their heirs and assigns. 4. Thus, an heir of a debtor is liable to the creditor for the full amount of the obligation. 5. A contract may contain some stipulations in favor of a third. 6. Such stipulation is called “stipulation pour artruy”. 7. A contract must bind both contracting parties. 8. A third person who induced a party to violate the contract shall be liable for damages to the other contracting party. 9. A mere expression of an opinion does not signify fraud. 10. Misrepresentation by a third person does not vitiate consent. 11. An acceptance of the offer may be express or implied. 12. A qualified acceptance is not really an…Give examples of obligations or contracts which are contrary to law .Related to ethics and contracts, why do payday loans appear to be an ethical issue?
- Is there any exception to the rule that the particular motives of the parties in entering into a contract are different from the cause of the contract? If there is, what is it? Give examples.(a) Cite an example of a contract which is contrary to morals, (b) Can the nullity of the stipulation on the usurious interest affect (i) the lender’s rights to recover the principal loan; (ii) the terms of the real estate mortgage?If the shareholder’s position is not protected by a contract – unlike the provider of debt- how is it in fact made viable? Discuss
- Suppose the obligation of the debtor is to do something and he fails to do it or performs it in contravention of the agreement, what are the the remedies available to the creditor?Which of the following arises when the seller's right to consideration from a customer is conditional upon something other than the passage of time? A receivable A contract asset A contract liability None of these choicesWhich of the following is not a criterion that must be met for an item to be classified as a liability? A certain cash payment will occur in the future. A sacrifice will require the entity’s assets or services. There is a probable future sacrifice. There is a present obligation that results from a past transaction.
- What is/are the rule/rules (and the exceptions, if there be any) in case an object is lost or damaged due to fortuitous event, particularly as to the liability of the debtor in an obligation. Give specific examples for your answers.Which of the following is NOT a contingent liability? a. Pending law suit for property damage b. Product warranty c. Discounted note receivable d. Pending law suit for slanderWhat is one of the drawbacks of the parol evidence rule? It permits the acceptance of extrinsic evidence to determine the parties' intention. It is a basis for relieving parties from their contractual obligations. It results in contractual quantum meruit. It may prohibit parties from enforcing oral promises.
