Nobody downloaded yet

International Corporate and Contract law - Essay Example

Comments (0) Cite this document
Download the original attachment International Corporate and Contract law Introduction: International Corporate law is a large body of administrative law, statutory law, case law, and contract law that govern worldwide business dealings. It consists of the law of multiple nations and therefore it experienced legal counsel…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.3% of users find it useful
International Corporate and Contract law
Read TextPreview

Extract of sample "International Corporate and Contract law"

Download file to see previous pages Contract and business law are increasingly composite and at the present they affect every industry and all types of commercial contract; from entering into an agreement, to ensure the validity of purchase circumstances. A contract law is generally an agreement enforceable through law. For the legal contract law to become legal, it must satisfy certain legal necessities. There are various courses of contracts which, though ideal so far it relates to structure, consideration and contract, are not specified. All the agreements are deemed to be contracts, if the agreements are prepared by the free consent of the parties, capable to contract, for a legal consideration with a legal objective, and are not specifically declared as invalid. The following are considered as the necessary elements of a valid contract: agreement, intention to create a legal relationship, free and genuine consent, and parties competent to contract, legal consideration, legal object, agreements not declared void or illegal, certainty of meaning, possibility of performance and the necessary legal formalities. In this particular problem scenario, there is no written agreement among the parties to the agreement so this is not a valid contract. As a case in point, John is not liable to pay compensation to Gold Iron Inc. As he, John John, claims that he did not enter into any binding agreement wit the firm, and that his signature produced by the Gold Iron Inc. was forged. “The Contract Act is the law of those agreements which create obligations, and in case of a breach of a promise by one party to the agreement, the other has a legal remedy.” (Law of Contracts n.d). The Fact of the Case: In this case, Gold Iron Inc, which is a steel manufacturer company, is incorporated in Pennsylvania (USA). John, is an Italian citizen, is an engineering consultant who has spent much of the time traveling round the earth. When he is not at work, he spends his time with his family in Italy and also with his mistress in England. John’s assets are mostly located in England. During his journey he happened to meet the president of Gold Iron Inc that is Mr. Unwin at a conference in New York. As a result of this relationship is that John agreed to carry out some consultancy work on behalf of Gold Iron Inc. John, on the other hand, claims that he did not go into any kind of binding agreement and that his signature was forged. The Agreement enclosed a clause of dispute resolution that says: Any argument arising out of this agreement consisting of questions regarding its validity and existence will be exclusively referred to the courts in English, and that the governing rule of this agreement shall be Italian law too. After few months Gold Iron Inc started legal proceedings against John in the courts of Italy for breach of contract. In the course of the actions John’s lawyer claimed that Gold Iron Inc was intentionally seeking to delude the court by forged written proof. The court decided that the proof was not forged and completed that John was in breach of contract. The Italian court handed down a verdict in December in Gold Iron Inc’s favour, ordering John to pay compensation of €5 million. “Since a very substantial body of European contractual and commercial law derives its inspiration from Roman law, it is appropriate that modern Italian law be taken as representative of the contract and commercial law ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“International Corporate and Contract law Essay Example | Topics and Well Written Essays - 3750 words”, n.d.)
Retrieved from
(International Corporate and Contract Law Essay Example | Topics and Well Written Essays - 3750 Words)
“International Corporate and Contract Law Essay Example | Topics and Well Written Essays - 3750 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF International Corporate and Contract law

Contract law

...Task For a contract to be enforced in a court of law, it must satisfy the essentials of a valid contract. These essentials of avalid contract include, offer, acceptance, consideration, capacity, legality of the subject matter, and the intention to create legal rights. If one or more of these elements is missing on a contract, the courts will be reluctant to enforce such a contract. It is therefore the burden of the party seeking relief in a court of law to prove the existence of these essentials of a valid contract. This is because the courts do not create the terms in a contract, but...
3 Pages(750 words)Coursework


... and the reinsurers to determine a clear choice of law at the outset when the contract of reinsurance is entered into. References Assicurazioni Generali v CGU [2004] EWCA Civ 429 British. Dominions General Insurance Co Ltd v Duder [1915] 2 KB 394 Groupama Navigation v Catatumbo [2000] 2 Lloyd’s Rep 30 Hague – Visby Rules Article IV (2a) Insurance Co of Africa v Scor [1985] 1 Ll.R. 312 International Hull Clauses (UK) c 2.1.6. Mayer Brown, Client Alert 1 (2009) Third Party (Rights against Insurers) Act, 2010 (UK) s 1(3) The Fanti and The Padre Island [1990] 2 Lloyd’s Rep 191 Vesta v Butcher [1989] 1 A.C 852 Wasa v Lexington [2009] UKHL 40... if the laws by which they are governed differ.”10 Lexington insured the Aluminum...
20 Pages(5000 words)Coursework

Contract law

...would have been more beneficial to Mr. Robbins than fulifllment of the whole debt. ii. However, it should be noted that payment of a lesser sum cannot be satisfaction of the whole debt simply because it is impossible for a lesser sum to satisfy a greater sum. But Mr. Robbins also received payment in a lesser sum and therefore this cannot be said to have settled the whole debt. It should be noted that the law merely requires that consideration be sufficient and note necessarily adequate. This means that consideration must be something of value (Ollek). The same was reiterated by Jim Riley (2012) in his article Elements of Contract- he stated that parties in a contract must receive...
3 Pages(750 words)Assignment

Contract law

...Contract law Introduction The case Lord Melbray v the Backstreet Boyos and Basil’s Bistro requires a full legal analysis, beforea conclusion is reached, and therefore an advice issued to the aggrieved parties. The legal analysis takes the form of a three-stage analysis, the first stage being to assess whether the agreement between these parties would amount to a legally binding agreement, through evaluating whether all the requirements for a legally binding agreement were met by the parties involved. Secondly, the analysis seeks to evaluate whether there was sufficient basis for either party to rescind the contract, or by the party rescinding the contract, a violation of...
10 Pages(2500 words)Essay

Contract law

...Law: Contract Law. Explain the importance of the doctrine of consideration in contract law. Use examples from case law to illustrate your answer, andexplain why [Name of the writer] [Name of the institution] Law: Contract Law. Explain the importance of the doctrine of consideration in contract law. Use examples from case law to illustrate your answer, and explain why In the formation f contracts two elements are vital. Firstly, the "offer," an indication by one person prepared to...
6 Pages(1500 words)Essay

Contract Law

...Contract Law Introduction Any contract must have terms in it that bind the contractors after all from the definition of the term contract; it is an agreement between two or more persons that is intended to create legally binding obligations. It is fundamental that the parties to the contract should mutually agree to the terms of the contract the courts shouldn't interfere with what the parties have negotiated upon. But terms of two can be further broken into two 1. conditions 2. warranties A condition is a term of vital importance and goes to the root of the contracted. It is basic and primary to the contract its breach, if committed by the seller gives the buyer a right to reject goods completely and refuse to pay the price... whose primary...
8 Pages(2000 words)Essay

Contract law

...Contract law The purpose of this essay is to address the legal issues in the case of Churton and Silver with regard to their unpaid loan with Rick It Merchant Bankers, Ltd. For this essay I shall be discussing the legal viewpoints of contract law that surround the circumstances of the case at bar, and will advice Risk It on their legal rights. As the facts of this case state, Churton and Silver contracted with Risk It for a loan with a fixed payable term and interest rates. The first instalment had been adequately paid, but due to financial problems, Churton and Silver foresaw a difficulty in meeting their future loan obligations to Risk It....
4 Pages(1000 words)Essay

Contract law

...INTRODUCTION For a contract to be valid and enforceable, ALL the following elements must be present. They are the offer, the acceptance, the object of the contract, the consideration, the legality of the subject matter, the contractual capacity of the parties involved, and the contractual intent of the parties (Halfwits, J, 1995). If one of the elements is missing, then the contract is not valid. The contract may be avoidable, void or unenforceable. According to the Principles of European Contract Law, particularly Article 2.301 (ex art. 5.301) – Negotiations Contrary to Good Faith section 3 that “ it is contrary to good faith And...
6 Pages(1500 words)Essay


...Contract Law Human beings live in permanent cooperation and contacts with the fellow beings which involve agreements and contracts of various types. They are general phenomena that take place in most of our lives. In everyday situations, most of the people come to agreements and bonds for one reason or the other. “A contract may be defined as a legally binding agreement… The agreement will create rights and obligations that may be enforced in the courts. The normal method of enforcement is an action for damages for breach of contract, though in some cases the court may order performance by the party in default.”1 According to Sir Frederick Pollock,...
9 Pages(2250 words)Essay

Contract Law

...Contract Law All the three scenarios presented raise the issue of negligence on the part of ASL, although they evoke different aspects. In Alan’s case, the question is whether the tort of negligence can be applied to recover economic losses. In Barbara’s case, the question is whether the terms of the exclusion clause will prevail. In Charles’ case, the question is whether ASL will be held guilty of misrepresentation. As shown in the detailed explanations below, Alan does not have a chance to recover damages from ASL. But Barbara may be able to establish a claim in negligence against ASL for recovery of damages for injuries caused to her, because she is a consumer and ASL had the duty to perform the job...
8 Pages(2000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic International Corporate and Contract law for FREE!

Contact Us