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The Law of Contracts

The Law of Contracts


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Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: 3. Two or More Parties are Necessary. A contract is a business agreement between two or more parties? At first thought it may seem altogether unnecessary to include the statement that there must be two or more parties to a contract; for how is it conceivable that there can be less than two parties to a contract or agreement? Let us see: Suppose A is the trustee of the estate of his minor ward B. A is also, in his private capacity, a dealer in lumber. The estate of which he is trustee owns undeveloped land in the suburbs of a city. A persuades his ward, B, that it would be advantageous to build houses for sale or rental purposes upon this land. He then agrees to furnish the lumber from his own mill. Who are the parties to this contract for the sale of the lumber? A, as trustee, is the purchaser; A as a private individual is the seller. There is, in its actual aspect, but one party to the contract, namely A. The law frowns upon such transactions, and for a reason that is perfectly obvious. A's duty to the estate was to procure the lumber as cheaply as possible; his self- interest would prompt him to sell the lumber as advantageously as possible. With due regard to the frailties of human nature the law declares that a man placed in a position antagonistic to his own interest would, consciously or unconsciously, favor himself. Hence, the stipulation that there must be at least two parties to a contract 4. Arising from Mutual Promises, etc. A contract is a business agreement between two or more parties arising from mutual promises or from an accepted promise? chapter{Section 4The significance of the term mutual promises is obvious. If A promises B that he will pay him one hundred dollars if he will paint his house, the work to begin within thirty days, and B...


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Product Details
  • ISBN-13: 9780217087575
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 108
  • Spine Width: 6 mm
  • Width: 189 mm
  • ISBN-10: 0217087574
  • Publisher Date: 12 Jan 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 209 gr


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