What makes a promise legally binding?
To be legally binding as a contract, a promise must be exchanged for adequate consideration. There are two different theories or definitions of consideration: Bargain Theory of Consideration and Benefit-Detriment theory of consideration.
What is the legal name for a legally enforceable promise or set of promises?
contract
What is an enforceable promise?
Promise is enforceable: If D received “material benefit” & made subsequent promise to pay AND has moral obligation to P, can be sufficient to enforce promise.
Which of the following is true regarding the obligations of a minor on Disaffirmance?
Which of the following is true regarding the obligation of a minor on disaffirmance? A. In all states, a minor must return any consideration in his control but is entitled to a full refund of any purchase price regardless of the condition of the consideration when returned.
Which of the following are the two most important sources of contract law?
Either 1) the common law or 2) the Uniform Commercial Code (UCC). If the contract is for the sale of a good it falls under Article 2 of the UCC.
What are the three main sources of contract law?
The primary sources of contract law include the common law and statutory law. The common law is represented first by the decisions of courts. Second, the common law also includes, with a lesser status than court decisions, the Restatement (Second) of Contracts and books and articles written about contract law.
What are two sources of contract law?
There are two sources of contract law: common law, which is based on case rulings, and statutory law, which is based on federal and state statutes. Contract law uses both common law and a set of statutory rules known as the Uniform Commercial Code.
Which of the following is true of common law systems?
The correct answer is D. Judges in a common law system have the power to interpret the common law so that it applies to the unique circumstances of an individual case.
What is the source of maritime law?
National Control and Admiralty Law The body of private law governing navigation and shipping in each country is known as admiralty or maritime law. Under admiralty, a ship’s flag (or registry) determines the source of law.
What is maritime law and what is its function?
Maritime law, which is often referred to as admiralty law, is a fundamental branch of law that regulates commerce and navigation on the seas or other navigable waters.
What is maritime safety?
understood as the condition of being protected from. or unlikely to cause danger, risk, or injury [23]. In the. other words, safety is a state in which hazards and. conditions leading to physical, psychological or.
What is the importance of maritime safety?
Safe maritime transport is important for passengers and crew, residents of coastal and port areas, the environment and the economy. The government is therefore making international agreements on safety at sea and it is ensuring that good maritime education and training is available.
What are the safety precautions in ship?
Personal protective equipment includes safety helmets, shoes, goggles, ear-muffs, safety harness, life-jackets, life rafts, etc., which is used to safeguard the individual seafarer from any harm. This equipment is mandatory for ships to ensure that there are no fatalities due to lack of life-saving appliances.