Contract law is one of the most important area of the law that affects us all in our daily lives. Although we seldom sign a written document, we go into shops daily, we travel on public transport, we park in parking lots – these are largely all contracts into which we bind ourselves to terms and conditions. We may not be strictly aware of it, but we all participate in contractual obligations on both sides of the fence every single day. It is therefore no surprise that the issue of when exactly a contract is formed is of the utmost importance in regulating commerce and life as a consumer. Furthermore, how can we enforce our contracts, and what rights do we have under these contracts that we agree to almost subliminally day in day out. In this article, we will look at some of the key issues surrounding contract formation, and general principles of the law on contract, which govern transactions we experience in our daily lives.
In general laymen’s terms, we think of a contract as a detailed written document, and we understand that when we sign that dotted line, there’s no turning back. Actually, that’s a myth. Of course, there is definitely the possibility of receiving a written contract to sign, and indeed this would be legally binding. However there is a very real possibility of being legally bound to a contract that you don’t even realise exists. A contract can be formed by way of simply verbally saying you agree to buy some item. That is sufficient to bind you in law for most transactions, and on that basis it would be perfectly feasible to found a claim for breach. Of course, the difficulty then arises in proving what was said, which is why in practical terms more often than not a written document is used for transactions of a substantial nature. This avoids the problem of frivolous claims as to who said what and when such and such a term was agreed, which can lead to complications and lead to lengthy litigation Read more…
In commercial terms, the world revolves around insolvency. Insolvency is the process whereby one’s entire patrimony (i.e. the totality of one’s assets) is liquidated in order to satisfy his total debts that have grown beyond his means. Insolvency procedures are problematic in that they mean liquidation of personal assets such as one’s home and one’s car. Unfortunately there are few ways to avoid insolvency, which most normally occurs through poor judgement or ‘bad luck’. Fortunately, there are numerous ways in which the potential implications of insolvency procedures can be minimised to prevent loss of assets. For the lay-man, this can involve certain minor legal procedures which could ultimately save a fortune. For creditors, this can be particularly bad news. In this article we will look at entirely legal ways in which you can potentially avoid losing assets in insolvency procedures.
If you are running a small business, or likely to do so in the next decade, you must act on the following immediately to protect your assets. Alternatively, if you foresee yourself amassing significant unsecured debt in the coming years, you should also act similarly. Allowing a ten year margin, which might seem a lot, will prevent any challenges on sequestration and ensure that the assets you have ‘alienated’ no longer form part of your estate. The alienation ensures that the assets from which you will still benefit cannot be received by your creditors in consideration for any debts you accrue.
The first thing to consider is incorporating a limited liability company, or indeed several, within which to house your business operations. Conducting your business through a company may mean more paperwork, but it also removes you personally from any liability. Of course, your company can still be liquidated, but we will look at ways to avoid losing your business assets shortly. If you choose not to run through a corporate body, there are still ways in which you can minimise the potential for losing your assets. Read more…
As we move towards the future, technology is developing rapidly to assist in solving our problems. These problems range from simple issues, such as improving the quality of paper products to the advanced such as improving the quality of life and condition of our planet. Global warming is one of the topics that many of our politicians all decide to sit around and talk about, without showing much progress, which is a cause of great frustration for peoples all over the world.
Too often the politicians involved are too caught up with trying to prove their opponent wrong to actually improve the situation. This causes further problems, and compounds the problem. Each time the topic is revisited it causes heated discussions from members of parties who drive large expensive cars, which consume gallons of gas, and release large quantities of smog into the air. No one wants to lead the way, and why should they? Conservative politics pays their bills.
As the future is expanded into new and brighter horizons, there are developing ways of trying to help prevent the destruction of the planet. These methods range from cleaner and gentler chemicals, to even the ideals of “green” power. Car manufacturers are even getting into the swing of helping improve the planet by producing hybrid vehicles that are easier on the environment, use less gas, oil and other toxic chemicals, and have lower emissions rates. All that’s left is a major Western societal change, and a widespread recognition of the problems we are facing to change this situation. Read more…