This is a full summary of the LAW SU 2.1 Department of your BSCI112 module if you are a NWU student.
If you are not a NWU student you can still use this summary if you have Business sciences as a module at your university.
The tactic terms of a contract and when will it be included:
Term –
- Usually the intention of the parties is expressed in words ( written/oral)
and a reference to the express intention of the parties is a reference to
their intention as expressed in their words.
- In other words a term is expressed if it is stated in so many words, either
written or orally.
Terms in a contract are stipulations, incorporated into the contract,
which the parties have agreed upon and which bind them to perform.
Terms consist of the stipulations that the parties include in their contract
and those provisions which are included by the operations of the law.
Tactic –
- Account must also be taken of the expression of the parties intentions
that are not words.
- This type of expression of intent is referred to as the tactic agreement of
the parties, since it is expressed in a non-verbal manner.
Tactic term is written into a contract only if both parties overlooked or
failed to anticipate the event in question.
A tactic term is inferred by the court from the expressed terms and the
surrounding circumstances.
Terms may be classified as :
1. Essentialia :
Distinctive term used to identify and classify a contract.
A contact cannot be in place without essence and if essence is not
included there is no contract or a contract of different kind.
, 2. Naturalia :
Terms are automatically included by operation of the law.
Based on what is fair and reasonable.
Parties may exclude or differ naturalia by express agreement ( in
writing).
3. Incidentalia :
Additional terms agreed upon expressly by the parties which
adjust the rights and duties incorporated by law into a particular
contract.
Conditions and time terms in a contract :
Suspensive and resolutive conditions
o In order to legally constitute a condition the contract must contain a
reference to a specified event, which may or may not that place in the
future.
o We distinguish between suspensive and resolutive conditions.
Suspensive condition:
A suspensive condition suspends the duty to perform of one or more of
the parties to the contract, pending fulfilment, or not , of the uncertain
event.
Example – on efundi pages
Resolutive conditions:
A condition is resolutive if the continued existence of the contract is
made dependent upon an uncertain future event.
If this event and condition were to be fulfilled, the contract would be
terminated.
Example – efundi .
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