The mafia boss signed a contract for the man who betrayed him. In certain circumstances, a tacit contract may be established. A contract is in fact implied when the circumstances imply that the parties have reached an agreement when they have not done so explicitly. For example, John Smith, a former lawyer, may implicitly enter into a contract by going to a doctor and being examined; If the patient refuses to pay after the examination, the patient has breached a truly implied contract. A contract that is implicit in the law is also called a quasi-contract, since it is not, in reality, a contract; Rather, it is a means for the courts to remedy situations in which one party would be unduly enriched if it were not required to compensate the other. Quantum meriduit claims are an example of this. Although the European Union is in principle an economic community with a number of trade rules, there is no cross-cutting “EU Treaty Law”. In 1993, Harvey McGregor, a British lawyer and academic, developed, under the auspices of the English and Scottish commissions, a “Treaty Code” which was a proposal to standardize and codify the treaty laws of England and Scotland. This document was proposed as the “Code of Treaties for Europe”, but tensions between English and German jurists have so far destroyed this proposal.

[152] Trade agreements believe that the parties intend to be legally bound, unless the parties explicitly state otherwise as in an agreement document. For example, in Rose & Frank Co v. JR Crompton & Bros Ltd, an agreement between two commercial parties was not obtained because an “honour clause” in the document says, “This is not a commercial or legal agreement, but only a declaration of the parties` intention.” 10. Business Contracts Legal Terms and Definitions Glossary: 1) According to the benefit-disadvantage theory, there is no reasonable consideration unless a promise is made in favour of the promisor or to the detriment of the promise, which reasonably and fairly induces the promising to make a promise for something else for the promise. For example, promises that are pure gifts are not considered enforceable, because the personal satisfaction that the donor of the promise can receive through the act of generosity is not normally considered a sufficient disadvantage to justify fair consideration. 2) According to the Bargain-for Exchange theory of reflection, there is an appropriate consideration when a promiser makes a promise in return for something else. Here is the essential condition that the promisor was given something special to induce the promise made. In other words, bargain for exchange theory differs from profit of detriment theory in that bargain for exchange theory appears to be the motive for the parties` subjective commitments and mutual agreement, while in detriment-benefit theory, the emphasis seems to be on objective legal disadvantage or benefit to the parties. Misrepresentation is a factual misrepresentation made by one party with respect to another party, which has the effect of including that party in the treaty.

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