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Hello Sir, can you please tell me:
what is the difference between unilateral and collateral contract?
what are onerous terms?
what is Quasi partnership?
what does ‘subject to contract’ mean?
what is the meaning of business efficacy?
On liquidation of a company, who gets paid first the debenture holder or the liquidator?
Unilateral is, literally, a one-sided contract – so consideration moves only one way
Collateral contract is one where, as a result of someone else’s recommendation, a person enters into a contract (read the case Shanklin Pier v Detel Products)
Onerous terms are terms that, whatever you do, whatever action you take, those terms place a burden on you – possibly even an unfair burden
A quasi partnership is not, technically a partnership. It’s a new expression coined by the judge in the case Ebrahimi v Westbourne Galleries and refers to a company situation where the company was a former partnership but incorporated as a company purely for tax reasons
Subject to contract refers to an agreement but it’s not a binding agreement until a formal contract is entered into
Business efficacy refers to the situation where a term is read into a contract in order to make it “sensible” in the context of agreement
Equal number 1 although, technically, it should be the fixed-charge debenture holder because they hold the rights / title deeds to the secured property
OK?
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