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1.”if a seller seeks a remedy for breach of contract the court may not grant the buyer any period of grace”
-What is the period of grace means in the sentence?2.if an instruction to pay is made subject to a condition but the bank executes it by issuing an unconditional payment order,it thereafter a full credit transfer
-How can a payment order is conditional in nature being an unconditional payment order in the hand of issuing bank?3.what is ‘sham’ company? / ‘a mere cloak or sham’?
4.what is quasi partnership?1) A ‘period of grace’ in this context is a period of time that the Court may grant to the other party to give them some time to think about, and to prepare, a defence against the charge
2) This sounds like an error is made by the bank!
3) A sham company is a company that is set up in an effort to circumvent the restrictions that would otherwise have applied. So it’s a company set up not necessarily for the purposes of legal activities but rather it is established to take advantage of a technical opportunity
4) A quasi partnership is a partnership i every way except that it’s not in the legal form of a partnership. It looks like a partnership. It acts like a partnership. The people involved at the top act as though they were partners in exactly the same way that they did before the firm changed its status and became a limited company. But, to all intents and purposes, it’s a partnership
OK?
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