Explain the Process Followed by the Court to Determine the Intent

question 16

Essay

Explain the process followed by the court to determine the intent of the parties to enter into a contract if a dispute arises before the written draft of agreement is created.

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Definitions:

Moral Obligation

A duty which one owes, and which one ought to perform, but which he is not legally bound to fulfill.

Rawlsian Justice

A theory of distributional justice that concludes that the social contract emerging from the “original position” would call for an income distribution that would maximize the well-being of the worst-off member of society.

Risk Averse

A preference for avoiding loss over making a gain.

Marginal Utility

The extra pleasure or benefit gained from using one more unit of a product or service.