Contract to Supply Scrap Metal Case Study

Exclusively available on Available only on IvyPanda® Made by Human No AI

This contract to supply scrap metal is made on 21st May, 2012.

The contract to supply scrap metal

Sale Of Scrap Metal

The supplier shall vend, transport and bring to the purchaser in the month of July 2012 the following property.

Scrap metal that is in a condition that fulfills the buyer’s demands.

All the costs factored into the final price of 7,500,000.00 (AED).

Consideration

The purchaser shall accept the property and deposit a sum of 750,000.00 (AED) upon signing this document.

Identification Of The Property

Identification of the property herein shall not be deemed to have taken place. Not until both a sound purchaser and a sound vendor specify that the property in question is to be apposite to the piece of this agreement.

Payment On Receipt

The purchaser has made a deposit of 750,000.00 (AED) and shall pay the entire amount as follows.

The balance is due on or prior to July 1, 2012.

The company check will be issued prior to the loading of the scrap metal onto a ship bound for Beijing.

Receipt construed As Delivery

The property in question shall be deemed received by the purchaser after payment and loading onto the ship for the carriage to Beijing.

Risk of Loss

Threats of loss of whatever target to the property, irrespective of the basis, shall be on the vendor until the property has been acknowledged by the purchaser

Warrant

The vendor guarantees that the property is now free and that at the moment of release shall be liberated from any safety measures or other hindrance or lien.

Warranty of tittle

In addition, the purchaser guarantees that at the moment of signing of this document the vendor neither recognizes nor has a motive to recognize, the existence of any exceptional title or assertion of the title unreceptive to the liberty of the purchaser of the property.

Right of inspection

The purchaser must have the liberty to scrutinize the property prior to loading on the ship and, in three business days prior to shipping, the purchaser must confer a notice to the vendor of any dents on account of, quality, grade, or condition of the property and the purchaser must spell out the foundation of the allegations of the purchaser in depth. Failure to comply with such agreement by the deal shall be deemed an irrevocable acceptance of the property by the purchaser.

Entire Agreement

The parties consent that this comprises of the whole agreement, and there are no additional accords oral or otherwise. The purchaser agrees that it has not relied upon any accounts of the vendor as to the potential performance of the property, implying that it has relied upon its individual scrutiny and analysis of the subject in question.

The parties have executed this agreement at the Burj Al Arab hotel on 21st May, 2012 first above written.

Agreement

There are six key elements of a contract. The first is that an offer made by one party has to be accepted by another party. A mutual agreement involving the parties is also another element of a legal contract. Consideration, where each party promises to give up something is also another element of a contract. To add to the list all the parties involved must be competent, which is an additional element. Ultimately, the last two elements of a contract are the legality of purpose and proper form.

The contract above comprises all the six elements of a contract. To begin with, an offer was made by Metal Suppliers and was accepted by the Shanghai Steel Co. Secondly, a mutual agreement involving the parties stipulates that Metal Suppliers earn their money after delivering the scrap metal for shipping. Next is the element of consideration. As a matter of fact, Metal Suppliers give up scrap metal in exchange for 7,500,000.00 (AED) from the Shanghai Steel Co. In addition, the contract requires that identification of the property is performed by sound individuals from both teams. This fulfills the competent parties element of a contract. Finally, the legality of purpose and proper form is evident by the fact that the contract is to be signed by both parties.

More related papers Related Essay Examples
Cite This paper
You're welcome to use this sample in your assignment. Be sure to cite it correctly

Reference

IvyPanda. (2022, May 9). Contract to Supply Scrap Metal. https://ivypanda.com/essays/contract-to-supply-scrap-metal/

Work Cited

"Contract to Supply Scrap Metal." IvyPanda, 9 May 2022, ivypanda.com/essays/contract-to-supply-scrap-metal/.

References

IvyPanda. (2022) 'Contract to Supply Scrap Metal'. 9 May.

References

IvyPanda. 2022. "Contract to Supply Scrap Metal." May 9, 2022. https://ivypanda.com/essays/contract-to-supply-scrap-metal/.

1. IvyPanda. "Contract to Supply Scrap Metal." May 9, 2022. https://ivypanda.com/essays/contract-to-supply-scrap-metal/.


Bibliography


IvyPanda. "Contract to Supply Scrap Metal." May 9, 2022. https://ivypanda.com/essays/contract-to-supply-scrap-metal/.

If, for any reason, you believe that this content should not be published on our website, please request its removal.
Updated:
This academic paper example has been carefully picked, checked and refined by our editorial team.
No AI was involved: only quilified experts contributed.
You are free to use it for the following purposes:
  • To find inspiration for your paper and overcome writer’s block
  • As a source of information (ensure proper referencing)
  • As a template for you assignment
Privacy Settings

IvyPanda uses cookies and similar technologies to enhance your experience, enabling functionalities such as:

  • Basic site functions
  • Ensuring secure, safe transactions
  • Secure account login
  • Remembering account, browser, and regional preferences
  • Remembering privacy and security settings
  • Analyzing site traffic and usage
  • Personalized search, content, and recommendations
  • Displaying relevant, targeted ads on and off IvyPanda

Please refer to IvyPanda's Cookies Policy and Privacy Policy for detailed information.

Required Cookies & Technologies
Always active

Certain technologies we use are essential for critical functions such as security and site integrity, account authentication, security and privacy preferences, internal site usage and maintenance data, and ensuring the site operates correctly for browsing and transactions.

Site Customization

Cookies and similar technologies are used to enhance your experience by:

  • Remembering general and regional preferences
  • Personalizing content, search, recommendations, and offers

Some functions, such as personalized recommendations, account preferences, or localization, may not work correctly without these technologies. For more details, please refer to IvyPanda's Cookies Policy.

Personalized Advertising

To enable personalized advertising (such as interest-based ads), we may share your data with our marketing and advertising partners using cookies and other technologies. These partners may have their own information collected about you. Turning off the personalized advertising setting won't stop you from seeing IvyPanda ads, but it may make the ads you see less relevant or more repetitive.

Personalized advertising may be considered a "sale" or "sharing" of the information under California and other state privacy laws, and you may have the right to opt out. Turning off personalized advertising allows you to exercise your right to opt out. Learn more in IvyPanda's Cookies Policy and Privacy Policy.

1 / 1