Insurance And Essentials Of Contract

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Insurance And Essentials Of Contract

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Discuss about the Insurance And Essentials Of Contract.

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Insurance industry in Canada
The insurance industry covers the risks and threats to life and property of the citizens of a country. For a person to insure his life and property, a certain premium is need to be paid by him as stated by the Insurance Company (Vanderhoof & Altman, 2013). There are two main categories of insurance; Life and non-life insurance (Law, Kratzer &Dhalla, 2014). The largest insurance company of Canada in terms of total assets is Manulife Financials. It is to be mentioned that home insurance is not mandatory for house owners but it is mandatory for automobile divers to insure their vehicles (Shi, Zhang, & Boucher, 2016). Intact Insurance Company, Security National Insurance Company and Alberta Motor Association Insurance Company are some of the leading auto mobile insurance companies.
Alberta provincial Court System
The provincial courts are the primary and the preliminary level courts where the offence or the felony committed is initially judged (albertacourts.ca, 2017). These courts are the point of entry into the judicial system. Once a person is convicted of a crime, he appears before the provincial court of justice. The jurisdiction of provincial courts is limited to civil matters, family matters, traffic related cases and crimes committed by the youth. However it is to be noted that any crime or felony committed which does not exceed fifty thousand Candian Dollars. It is to be mentioned that matters in provincial courts matters are heard by a single judge who gets appointed by the provincial government. It is also to be mentioned that the cases falling under the provisions of Family Act are heard by the Provincial Courts as well as by the Court of Queen’s Bench.
Case study of John Smith and Robert Brown
After analyzing and the case study with respect to the principles of contract as stated by the Civil Code of Qubec, it can be mentioned that no contract has been formed between the aforementioned parties. A contract is said to be formed when there is an offer and acceptance of the same offer (McKendrick, 2014 ). It is to be noted that the consideration of the contract should be explicit and known to both parties. However in this case the consideration amount was clearly misrepresented and therefore misunderstood by the Robert Brown, the person accepting the offer made by John Smith. It is also to be stated that the John Smith had no hand in the misrepresentation to the facts as the same was the mistake of the newspaper agency. Therefore it can be mentioned that no contract was formed between the aforementioned parties as the essentials of a valid contract were fulfilled.
Essentials of a valid contract
According to the Civil Code of Qubec it can be stated that there are certain essentials of a valid contract (Dove & Zawati, 2014). A valid contract requires the consensus acceptance of the terms of a contract and its consideration by the person accepting the offer (Smits, 2017). It is to be stated that a response from the person, accepting the offer is required for the formation contract mere silence does not account for acceptance. The terms of the contract should be clearly specified and the same should be explicit (Jukier, 2015). There should also be valid consideration which is lawful in nature. An error regarding the misrepresentation of facts of the contract would make it void. If the acceptance happens on the basis of the misrepresented facts such contract would cease to exit.

References
albertacourts.ca. (2017). Provincial Court. Albertacourts.ca. Retrieved 6 November 2017, from https://albertacourts.ca/provincial-court
Dove, E. S., & Zawati, M. N. H. (2014). Amendments to the Civil Code of Quebec’s Research Provisions: A Legislative Comment. McGill JL & Health, 8, 79.
Jukier, R. (2015). The Impact of Legal Traditions on Quebec Procedural Law: Lessons from Quebec’s New Code of Civil Procedure.
Law, M. R., Kratzer, J., & Dhalla, I. A. (2014). The increasing inefficiency of private health insurance in Canada. Canadian Medical Association Journal, 186(12), E470-E474.
McKendrick, E. (2014). Contract law: text, cases, and materials. Oxford University Press (UK).
Shi, P., Zhang, W., & Boucher, J. P. (2016). Dynamic Moral Hazard: A Longitudinal Examination of Automobile Insurance in Canada. Journal of Risk and Insurance.
Smits, J. M. (Ed.). (2017). Contract law: a comparative introduction. Edward Elgar Publishing.
Vanderhoof, I. T., & Altman, E. (Eds.). (2013). The fair value of insurance liabilities (Vol. 1). Springer Science & Business Media.

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