Assignment # 2 - Case Study - Contract Law The Postal rule is an exception to the general rule of contract law in regard to the acceptance, which states that “acceptance in not effective until communicated to and received by the offeror”. The postal rule states that, by contrast, that acceptance takes effect when a letter is posted. The rationale given for the rule is that both parties nominates the post office as implied agent and therefore receipt of the acceptance by the post office is regarded
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Law of Contract What is a legal agreement Contract is an agreement which the law will enforce. What is the difference between an agreement and a legally binding agreement? To understand this problem we should consider two scenarios. The first is if we ask a friend or colleague to have lunch with us and they agree. There is an offer and an acceptance. If we were to be asked if we are suing the friend or colleague for breach of contract our answer would be an emphatic no. (Why would we give
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3.0 Acceptance 3.1 Definition of acceptance Acceptance is an express actor implication by conduct that manifests assent to the terms of an offer in a manner invited or required by the offer so that a binding contract is formed. The exercise of power conferred by an offer by performance of some act. The act of a person to whom something is offered or tendered by another, whereby the offered demonstrates through an act invited by the offer an intention of retaining the subject of the offer. According
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following: (i) Whether there is a legally binding contract between Wacko and the Darebin City Council? If there is, how much should Wacko claim for prize money? (ii) Is there a legal binding contract between Leecher and Darebin City Council? If there is, how much should Leecher claim for the prize money? 2. Principles (i) Offer An offer is a legally binding promise made by one party (the offeror) to another party (the offeree). Once offers have been accepted, offeror cannot revoke it
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and Finance Unit Name: Aspects of Contract And Negligence Assessors: Abu Zaman Student: Sulaiman Adebakin According to the case of Carlill v Carbolic smoke ball co [1893] Q.B 256 Alice has made what can be defined as offer. An offer is an ‘an expression of a willingness to be bound by the terms of the offer should the offer be accepted’. The claimant has advertised publicly products she is selling and the conditions that need to be met in order for acceptance to be valid. This shows an objective
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Krectzburg 7/01/13 Business Contracts: Protocol, Laws & Ethicality There are various kinds of contracts which arise within our business world today; contracts are an essential component to business livelihood. Although a contract is an agreement, not all agreements are valid contractual obligations. In order for any contract to be an official and legally binding agreement, there are essential requirements which must first be fulfilled. Because contracts are vital to the organization and
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The requirements of a contract are a valid offer, acceptance, consideration, capacity of the parties and legality of the subject matter. In order to have a valid offer, “it must indicate a clear intent to make a contract. It must be sufficiently definite so that a court can determine the actual intent of the parties. And it must be communicated to the other party. This offer is transmitted directly to the offeree by acts or by words, whether spoken or written, through any medium whatsoever
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Contract law In Anson’s Law of contract, Beatson define contract as “A legally binding agreement made between two or more persons, by which rights are acquires by one or more to acts or forbearance on the part of the other or others.” The case of Redlox, Bedlox and Orlex comes under the law of contract where the offerors are Redlox and Orlex, and the offerees are Bedlox and Redlox. Acceptance Acceptance of the offer brings it to an end and creates an agreement between the parties. Tieitel defines
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to establish a contractual agreement between Futuretronics (‘FT’ hereafter) and Graphix Labels (‘GL’ hereafter), the common law dictates that we must satisfy the elements of offer, acceptance and consideration. These elements are to be determined objectively, in regards to whether a reasonable person would believe a contract to exist between the parties. Though we must carefully analyse these elements separately, it is important to note that in essence, the courts are trying to determine whether
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he does so at buyer's risk and cost. If parties wish seller to be responsible for the loading of the goods on departure and to bear the risk and all costs of such loading, this must be made clear by adding explicit wording to this effect in the contract of sale. The buyer arranges the pickup of the freight from the supplier's designated ship site, owns the in-transit freight, and is responsible for clearing the goods through Customs. The buyer is responsible for completing all the export documentation
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