385 OF 1982 14 April 1983 Land Law -- Option to purchase property -- Acceptance Copy signed with additional words "who will then hold the same as stakeholders" after solicitors name -- Whether this amounted to fresh term and material variation of offer -- Whether counter offer or unqualified acceptance on purchasers' part Contract -- Option to purchase -- Additional words in Acceptance copy amounting to variation of offer -Contract not binding on vendor -- Option money forfeited The respondent in this
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constituted a valid contract or not. What are the 4 elements of a valid contract? There are four elements of a contract and when a party files a suit claiming a breach of contract; the first question the judge must answer is whether a contract existed between the parties. The complaining party must prove four elements to show that a contract existed: (1) offer, (2) Consideration, (3) Acceptance and (4) Mutuality. If any one of them is missing, the agreement will not be legally binding. An offer is when one
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revocation of offer is effective as against Mr. James. Section 2(h) of the Contracts Act 1950 defines contract as an agreement enforceable by law. In order for an agreement to be enforceable by law, it must consist of six essential elements which are offer, acceptance, consideration, intention to create legal relations, capacity and certainty. Offer is defined in Section 2(a) of the Contracts Act as something which is capable of being converted into an agreement by its acceptance. According to
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Page1 *256 Carlill v Carbolic Smoke Ball Company. In the Court of Appeal. 7 December 1892 [1893] 1 Q.B. 256 Lindley , Bowen and A. L. Smith , L.JJ. 1892 Dec. 6, 7. Contract—Offer by Advertisement—Performance of Condition in Advertisement—Notification of Acceptance of Offer—Wager—Insurance— 8 & 9 Vict. c. 109 — 14 Geo. 3, c. 48, s. 2 . The defendants, the proprietors of a medical preparation called “The Carbolic Smoke Ball,” issued an advertisement in which they offered to pay 100l.
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business agreements and the importance of key elements required for the formation of a valid contract. Business Agreement Business Agreement is the mutual understanding or assent of two or more than two legally competent parties. It is done or agreed upon on the relative duties and rights regarding current or future performance. An agreement typicallydocumentsthe give-and-take of anegotiated settlementand a contract specifies the minimum acceptablestandardofperformance. Types of Business Agreement There
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1. Briefing: In December 1999, Wilson applied for Citibank credit card and signed an acceptance certificate in which she agreed to be bound by the terms and conditions of the credit card agreement. Citibank then issued a credit card to her, which Wilson began using. In July 2001, Citibank mailed Wilson her credit card statement, which informed her that it was modifying the terms of the original agreement. This revised agreement was enclosed with the credit card statement. After the July 2001 statement
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rule of contract law that makes an exception to the general rule that an acceptance is only created when communicated directly to the offeror. The postal rule is a concept of contract law that is commonly referred to as the mailbox rule. It was formed at a time when contracting parties did much of their bargaining from a distance. Bargaining at a distance, typically through the mail, created a problem, because the parties could not know at the same time whether they had formed a contract. As a result
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David’s Case In advising if a legally enforceable contract exists between Sam and David, I would first consider the requirements of forming a valid contract. Formation of a valid contract requires six pre-requisites all of which must exist in order for a valid contract to exist. Intention to Create Legal Relations From an objective perspective it can be seen that a reasonable person in Sam’s position would not have had the intention to create legal relations with David. Although this may have
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CHAPTERS 9 and10 Contracts Part One Chapter 9 Contracts Terms of contract = Private Law private law b/w two parties. Van be a stupid contract, a contract is a contract. Restatement of K’s – an encyclopedia of the laws put together but legal scholars - Definition of Contract – Promises that courts can enforce when breached, and that courts recognize duty Parties to a K - Offeror - makes an offer – ex) I will buy your pencil for $1 - Offeree - rejects or accepts ex)
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the difference between an express and implied contract. A unilateral and bilateral contract and a contract that is void and voidable. I will analyze the key elements that must be taken place for formation of a contract and give three examples of a valid consideration. Government Laws In dealing with contracts there are several different explanation when it comes to contracts, the first one is an express contract, and express contract is a contract that consists of agreements that is represented
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