whether there is a valid contract or the offer may be terminated. In order to the contract being valid and enforceable, there is a need for the conduct of an offer and an acceptance. Rule For an offer to be valid, it contains some rules, including lapse of time. When an offer is made, it does not last forever. An offer stated to open for a specific period, lapse if the there is no acceptance within that time. If there is no set time for acceptance is stipulated in the offer, the implication of lapse
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it is difficult to decide when the contract is concluded. There are two possibilities in such a case: 1. The contract is concluded when the acceptance is posted. 2. The contract is concluded when the acceptance is received. A similar situation arose in Adams v. Lindsell. On September 2, 1817, the defendants sent a letter offering to sell wool to the plaintiffs. The letter reached the plaintiffs on 5th of the same month. The plaintiffs posted the acceptance on the same evening but it reached
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Essential Elements of a Contract A contract means a promise enforceable by law. Two or more parties are usually involved in a contract and can seek justice in the court if one party defaults by failing to execute their side of the bargain. Contracts make it possible for people to enter into agreements knowing that justice will prevail. Contracts are vital in everyday life and business since organizations and individuals now have the confidence to transact business with each other knowing that
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promises in ad to pay 100 pounds to any person who contracts flu after using smoke ball. • Carlill (plaintiff) uses ball but contracts flu + relies on ad. Issue: Was there a binding contract between the parties? - A contract requires notification of acceptance – Did Mrs Carlill notify Carbolic of the acceptance of the offer? - Did Mrs Carlill provide consideration in exchange for the 100 pounds reward? Def argument is: There was no binding contract – the words of the ad did not amount to a promise
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Cause by Improper Shipping Documents Case Description: A businessman from India imported some primary products and he wanted to sell the goods to a businessman from Mexico. So the Indian businessman placed his offer with the Mexico businessman, who replied later that he could accept the offer with the requirement that the Indian businessman should provide original certificate. Two weeks later, the Indian businessman received the letter of credit opened by the Mexico businessman. While the Indian businessman
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concerns the element of agreement required for the formation of a legally enforceable contract between both parties. STEP 2 A legally enforceable contract is made up of three main requirements which are intention, agreement and consideration. All of these elements is necessary and if not established then the contract made would not be acknowledged by the law. The element of agreement to form a legally enforceable contract between both parties is discussed. An agreement is only legally enforceable if
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The first issue in this case is whether Shaggy’s statement that he was willing to buy the display case as it was a family heirloom that got lost and is willing to pay for any price is a valid offer. One of the requirements of a valid offer is that the offer must be clear in meaning. Section 30 of the Contracts Act 1950 also provides that agreements are void if there is uncertainty in the meaning or when the meaning is capable of being made certain. In Ahmed Meah & Anor v Nacodah Merican, the defendant
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Student id: 30308268 contract is basically an understanding between two or more individuals which will be upheld by a court of law. An agreement may be altogether in composing, totally oral or somewhat composed and mostly oral. It just valids in the event that it meets its circumstances . For a consent to be legitimate it must fulfill the seven components. * offer: An agreement exist where an offer has been acknowledged and good consideration is provided.At law, offer may be depicted as the
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Question 2 (a) Under contract law, this problem is engage with the postal acceptance rule which is a ‘term of common law contracts which determines communication between the parties by mail when a contract has been composed. The basic idea of the rule is to accept offer that is sent before received the revocation of the offer. However, if a communication is sent rejecting the offer, and a later communication is sent accepting the contract, then the first one to be received by the offerer will prevail’
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1.0 Introduction 1.1 Basic Elements of Contract In order to form a valid contract, each agreement must fulfill some important elements which are stated in Section 10 (1) of Contract Act 1950, “All agreements are contract if they are made by the free consent of parties competent to contract, for a lawful object, and are not hereby expressly declared to be void.” This section emphasizes the legal contract, the willingness and the parties capable of contracting and consideration which are all part
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