Offer & Acceptance Principles of contract law: Contract Formation - How a Contract is Made Terms - The Substance of Contract Vitiating Factors - Factors which Undermine a Contract Discharge - How a contract is fulfilled or ended Remedies - The Cures for a Breach of Contract For a contract to be legally binding, it has to fulfill 4 key elements: 1. Offer 2. Acceptance 3. Consideration 4. Intention to create legal intentions A. TYPES OF CONTRACT (pg 60) • Simple Contacts o Written
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Business Law Section A a) This case is under the incapacity-mentally unsound and intoxicated persons. Incapacity is someone that unable to manage the physical or mental of others’ events. According to Contract Law, Incapability, “ As the mentally unsound and intoxicated persons; if the person suffering from the disability is incapable of understanding the nature of the contract, the other party knows or ought to know it, and the contract is voidable.” The plaintiff was Arthur’s guardian and
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Business Law Assignment Introduction to Business Law Sachini Tharaka Talpe Liyanage Student number: 18532068 La Trobe university (Dandenong) Question 1 I. In this scenario, the issue is whether the advertisement on the notice board constitutes an offer or only an invitation to treat. An advertisement can either be an offer or an invitation to treat and it is based on intention of the parties. Vladimir’s shopping complex Managing Agent was just inviting people with the notice on his
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The following essay deals with a hypothetical case in contract law, more specifically an offer and its acceptance. Its main purpose is to discuss and apply the principles in law, relevant to the topic, as well as advice the parties on their position and legal obligations. In the following case, the offer is being made by an advertisement in a local newspaper. The law states that advertisements in general are merely an invitation to treat and not an offer, the precedent being the Partridge v Crittenden
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collateral contract was made. A collateral contract is the consideration which leads to the making of the main contract. It is a contract separated from the main contract but related to it. Yvonne’s promise to fit high quality tyres on the car is a term of contract because this promise leads to Marcel entering into the main contract with Yvonne. Thus, a collateral contract was made in order for Marcel and Yvonne to enter a contract with each other. Another issue is that whether the contract is fully
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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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Contract by Tender The request for tenders represents an invitation to treat and each tender submitted amounts to an offer unless the request specifies that it will accept the lowest or highest tender or other condition. If the request contains such a condition this will amount to an offer of a unilateral contract where acceptance takes place on performing the condition: Spencer v. Harding Law Rep. 5 C. P. 561 Case summary Auctions Where an auction takes place with reserve
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Table of contents Abstract 3 Introduction 4 ESSENTIAL ELEMENTS OF A VALID CONTRACT 5 Explain different types of business agreements and the importance of key elements require for the formation of a valid contract. 5 Apply the rules of offer and acceptance in the given scenario, also considering any impact of new technology. 5 Assess the importance of the rules of intention and consideration of parties to the agreement by applying. 7 Explain the importance of the contracting parties having
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Identify the principles or issue of law The first step discusses about the element of agreement required for the formation of a contract. STEP 2: Explain the rule(s) of law relevant to the principle/area/issue of law Identified in step one with reference to authority An agreement is a lawfully enforceable understanding between two or more persons who are known as the "gatherings" to the agreement. This implies that the court will implement the assention. Contracts make lawful commitments. Commitments
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Elements of the law of contract Catharine MacMillan Richard Stone 2009 LLB 2650040 Diploma in Law 2690040 page 2 University of London External System This subject guide was prepared for the University of London External System by: u Catharine MacMillan BA (Victoria) , LLB (Queen’s, Canada), LLM (Cantab), Lecturer in Law, School of Law, Queen Mary, University of London and u Richard Stone LLB (Soton), LLM (Hull), Barrister, Professor and Head of Law, Lincoln Law School, University
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