Contract Law

In Business, contracts can be considered as the heart of dealings and have to be taken with utter most consideration of the acceptance, however in order to understand in depth a binding agreement, we must first discuss, what determines a contract or binding agreement. These can be defined as “an agreement which the law will enforce” as well as a “promise or set of promises which the court will enforce”. To facilitate a binding agreement, an acceptance must occur and must be absolutely unconditional so that the contract may be considered as valid. As mentioned, the acceptance plays quite the role in the formation of contracts to produce the stipulation and will be discussed further as well as the response by the courts to conditional or qualified acceptances. Furthermore an approach on whether Australian contract laws should (or should not) provide greater clarity as to what does amount to a valid acceptance. Past case studies will be used in conjoint to provide a relevance to the viewpoints presented. Throughout the essay, I shall give a depth understanding the various ways to understand acceptance and how in today’s law it makes us legally bound.

Acceptance is one 6 essential elements in the intention of creating a contract and can be defined as a definite and unqualified approval to an offer that act in accordance with the terms of the offer. Acceptance can have 3 types, conditional which occurs when the person being given the offer has the intent to agree provided that certain changes are made. Express acceptance which is when a person clearly agrees to an offer and is happy with the stipulations and lastly implied acceptance which is when the acceptance is not directly stated but otherwise demonstrated by a person’s assent to a proposed bargain. Full consent over a binding agreement will not always be achieved, such concerns make up whether a contract has been formed or not. Many of these disputes would be decided by the courts and in doing so, rules have

Bibliography: * World Bank/International Finance Corporation, Doing Business — Economy Rankings,( 2011) * D * Brogden v Metropolitan Railway (1877) 2 App. Cas. 666 * Masters v Cameron (1954) 91 CLR 353 * Unknown, Lecture 4: Acceptance (April 19th, 2013) Magazine Insite Law <http://www.insitelawmagazine.com/ch4acceptance.htm> * Victoria University Lecture notes, (accessed 15th april 2013) [ 2 ]. Unknown, Lecture 4: Acceptance (April 19th, 2013) Magazine Insite Law [ 3 ] [ 4 ]. Masters v Cameron (1954) 91 CLR 353 [ 5 ] [ 6 ]. World Bank/International Finance Corporation, Doing Business — Economy Rankings ( 2011)