Contract Law Case Study
The Business School | |
Assignment Topic Due Date: Friday, noon, of week 8
Semester Two 2012
word count:1470 words
1.in this situation, first we need to identify if there is a legal binding contract, a contract is a agreement which the law will enforce, a contract is a part of common law, common law is also called custom law, it is made by the judge to protect the community against the crimes, when an issue goes to court and there is no statue law that covers it, a judge will hear the case and issue a verdict. the record of this verdict becomes a precedent so that when similar cases arise, other judges may take into account the penalty previously issues. previous judgements therefore form the basis for common law. it is case laws that must follow' the doctrine of precedent' which means ' a court is bound to follow the decision of all courts superior to it in its own court hierarchy.
in this situation, contract law is important because it affects service agreement here, there are six essential elements of a contract, which are: 1. Offer- a promise to do something together with an intention to be contractually bound on acceptance by the other party. it can be made to one person,an identified group of people or the world at large. 2. Acceptance-a final an unqualified assent to the terms of an offer. it must be communicated by words or actions Offer and Acceptance are the steps that need to be taken to create a contract in the first place 3. Consideration-the price paid by the promisee for the promisor's promise. consideration must be something of value in the eyes of the law, but it need not be of an equivalent market value to the promisor's promise. if there is no consideration, an agreement will only be enforceable if it is in the form of a deed. 4. Legal relationship-a contract is not enforceable if its object is considered to be illegal or against public policy. 5. Capacity-the general presumption of the law is that all people
Assignment Topic Due Date: Friday, noon, of week 8
Semester Two 2012
word count:1470 words
1.in this situation, first we need to identify if there is a legal binding contract, a contract is a agreement which the law will enforce, a contract is a part of common law, common law is also called custom law, it is made by the judge to protect the community against the crimes, when an issue goes to court and there is no statue law that covers it, a judge will hear the case and issue a verdict. the record of this verdict becomes a precedent so that when similar cases arise, other judges may take into account the penalty previously issues. previous judgements therefore form the basis for common law. it is case laws that must follow' the doctrine of precedent' which means ' a court is bound to follow the decision of all courts superior to it in its own court hierarchy.
in this situation, contract law is important because it affects service agreement here, there are six essential elements of a contract, which are: 1. Offer- a promise to do something together with an intention to be contractually bound on acceptance by the other party. it can be made to one person,an identified group of people or the world at large. 2. Acceptance-a final an unqualified assent to the terms of an offer. it must be communicated by words or actions Offer and Acceptance are the steps that need to be taken to create a contract in the first place 3. Consideration-the price paid by the promisee for the promisor's promise. consideration must be something of value in the eyes of the law, but it need not be of an equivalent market value to the promisor's promise. if there is no consideration, an agreement will only be enforceable if it is in the form of a deed. 4. Legal relationship-a contract is not enforceable if its object is considered to be illegal or against public policy. 5. Capacity-the general presumption of the law is that all people
References: * Cheshire, Fifoot & Furmston 's Law of Contract * Duhaime, Lloyd, Contract Law, Part 5: Mistake, Rectification & Misrepresentation * Duhaime, Lloyd, Legal Definition of Deceit * Halsbury 's Laws of England, 4th Reissue (2003), Volume 31 on Misrepresentation and Faud * Misrepresentation Act 1967, Statutes of 1967 (UK), Chapter 7