and the acceptance can be delivered via cyber communication such as telex instead of writing or face-to face methods. The formation of an contract generates as the acceptance is received. Therefore an electronic contract may be formed via emails‚ as long as all the necessary elements of a standard contract are established (Hill 2001). Postal
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contract‚ requires four elements; an offer‚ the acceptance of that offer‚ the intention to be legally bound‚ as well as consideration. Referring to the case of Affin Credit (Malaysia) Sdn Bhd v Yap Yuen Fui‚ the lack of an offer and acceptance will cause an agreement to be declared void from the beginning. In this particular case‚ although there was a valid offer and the intention of both parties to be legally bound‚ neither an absolute acceptance nor consideration had passed between the Bank and
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contractual agreement is said to exist when a valid offer is followed by a valid acceptance. • Sometimes people will negotiate to try to gain something different from what is first offered. This may make it difficult to know exactly when a contract is formed and when legal obligations begin. Components necessary for contract formation • 1. An OFFER- a promise to be bound on specific terms • • 2. An ACCEPTANCE- an unqualified agreement to those terms • • 3. CONSIDERATION- which means that
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is an agreement between two or more parties‚ is enforceable at law. Once the contract is formed‚ those parties need to abide their promises. The essential elements of a contract include offer‚ acceptance‚ consideration and intention to create legal relations. In this case‚ it mainly covers offer‚ acceptance‚ and consideration‚ and others are presumed to be presented. First of all‚ we first identify whether the advertisement posted by Alan is an offer or is just an invitation to treat. In the advertisement
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between Mary and Maidon Bhd. Principle To identify whether there is a contract in this cases‚ first of all‚ we need to looked at is whether there is an agreement between Mary and Maidon Bhd. Agreement should be occur if there is a proposal or acceptance. According to section 2(a) of the Contract Act 1950‚ proposal can be defined when one person signifies to another his willingness to do or to abstain from doing anything‚ with a view t obtaining the assent of that other to the act or abstinence
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Wilberforce in the Eurymedon. Before we look at whether the contract is formed‚ a valid agreement must be formed. A valid agreement is a promise of set of promises that is binding by law. An agreement consists of an offer that is followed by an acceptance resulting in (consensus as idem). An offer an expression of willingness to be bound seen in the case of Storer v Manchester city council where there mortgage details were included should always be contrasted from an invitation to treat‚ an expression
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Heather Proper Contract Law 07/24/2014 To further develop your skill in identifying and defining the characteristics of offer and acceptance‚ complete the assignment below. Write out the answers to Review Questions 1 through 10 on page 24 of your textbook 1. Define the concepts of precedent and stare decisis. Precedent is prior decisions of the same court or a higher court that a judge must follow. Stare decisis “ Stand by the thing decided” Related to the concept of precedent; Rule that
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SAB 330 Week 8 PUBLIC POLICIES AND ECONOMIC ORGANIZATIONS 1) Explain term of “consideration” The "consideration" requirement for creating a Common Law contract requires that both sides of the agreement give consideration. "Consideration" is the giving of bargained for legal value. The "bargained for" requirement means only that the legal value given is that which the other party requested‚ i.e. that there has been some communication about who gives or does what for whom. There is seldom
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To form a legally binding contract‚ the elements of offer and acceptance; present of consideration; intention to create legal relation; capacity; legality of object; compliance with formalities; and genuine consent must be present all together. In the case of Charles v. Alex‚ to determine whether or not Alex was entitled to sell the apartment to another buyer depends very much on whether or not the element of offer and acceptance were present and hence formed a legally binding contract between
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abstain from doing anything‚ with a view to obtaining the assent of that other to the act or abstinence‚ he is said to make a proposal”. Under the Contract Act 1950‚ a proposal is something which is capable of being converted into an agreement by its acceptance. Moreover‚ merely giving information is not an offer. For example of Harvey v Facey (1893) case‚ P telegraphed D – “Will you sell us Bumber Hall Pen? Telegraph lowest cash price.” D replied‚ “Lowest cash price £900.” P purported to accept the offer
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