Chapter 3 Offer and Acceptance 1 The offer (1) Invitation to treat An invitation to treat is essentially an initial appproach to others inviting them to make an offer which may or may not be accepted. e.g. The taking of articles from the shelves by the customer would normally constitute an offer to buy and not the acceptance by her or him of an offer to sell.(Pharmaceutical Society of Great Britain v Boots Cash Chemists (Southern) Ltd) (2) Unilateral offers If the offer is made to the world at large
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treat"‚ which can be described as any part of the negotiation process that invites further bargaining‚ rather than acceptance: Pharmaceutical Society v Boots Cash Chemist Acceptance Communication of acceptance is generally required: Felhouse v Bindley‚ EXCEPTIONS are: • Where an offeree with a reasonable opportunity to reject the offer of goods or services takes the benefit of them under circumstances which indicate that they were to be paid for in accordance with the offer: Empirnall Holdings
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ACCA (ENG) (F4) Corporate and Business Law Mind Maps © OneStudy Training Limited • • • • • • • • • • • Every chapter is summarised – easy to digest for revision; Ideal to test your knowledge; Colour and shape to stimulate your brain; Produced using MindGenius software. Mind Map Benefits According to MindGenius and Tony Buzan: Gives you an overview of a large subject; Enables you to plan a course of action and make decisions; Gathers and holds large amounts of data and information for you;
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PitchBook 4Q 2012 Private Equity Sponsored by Breakdown Bet ter Data. Bet ter Decisions. PitchBook 4 Table of Contents Intro Letter ............................................................................. 1 Private Equity Deal Flow ........................................................... 2 Investments by Deal Size .......................................................... 3 Private Equity Add-on Activity ...................................................4 Investments
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Boots Cash Chemists Ltd Revocation of an Offer Goldsborough‚ Mort & Co v Quinn Mobil Oil Australia Ltd v Wellcome International Pty Ltd ACCEPTANCE Relationship between the Offer and Acceptance Crown v Clarke Communication of Acceptance Felthouse v Bindley Empirnal Holdings Pty Ltd v Machon Paull Partners Pty Ltd Brinkibon Ltd v Stahag Stalh Und Stahlwarenhandelsgesellschaft mbH Butler Machine Tool Co Ltd v Ex-Cell-O Corp (England) Ltd CONSIDERATION The Essential Elements Beaton v McDivitt Adequacy
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CONTRACT LAW IN GREAT BRITAIN AND THE USA Key terms and specific concepts I FORM Deeds‚ specialty contracts‚ contracts under seal (# simple contracts) Statute of Frauds 1677‚ s.4 Property Act 1925‚ s.1‚ s.40‚ s.136 ; 1989‚ s.1(3)(a)‚ s.2(1) Consumer Credit Act 1974‚ s.67‚ s.68 Uniform Commercial Code 2-201 ( 2-202 Parol Evidence Rule) Jinright v. Russell (1971) Mulford v. Borg-Wagner Acceptance Corp. (1985) II TERMS A) TERMS IMPLIED BY STATUTE Sale of Goods Act
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Negligence: All the necessary elements of negligence must be proven by the plaintiff‚ and any possible defence must be countered‚ in order to successfully sue someone for negligence • Negligence is a tort‚ involving another person’s failure to take reasonable care in circumstances where their conduct might foreseeably cause us harm or loss. What is a tort? • The Law of Torts is concerned with minimum standards of conduct expected between people. • To establish liability
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Contracts Exam Notes Monika Petrusevska + Kieran Paskin 2012 The 17th day of the 6th month in the 2013th year IS THERE AN AGREEMENT (Satisfy the three elements) Offer and acceptance between more than 2 parties - Clarke v Dunraven May be necessary to look at whole course of dealings - Empirnall Holdings v Machon Was there an offer? – Step 1: Define + State what type of contract Expression to another of willingness to be legally bound by terms – Australian Woollen Mills v Commonwealth
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1.Commonwealth v State of Tasmania http://en.wikipedia.org/wiki/Commonwealth_v_Tasmania 2. Lee v Knapp In Lee v Knapp [1967] 2 QB 442 an Act required that a motorist "stop" after an accident. The defendant claimed that they did in fact momentarily halt‚ before proceeding‚ therefore complying with a commonly accepted literal meaning of "stop". The judge found that in this circumstance "stop" meant halt and wait for police or other officials to investigate the accident. A literal interpretation
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Introduction Offer and Acceptance Introduction: For a contract to be legally binding there needs to be 4 ingredients: 1. Offer 2. Acceptance 3. Intention to create legal relations 4. Consideration Building on this‚ in order to prove that a contract is legally binding 5 things need to be proven: 1. That an agreement has been reached. This is usually done by demonstrating that one of the parties has made an offer which the other accepted. 2. The agreement has been
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