Part 1 THE FORMATION OF A CONTRACT There are five basic requirements that need to be satisfied in order to make a contract: ● An agreement between the parties (which is usually shown by the fact that one has made an offer and the other has accepted it). ● An intention to be legally bound by that agreement (often called intent to create legal relations). ● Certainty as to the terms of the agreement. ● Capacity to contract. ● Consideration provided by each of the
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DIPLOMA IN BUSINESS ADMINISTRATION PRINCIPLES OF BUSINESS LAW (BA333) ASSIGNMENT TERM ONE 2006 Instruction: • Answer ALL questions. • Marks will be awarded for good presentation and thoroughness in your approach. • NO marks will be awarded for the entire assignment if any part of it is found to be copied directly from printed materials or from another student. • Complete this cover sheet and attach it to your assignment. Student declaration: I declare that: I understand what
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aware the advertisement identified that the offer was to remain open until the end of March. One would likely presume this meant the offer was open until the 31st of the month and this was the day on which the appellant expressed his wish to withdraw his offer. The 31st however fell upon a Saturday‚ a day on which the shop was closed for trading. The law in question must therefore consider if the remained open until the last day of March or the offer did in fact finish on the last day of trading
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TASK 1- ASPECTS OF CONTRACT AND BUSINESS AND BUSINESS LAW (P1‚ P2‚ and M1) P1 As a trainee Solicitor at Greedies LLP‚ I will be going through the legal criteria for offer and acceptance in this scenario‚ the law in relation to the formation of a contract as well as to analyse the impacts and requirements for a valid contract. Contract- is an agreement entered into voluntarily between two or more parties with the intention of creating legal relations. A contract can be oral or in writing‚ however
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obstructing a member of the Customs and Excise Service in the course of his duties‚ contrary to s.17F of the Customs and Excise Service Ordinance (Cap.342). What are the issues to be decided by the current court? A person commits an offence if he offers or exposes for sale or hire for the purpose of‚ in course of‚ or in connection with‚ any trade or business without the license of the copyright owner. It is an infringing copy of the copyright work. Summary of the key facts that are the basis of
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relationship that exists between two or more parties to do or abstain from performing certain acts. A contract can also be defined as a legally binding exchange of promises between two or more parties that the law will enforce. For a contract to be formed an offer made must backed acceptance of which there must be consideration. Both parties involved must intend to create legal relation on a lawful matter which must be entered into freely and should be possible to perform. An agreement is a form of cross reference
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sometimes written contracts are required in order to enforce‚ such as when buying a house or buying a motorcycle on installment. The has stated that a contract is an agreement between two or more competent parties in which an offer is made and accepted‚ and each party benefits. Offer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. The others are consideration and intention to create legal relationship between the parties
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February it was held that even though the reply was delayed it was still a binding contract as it was not the acceptors fault there was a delay in the post. In the case Jacobson Sons & Co v Underwood & Sons the offer remained open until 6 March and as Jacobson wrote and posted a reply accepting the offer on that date it was held as a binding contract as it was posted on the actual date even though it didn’t reach Underwood until the following day. 3 What are the 4 types of breach of contract? The four
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6 vital elements have been established that are necessary for a contract to exist and they are Offer‚ Acceptance‚ Consideration‚ Intention to create a legal relationship‚ Capacity and Certainty. A contract is only legally binding once the elements are in existence. Absence of any of the elements in a contract will be void or voidable. Offer According to Section 2(a) Contracts Act 1950‚ an offer or proposal is made “When one person signifies to another his willingness to do or abstain from doing
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2013 model with turbo sports body kit and sports tuned suspension for only 4500 pounds in cash. In condition of first come first serve is an invitation to treat. This meaning that Karen‚ as a car dealer is using advertisement as a invitation for the public who saw the advertisement to accept the offer. With the word first come first serve‚ means her offer is accepted by the first responder. However‚ in the case of Carlil v. Carbolic Smoke Ball 1893‚ Mrs Carlil saw an advertisement of Carbolic Smoke
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