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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components which must be present in the formation of such contracts. Firstly‚ there needs to be an initial offer made by one party for the formation to begin. “An offer exists when one party effectively declares his readiness to be bound by a set of terms without any further negotiation” (Galbraith‚ 1998‚ pg79). It is interesting to note also that there is generally no requirement that the offer be made in any particular form‚ it may be made orally‚ in writing or by conduct (McKendrick‚ 2007‚ pg33)
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required by law to be sold in the presence of a pharmacist. The court thus needed to determine where the contract came into existence. Held: Goods on the shelf constitute an invitation to treat not an offer. A customer takes the goods to the till and makes an offer to purchase. The shop assistant then chooses whether to accept the offer. The contract is therefore concluded at the till in the presence of a pharmacist. Facts Boots operated a self-service store which included a pharmacy department
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NAME: SUNNA HILAL LUQMAN Answer to the question; BREIF FACTS: Peter reads an advertisement in the new vision of a special x-mas discounted fare of shs 20000 only to Arua by the executive coach bus company but on reaching he was told that the offer was only for the first ten customers and he was not eligible which made him pay 40000 for a regular seat. His suitcase with clothes valued at 1000000shs was given to another passenger whose suitcase was given to peter since they were the same. He
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to understand things such as offer and acceptance and implied terms within a contract. “Offer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. Agreement consists of an offer by an indication of one person (the "offeror") to another (the "offeree") of the offeror’s willingness to enter into a contract on certain terms without further negotiations…”[2] For it to amount to an offer it has to be shown that the offeror
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ABDUL RASHID ABDUL MAJID v ISLAND GOLF PROPERTIES SDN BHD [1989] 3 MLJ 376 ISSUE In this case‚ the issues is whether the board was entitled to levy and collect fees known as development fees from members? PRINCIPLES The defendants owned‚ managed and operate a social golf club. Membership of the club is of the following types which are honorary membership‚ ordinary membership‚ ordinary transferable membership‚ subscribing membership‚ institutional corporate membership‚ expatriate transferable
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