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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Contract: enforcing bargains made between parties. Requirements for a valid contract • AGREEMENT between the parties • Requirement of CERTAINTY – terms of the contract/what’s going to happen during the life of the contract • INTENTION to create legal relations (formal agreement where they expect the law to be involved) • CONSIDERATION (giving each other party something of value which underlies promise they are making) AGREEMENT: (bargain negotiated between two parties) Looking at it objectively:
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Without offer and acceptance there can be no contract and so it is essential that the law provides rules to identify what constitutes both an offer and an acceptance. An offer may be defined as a statement of willingness to contract on specified terms made with the intention that‚ if accepted‚ it shall become a binding contract. An offer may be express or implied from conduct. In many cases it is crucial to determine when and where a contract is actually formed and this too needs rules. In the vast
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Lindsell it established the postal rule which stated‚ acceptance is effective on posting‚ this means in some situations where a letter of acceptance was by post‚ the acceptance will be effective at the time and place of posting even if the offeror has no knowledge of this. The issue in the case of Susan and Manesh is whether the postal rule applies. In the case of Quenerduaine v. Cole it stated where an offer was made by telegram and acceptance by post‚ it was not seen as reasonable that the postal
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accepting the offer. At 6pm on Friday he changed his mind and telephoned Alice. Alice was not there but her telephone answering machine recorded Bill’s message stating that he wished to withdraw his acceptance. On Monday Alice opened Bill’s letter‚ which arrived that morning‚ and then played back the message on the machine. Advise Alice.’ Introduction Begin by exploring what topic the question is talking about so in this case the question is talking about how Bill has revoked his acceptance. Define
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Contract Law- Offer and Acceptance Enforcement of promises Criteria: 1. Offer and corresponding Acceptance 2. Consideration 3. Intention to create legal relationship 4. Certainty I. Formative elements – will theory of K Offer - an expressionof willingness to contract upon certain terms – binding upon acceptance Requisites: (a) Offer will become binding upon acceptance; and [may be prepared to sell] (b) Nothing further remains to be done If no an offer‚ what is it
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Yatie‚ and whether the the offer by Yatie was revoked or not. According to (Miller & Jentz‚ 2010) every contract will involve atleast two parties. That is the offeror and the offeree. The offerer is the party who makes the offer‚ and the offeree is the person to whom the offer is made to. OFFER As per (Clarkson‚ Miller‚ Jentz‚ & Cross‚ 2009) an offer is a promise or commitment to do or not to do a certain thing. And there are three elements for an effective offer to be legally bounding from
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FORMATION OF A CONTRACT OFFER AND ACCEPTANCE For a contract to be valid‚ firstly there must be an AGREEMENT between the parties i.e. one party must make an OFFER which is UNCONDITIONALLY ACCEPTED by the other. OFFER What is an offer ? An offer is a promise that the person making the offer (known as the offeror) is prepared to be legally bound upon specified terms – he is making a statement of the terms on which he is prepared to be legally bound‚ for example A
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Offer and acceptance | Contract law | Part of the common law series | Contract formation | Offer and acceptance · Mailbox rule Mirror image rule · Invitation to treat Firm offer · Consideration | Defenses against formation | Lack of capacity Duress · Undue influence Illusory promise · Statute of frauds Non est factum | Contract interpretation | Parol evidence rule Contract of adhesion Integration clause Contra proferentem | Excuses for non-performance | Mistake · Misrepresentation
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legally enforceable agreement‚ or a contract‚ can be broken down in to five elements; offer‚ acceptance‚ consideration‚ capacity to contract and intention to create legal relations. In this scenario there doesn’t appear to be an issue with capacity to contract and intention to create legal relations‚ so we can assume that they are both satisfied. The issues concerning this scenario are the concept of an offer‚ acceptance and consideration. When looking at the issues and assessing them‚ the objective
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