Business Law Study Guide

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AB1301 Business Law
2012/13 Semester 1

TABLE OF CONTENTS
CHAPTER 3: OFFER AND ACCEPTANCE ........................................................................................... 1 3.1 Offer ........................................................................................................................................... 2 3.2 Acceptance ................................................................................................................................ 3 3.1 Electronic Transactions Act ..................................................................................................... 4 CHAPTER 4: CONSIDERATION & INTENTION ................................................................................. 5 4.1 Definition ................................................................................................................................... 5 4.2 Types of consideration............................................................................................................. 5 4.3 Rules on consideration ............................................................................................................ 5 4.4 Sufficiency of Consideration ................................................................................................... 6 4.5 Promisory Estoppel .................................................................................................................. 7 4.6 Social Agreements and Business Agreements ...................................................................... 7 4.7 Privity of contract ..................................................................................................................... 7 CHAPTER 5: TERMS ............................................................................................................................ 8 5.1 Representation and Terms ...................................................................................................... 8 5.2 Express and Implied Terms ...................................................................................................... 8 5.3 Condition, Warranty and Innominate Terms ......................................................................... 9 5.4 Exemption Clauses ................................................................................................................... 9 CHAPTER 6: VITIGATING FACTORS ................................................................................................ 12 6.1 Incapacity ................................................................................................................................ 12 6.1.1 Insane & Drunken Person ............................................................................................... 12 6.1.2 Minors ............................................................................................................................... 12 6.2 Illegality ................................................................................................................................... 13 6.3 Misrepresentation .................................................................................................................. 14 6.3.1 Fraudulent, Negligent and Innocent Misrepresentation ............................................. 15 6.3.2 Remedies for Misrepresentation .................................................................................... 16 6.3.3 Excluding Liability for Misrepresentation...................................................................... 17 CHAPTER 7: DISCHARGE.................................................................................................................. 18 7.1 Breach ...................................................................................................................................... 18 7.2 Performance...
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