Contract Law

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BUSINESS LAW ASSIGNMENT
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“To create a binding agreement the acceptance must occur, and that ‘acceptance’ must be final and absolutely unconditional. This is clear under Australian contract law.” -------------------------------------------------

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Discuss the accuracy of this statement.

In order to discuss the accuracy of this statement we must first understand the concept of ‘acceptance’. The easiest way is to first study the definition of the word. ‘The action of consenting to receive or undertake something offered” (Google Translate). To accept in the terms of the law is defined as “Law Compliance by one party with the terms and conditions of another's offer so that a contract becomes legally binding between them. “ (The American Heritage Dictionary of the English Language, Fourth Edition). Contract Law is the main area of the law that this statement is referring too. It is true that in order to have acceptance in a binding agreement both parties must be 100% clear in content of the contract and also what the circumstances are if the contract is broken in any way. However we must also state the agreement is not the sole factor in a Legally Enforceable. There must also be intention and consideration to allow the contract to become legally binding. In order to fully grasp this statement we must look at how contract law has developed from history to the present day and also to analyze the cases that have pushed these advancement or changes. To firstly be able to discuss the accuracy of the statement I believe it is vital to know how contract law came about and how acceptance plays a part in it. In order to do this we must have knowledge about the history of contract law and some of the first cases where acceptance existed. At the very beginning the first form of contract law would be seen as a verbal contract. As knowledge developed we can see that...
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