Fundamental of Laws
INTENTION
We would first need to establish if there is a valid and legally binding contract formation between Iris (“the offeror”) before deciding on the likely outcomes for the parties. A proper contract constitutes an offer, an acceptance, the provision of a consideration of value and parties’ intention to legal relations. There was no depute as to the presence of a valid offer because Iris did indeed make an offer to sell the piano for a specific price and its terms i.e. keeping the offer open for Diana till noon on Saturday, were communicated to Diana. In return, Diana had also put up her consideration towards the formation of the contract by making an effort to raise the money needed to buy the aforementioned piano from Iris. Beside the elements of acceptance, which we shall discuss in the latter paragraphs, the collective actions from the both parties suggested that they were intending to form legal relations with each other.
OFFER
Offer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. Agreement consist of an offer by an indication of one person, the offeror, to another, the offeree, of the offeror’s willingness to enter into s contract on certain terms without further negotiation.
At law, an offer is the indication by one party to another of his willingness to enter into a contract with him on certain terms. It must be communicated to the offeree. It may be kept open if supported by consideration. Also, an offer may be terminated.
On Monday, Iris communicated her offer to sell her piano to Diana for £500. Therefore, Iris is the offeror.
OPTION
At law, a promise to keep an offer open for a certain time or to give someone ‘first refusal’ will not be legally binding unless the offeree gave some payment to the offeror in return for the favour. Otherwise, the offeror is making only a gratuitous promise: giving something for nothing. Such a promise is not a
We would first need to establish if there is a valid and legally binding contract formation between Iris (“the offeror”) before deciding on the likely outcomes for the parties. A proper contract constitutes an offer, an acceptance, the provision of a consideration of value and parties’ intention to legal relations. There was no depute as to the presence of a valid offer because Iris did indeed make an offer to sell the piano for a specific price and its terms i.e. keeping the offer open for Diana till noon on Saturday, were communicated to Diana. In return, Diana had also put up her consideration towards the formation of the contract by making an effort to raise the money needed to buy the aforementioned piano from Iris. Beside the elements of acceptance, which we shall discuss in the latter paragraphs, the collective actions from the both parties suggested that they were intending to form legal relations with each other.
OFFER
Offer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. Agreement consist of an offer by an indication of one person, the offeror, to another, the offeree, of the offeror’s willingness to enter into s contract on certain terms without further negotiation.
At law, an offer is the indication by one party to another of his willingness to enter into a contract with him on certain terms. It must be communicated to the offeree. It may be kept open if supported by consideration. Also, an offer may be terminated.
On Monday, Iris communicated her offer to sell her piano to Diana for £500. Therefore, Iris is the offeror.
OPTION
At law, a promise to keep an offer open for a certain time or to give someone ‘first refusal’ will not be legally binding unless the offeree gave some payment to the offeror in return for the favour. Otherwise, the offeror is making only a gratuitous promise: giving something for nothing. Such a promise is not a