Legally Binding Agreement

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  • Topic: Contract, Offer and acceptance, Meeting of the minds
  • Pages : 4 (1355 words )
  • Download(s) : 79
  • Published : January 26, 2013
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Table of contents
Page Part A:
Question 1(Q1) 3 Question 2(Q2) 4 Question 3(Q3) 4

Part B:
Question 1(Q1) 5 Question 2(Q2) 6 Question 3(Q3) 7

References 7

Part A
In the scenario described, the area of contract law applicable would be whether the offer and acceptance was put into a legally binding agreement. The offer of rewards given to the clerk from IRAS greatly depends on the usefulness of the information from the clerk to retrieve successfully the total amount of tax evaded by Evander. Firstly, to describe the contract, an offer is a definite intention by the offeror to enter into a legally binding agreement, be it a specific person, a group of people or the world at large, on the offeror’s terms (Benny, 2009). In this case, IRAS, being the offeror, offers a reward of 15 percent of tax which are recovered from the evaded tax and capped at one hundred thousand dollars if anyone discloses information which would have been loss (IRAS, 2007). Acceptance, on the other hand, occurs when the offeree comes to “meeting of the mind” with the terms stated by the offeror and come into a binding contract. This can be in the form of either writing, oral, or conduct. In this case, the clerk, being the offeree, can show acceptance by going to the stated address on the IRAS website together with information and documents of the evasion if he wants to enter into a contract. The clerk can also show acceptance by filing a report by providing documentation and information through the IRAS website by mail with templates...
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