Question a) Step One The principle of law is that for a valid contract to be formed there must be an agreement reached by both parties. Step Two There are three main elements for the formation of a legally binding contract‚ intention‚ agreement and consideration. The requirement that requires discussion here is the existence of an agreement by the parties to enter into a legally binding contract. An agreement means a consensus on at least those essential terms needed for a workable transaction
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Question 1 Step 1 The legal issue is whether the element of agreement can be established to form a contract between Jordan and Will. Step 2 Making a contract requires three elements‚ which are agreement‚ intention to be legally bound and consideration (Do and Duperouzel‚ 2014). However‚ the element of agreement will be discussed here. An agreement is a meeting of the minds of both parties in which they comprehend what essential terms for the contract are. It is made of offer and acceptance. Offer
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Process analysis is a method of writing down the design of a process‚ be it for a business‚ a education model or research work in order to convey to the audience or the reader‚ how the changes in a process take place and its stages. These are basically instruction sheets with detailed outline of the process that has been decided at the first level and worked upon again with specific details fed in. The processes are explained in a chronological order so that the reader can understand the process
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PART A – Four Step Process (20 marks) Question (a) 10 marks The legal issue in question was the elements of agreement that are required for the formation of a legal contract. The elements of an agreement that are required for the formation of a legal contract is that it should consist of both offer and acceptance. This being said‚ there are principles that constitute an offer and acceptance. An offer consists of the element of promissory. This means that there must be an undertaking or promise
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Assessment Rubric for Company Law Rubric for Problem-Based Assessment in Company Law Explanation: The purpose of the problem-based assessment in Company Law 266 is to assess student’s knowledge‚ understanding and application of fundamental legal concepts and principles relating to company law using ‘real-world’ problems (scenarios). Students are required to write assignments using relevant sources of information‚ appropriate language and correct referencing. Assessment Criteria: Knowledge and
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Step 1 †Identify the area of law This four step process refers to liabilities of an agent. The case involves an agent called Tim Jones who represents an anonymous seller of chocolate products. Tim arranges a contract with ABC Foods Pty Ltd for the supply of chocolates to the various shops of ABC. Tim fails to notify his principle of the contract hence the supply of chocolates is never produced. ABC is trying to sue Tim for non-performance under the terms of the contract. This process will advise
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Business Law Assignment; Mistake in contract law‚ is a factual misunderstanding that may lead to a failure of a meeting of the minds. Unilateral mistake is mean that is only one party is mistaken‚ but the other party knows‚ or ought reasonably to be aware of the mistake. Contract may be void or voidable. Void is a contract that is no legal effect. While‚ voidable is an agreement that may be affirmed or rejected at the option of one of the party. The reason why Lord Denning took the view that these
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In Business‚ contracts can be considered as the heart of dealings and have to be taken with utter most consideration of the acceptance‚ however in order to understand in depth a binding agreement‚ we must first discuss‚ what determines a contract or binding agreement. These can be defined as “an agreement which the law will enforce” as well as a “promise or set of promises which the court will enforce”. To facilitate a binding agreement‚ an acceptance must occur and must be absolutely unconditional
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INTRODUCTION The law of contract is the collection of legal rules which govern contracts. These rules‚ in turn‚ are part of the law of obligations‚ a subdivision of the law of property which is traditionally regarded as part of private law. Private law governs the persons (legal subject) in their personal or private capacity before the law in relation to other legal subjects. In other word‚ private law can be defined as balance and protect legitimate individual interests. Traditionally private law‚ being
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History of Contract in India The Third Law commission of British India formed in 1861 under the stewardship of Chairman Sir John Romilly‚ with initial members as Sir Edward Ryan‚ R. Lowe‚ J.M. Macleod‚ Sir W. Erle (succeeded by Sir. W.M. James) and Justice Wills (succeeded by J. Henderson)‚ had presented the report on contract law for India as Draft Contract Law (1866). The Draft Law was enacted as The Act 9 of 1872 on 25th April 1872 and the Indian Contract Act‚ 1872 came into force with effect
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