• Business Law
    , „acceptance‟ is the manifestation by the offeree of his assent to the terms of the offer Legal rules as consideration: Consideration being one of the essential elements of a valid contract, the general rule is that “an agreement made without consideration is void.” But there are a few exceptions to the...
    Premium 18875 Words 76 Pages
  • Commercial Law Study Guide
    the legal implications of an option (i e explain the particular rights and obligations undertaken by offerer and offeree in the case of an option); 28 Define acceptance. Name the 4 requirements that have to be met in order that an acceptance should convert a valid offer into a contract; 29 State...
    Premium 49430 Words 198 Pages
  • Business Law
    Simple Contract i) offer; ii) acceptance; iii) intention to create legal relations; iv) consideration or it must be a document under seal or deed; If any one of above-mentioned elements are missing, there is no legally binding contract (there will not be a valid contract...
    Premium 15474 Words 62 Pages
  • Mr B Nameko
    for its enforceability. 2Q. Define offer (OR) proposal? Explain the legal rules as to a valid offer also discuss the law relating to communication of offer and revocation of offer? Ans: Definition: According to section 2(a) of Indian contract act, 1872, defines offer as “when one person...
    Premium 47316 Words 190 Pages
  • - Understanding the Essential Elements of a Valid and Legally Binding Contract
    have been formed over the time and numerous legal procedures. Looking at the case of Carlill Vs. Carbolic Smoke Ball Co. we can see how important the rules of the offer and acceptance are. Carbolic Smoke Ball Co. started an advertising campaign in which the key component has been the promise to give...
    Premium 3517 Words 15 Pages
  • introduction to law
    become a contract. Ordinarily it is the acceptance of the offer and intimation of that acceptance which results in a contract. LEGAL RULES AND ESSENTIAL ELEMENTS FOR A VALID OFFER 1) Offer must be capable of creating legal relations: A social invitation, even if it is accepted does not create...
    Premium 12331 Words 50 Pages
  • Legal Asspect of Business
    with a lawful object, and are not hereby expressly declared to be void" As per the above section, a contract must have the following elements. 1. Intention to create legal relationship. 2. Lawful object 3. Agreement not expressly declared void. 4. Proper offer and its acceptance. 5. Free...
    Premium 4929 Words 20 Pages
  • Theory of Islamic Contract
    obvious agreement taking place between the contracting parties. The agreement is deemed to be formed when a firm offer by one party is unequivocally accepted by the other. The offer and acceptance methodology does not constitute formality in the Islamic contractual legal system. It is only a means...
    Premium 11232 Words 45 Pages
  • law homework
    Definition Contract is an agreement between 2 or more parties which is legally enforceable by 1 party against the other or others. There are 4 components of a contract, including offer, acceptance, consideration and intention to create legal relations. Therefore, when we advise whether it is a...
    Premium 1510 Words 7 Pages
  • Miss
    Enforceability A valid contract results when all of the elements necessary to contract formation exist—when the parties agree, through an offer and an acceptance, to form a contract; the contract is supported by consideration; the contract is for a legal purpose; and the parties had legal capacity to...
    Premium 20203 Words 81 Pages
  • Legal Aspects
    business and not a valid offer. Explain the five forms of breach of contract in detail. Explain the four legal remedies applicable to each situation. Explain insolvency as a cause of breach of contract. 2 3 4 83 STUDY UNIT 8 AGENCY REPRESENTATION STUDY UNIT AIM The aim of this study unit...
    Premium 31340 Words 126 Pages
  • Contracts
    time acceptance is communicated to him. (n) Agent - considered an extension of the personality of his principal. If he is duly authorized, his acts are the acts of the principal. *if offer made through the agent, acceptance will be valid if communicated through him (agent). Article 1323. An...
    Premium 15010 Words 61 Pages
  • Ipc Question Papers
    . 3. Explain the provisions regarding the agreement by minor under the Contract Act. OR 3. Explain with illustrations the various mode of discharge of contract. 4. What is quasi contract ? Explain with illustration quasi contract. OR 4. Express the rules relating to credit the debts in relating...
    Premium 5022 Words 21 Pages
  • comm law assignment
    adequate. Thus, a valid contract has been formed. Now as for Jim’s legal position regarding whether or not could All About Talk Pte Ltd withdraw the offer and deem the contract invalid, we will have to look at whether or not the revocation of offer is valid. Based on the facts, Jim had...
    Premium 1660 Words 7 Pages
  • Temptemt
    : Intention, Offer & Acceptance Willes, Chapter 7 - To understand the presumption of intent to be legally bound. To understand the requirements of a valid offer. To understand the circumstances of lapse. To understand the rules relating to valid acceptance. Lecture Class discussion of relevant...
    Premium 2602 Words 11 Pages
  • Business Law
    regarding whether the contract is valid/enforceable, including whose argument will most likely succeed in a court hearing. Acknowledging, the beginning sale price of the land being $100,000.00, Mr. Albert Sleaze responded to the sale price, via fax, an offer of $92,000.00. Upon receiving the fax, Mr...
    Premium 1245 Words 5 Pages
  • Common Law
    agreement. II. The key elements required for the formation of a valid contract. An agreement can become a valid contract when it meets five key elements which are offer, acceptance of the offer, consideration, intention to create legal relations, certainty of terms, and capacity to contract...
    Premium 3963 Words 16 Pages
  • Business Law
    offer was made expressly, specifically to him. The first key ingredient to creating a contract is ‘agreement.’ For agreement to take place, now that a valid offer has been established, the offeree must accept the offer while the offer is still open. Acceptance can be in any form such as written...
    Premium 1771 Words 8 Pages
  • Law Common
    explain the following to Pak Chemicals as their legal advisor: 1. Explain the different types of business agreement and the importance of the key elements required for the formation of a valid contract. 2. Apply the rules of offer and acceptance in a given scenario, also considering any impact...
    Premium 368 Words 2 Pages
  • Study Guide Exam 2 for Bul 3320
    replaced common law almost completely Know the four core requirements to form a valid contract * Mutual Assent – the parties to a contract must show by words or conduct that they have agreed to enter into a contract; generally requires an offer and an acceptance * Consideration – each party to a...
    Premium 5389 Words 22 Pages