, „acceptance‟ is the manifestation by the offeree of his assent to the terms of the offerLegalrules 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...
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 validoffer into a contract;
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...
for its enforceability.
2Q. Define offer (OR) proposal? Explain the legalrules as to a validoffer also discuss the law
relating to communication of offer and revocation of offer?
According to section 2(a) of Indian contract act, 1872, defines offer as “when one person...
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...
become a contract. Ordinarily it is the acceptance of the offer and intimation of that acceptance which results in a contract.
LEGALRULES AND ESSENTIAL ELEMENTS FOR A VALIDOFFER
1) Offer must be capable of creating legal relations: A social invitation, even if it is accepted does not create...
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.
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...
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...
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...
business and not a validoffer. 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
STUDY UNIT 8
AGENCY REPRESENTATION STUDY UNIT AIM The aim of this study unit...
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...
3. Explain the provisions regarding the agreement by minor under the Contract Act.
3. Explain with illustrations the various mode of discharge of contract.
4. What is quasi contract ? Explain with illustration quasi contract.
4. Express the rules relating to credit the debts in relating...
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...
: Intention, Offer & Acceptance
Willes, Chapter 7
To understand the presumption of intent to be legally bound. To understand the requirements of a validoffer. To understand the circumstances of lapse. To understand the rules relating to validacceptance.
Lecture Class discussion of relevant...
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...
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...
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 validoffer has been established, the offeree must accept the offer while the offer is still open. Acceptance can be in any form such as written...
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...
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...