Business Law

Powerful Essays
Topics: Contract
A contract can be defined as an agreement containing promises made between two or more parties with the intention of creating certain legal rights and obligations and enforceable in a court of law (Gibson & Fraser, 2012, Business Law, p303). A contract must be satisfied certain legal requirements which are agreements, intention to create legal relations, considerations and capacity. Agreement = Offer + Acceptance
Therefore, here apply the rule of “Offer” and “Acceptance” to see if there is a valid contract. If valid, then parties are bound. An “offer” is a proposal accepted, a valid contract may exist. On the other hand, “acceptance” is a final and unqualified expression of assent to the terms of the offer (Barron, 1997, Fundamentals of Business Law, p 171-172). This will be discussed in relation to Carol, Jake, Bill, Mark and Peter.
Firstly, Jake and Mark came up with the idea of making an advertisement in the The Sun newspaper on selling secondhand cars and other models at great bargains. It was an invitation to treat. An invitation to treat is the inviting of people to make offers (Barron, 1997, Fundamentals of Business Law, p 152). Advertisements are generally regarded as an invitation to treat; it is always possible for the advertiser to make it clear in the advertisement that they intend to be legally bound (Gibson & Fraser, 2012, Business Law, p348). It was illustrated in the case of Partridge v Crittenden whether “Was the advertisement in the newspaper an invitation to treat or an offer”? The High Court of England held that the advertisement was only an invitation to treat because nowhere was there any indication of an expression of intention to be bound. The advertisement made no reference to the number of birds Partridge had, or had for sale, so it could not constitute an offer.
Carol.
Secondly, Carol have made an offer to Jake that “Would you sell the BMW 3 series at $34,000? Please reply



Bibliography: Barron, M. L., 1997. Fundamentals Of Business Law. 2nd ed. Sydney: McGraw- Hill Book Company. Bond, H. J. & Kay, P., 1995. Business Law. 2nd ed. London: s.n. Crosling, G. & Murphy, H., 2009. How to Study Business Law: Reading, Writing and Exams. 4th ed. Sydney: Lexis Nexis Butterworths. Gibson, A. & Fraser, D., 2012. Business Law. 6th ed. Melbourne: Pearson Australia. Graw, S., 2001. An Outline of the Law of Partnership. 2nd ed. Sydney: Karolina Kocalevski Law Book Company. Graw, S., 2002. An Introduction to the Law of Contract. 4th ed. Sydney: Law Book Co.. Ruff, A., 1996. Nutcases: Contract Law. 1st ed. London: Sweet & Maxwell Limited. Seddon, N. C. & Ellinghaus, M. P., 1992. Cheshire and Fifoot 's Law of Contract. 6th Australian ed ed. Sydney: Butterworths. [ 10 ]. (1985) 157 CLR 1 [ 11 ]

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