Preview

Law assignment

Good Essays
Open Document
Open Document
1213 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Law assignment
Question 1a
Not all agreement is a legally enforceable contract, only certain time of agreement with co-hold to the rule of law of contract will become enforceable and such criteria have to be satisfied.

A contract to be legally binding or enforceable must include 4 essential elements as follow:

1) The relevant legal capacity to enter into a contract is the first element despite that there are other 3 existing elements; this is in relation to age and mental condition of the relevant contracting parties.

2) Agreement (Arising that an offer is made and accepted)

3) Consideration - an exchange of some benefit or something of value to the parties, for instance; there is monetary gains for products and services rendered.

4) The parties must have the intention to enter into a legal relationship which is the binding agreement.

The agreement will not stand when one or more components above are not in place.

Offer and Acceptance is generally used to decide whether a legally binding agreement exists between two parties in such traditional approach in contract law.

A contract exists when an offer is accepted (agreement to the terms in it) and is communicated to the offeror by the offeree.

In according to the case of Gunthing v Lynn (1831), the offeror offered to buy a horse “if it was lucky”. The court was held that the offer was unclear for it to stand.

Francis (as “offeror”) and Jim (as “offeree”) that Francis is willing to enter into an agreement to the terms that “he will buy the car on 20th January only if he has sufficient money” which is not a definite promise to be bound that the car will be purchased on 20th January and Jim (as “offeree”) could not accept the terms from Francis as offer was too vague.

While most offers are specially made to individuals, there also offers made to world at large or to a certain group of people.

For such cases, the contract will not be enforced as Jim did not accept the offer made by Francis.

You May Also Find These Documents Helpful

  • Best Essays

    BUS 311 Outline

    • 511 Words
    • 3 Pages

    The section looks at the requirements for a contract to be legally binding. Five aspects namely, competent parties to form the contract, subject matter of the contract, lawful Consideration, mutual agreement /acceptance and…

    • 511 Words
    • 3 Pages
    Best Essays
  • Good Essays

    Gloria Smithson

    • 536 Words
    • 2 Pages

    Consideration. A promise must be reinforced by a bargained-for consideration that is legally sufficient. Common types of consideration include real or personal property, a return promise, some act, or forbearance.…

    • 536 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Business Law Outcome 2

    • 1226 Words
    • 5 Pages

    A contract is formed between 2 or more parties when all offers and counter offers have been heard and eventually agreed upon. In order for a legally binding contract to be formed, both parties must:…

    • 1226 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    1. Mistake- VOID e.g. the parties were at cross purposes about the subject matter of the contract.…

    • 4307 Words
    • 18 Pages
    Powerful Essays
  • Powerful Essays

    Law Assignment

    • 1561 Words
    • 7 Pages

    A contract, which is an agreement between two or more parties, is enforceable at law. Once the contract is formed, those parties need to abide their promises. The essential elements of a contract include offer, acceptance, consideration and intention to create legal relations. In this case, it mainly covers offer, acceptance, and consideration, and others are presumed to be presented.…

    • 1561 Words
    • 7 Pages
    Powerful Essays
  • Better Essays

    Individual paper

    • 1502 Words
    • 4 Pages

    The elements of a valid contract consist of four elements. The first element of a valid contract is “offer and acceptance”, these two in combination create what is called mutual assent (Melvin, 2011). These two alone do not create a valid contract. They must contain three other element to form a valid contract, these three elements are consideration, capacity, and legality. Part one of making a valid contract is the offer. An offer is a promise or commitment to do (or refrain from doing) a specified activity (Melvin, 2011). In order for an offer to have legal effect, the party making the offer must have an objective intent. Meaning that the offering party must be willing to accept the terms of their offer within reasonable means. Part two of the first element is acceptance. Melvin (2011) stated, “Acceptance is an offeree’s expression of agreement to the terms of the offer” (pg. 33).…

    • 1502 Words
    • 4 Pages
    Better Essays
  • Powerful Essays

    Law Research

    • 1606 Words
    • 7 Pages

    S26 Contract Act 1950 states that, an agreement made without consideration is void, unless (a) it is in writing and registered; it is expressed in writing and registered under the law (if any) for the time being in force for the registration of such documents, and is made on account of natural love and affection between parties…

    • 1606 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    Offer and Acceptance

    • 8823 Words
    • 36 Pages

    2. The agreement has been expressed in a form that is sufficiently certain for the court to enforce.…

    • 8823 Words
    • 36 Pages
    Powerful Essays
  • Good Essays

    this principle, parties of a contract must have mutually agreed on all the terms in the…

    • 4238 Words
    • 28 Pages
    Good Essays
  • Good Essays

    An agreement must contain four essential ingredients to be regarded as a contract. These four elements are offer, acceptance, Intention of legal consequences, and consideration. If any one of them is missing, the agreement will not be legally binding.…

    • 639 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Law Assignment

    • 1713 Words
    • 5 Pages

    In contract law consideration is concerned with the bargain of the contract. A contract is based on an exchange of promises. Each party to a contract must be both a promisor and a promisee. They must each receive a benefit and each suffers a detriment. This benefit or detriment is referred to as consideration.…

    • 1713 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    ASSIGMENT

    • 1092 Words
    • 5 Pages

    1.1 Explain the importance of the essential elements required for the formation of a valid contract ………………………………………………………….. PG…

    • 1092 Words
    • 5 Pages
    Powerful Essays
  • Powerful Essays

    Business Law

    • 2605 Words
    • 11 Pages

    The legal issue is whether the element of agreement requires the formation of a valid contract.…

    • 2605 Words
    • 11 Pages
    Powerful Essays
  • Good Essays

    Business Law

    • 847 Words
    • 4 Pages

    To begin with, a contract is a legally binding agreement made between two or more parties with the present of some essential elements like offer and acceptance, consideration etc. To form a contact effectively, there must be an offer by one party and an acceptance of it by the other.…

    • 847 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Mr Daniel

    • 3789 Words
    • 13 Pages

    An agreement that can be enforced by law is considered as a contract (Jones v.Daniel 1894). An agreement is enforceable by law when it fills up certain conditions that are regarded as essential element of valid contract. Essential elements are: Offer and Acceptance, Lawful Consideration, Intention to create Legal Relationship, Certainty:…

    • 3789 Words
    • 13 Pages
    Powerful Essays

Related Topics