BTEC National Business Unit 21: Aspect of contract and business law Assignment 1: The requirements for a valid contract P1: Identify the legal criteria for offer and acceptance in a valid contract. In order for a contract to be legally binding‚ both parties must make an offer and an acceptance of that offer. An offer‚ by law it is generally presumed that in a commercial transaction‚ the contracting parties must have the intention to create a legally binding contract. This means that if they
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be discussed. To form a legally binding contract‚ the elements of offer and acceptance; present of consideration; intention to create legal relation; capacity; legality of object; compliance with formalities; and genuine consent must be present all together. In the case of Charles v. Alex‚ to determine whether or not Alex was entitled to sell the apartment to another buyer depends very much on whether or not the element of offer and acceptance were present and hence formed a legally binding contract
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Offer and acceptance is one the main 7 essentials to create a legally binding contract since a contract is based on agreement. It is also an essential for a court to arbitrate problems. An offer is a manifestation (orally‚ in writing‚ or by conduct) of willingness to enter into bargain‚ which justifies another person’s understanding of assent to that bargain is invited and will conclude the transaction. An Offeror is the party who makes the offer. An offeree is the party who receives the offer and
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information from the question‚ Hei Lau’s letter amounted to an offer to sell his second-hand car and the offer would remain open for one week. Although Chiu Chor made the first letter to Hei Lau for inquiring “whether he would take HK$40‚000 for the car”‚ the original offer was still valid because this inquiry was a mere request for information about the offer rather than a counter offer‚ it does not imply a rejection of the offer. An example of a mere request is the case of Stevenson‚ Jacques
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Cuisine Ltd‚ a food and catering business whose headquarters are in Brisbane‚ supplies goods commonly used by businesses such as Tullula Investments Ltd. On September 1‚ 2000‚ Italian Cuisine Ltd sent a fax to Tullula Investments Ltd‚ which read: "Can offer latest ’Speedy Rice Cookers’ at $100 each." On October 1‚ 2000‚ Tullula Investments Ltd faxed a reply stating: "Will have four dozen. Need delivery by November 1‚ 2000." Upon receiving the fax Italian Cuisine Ltd then wrote back to Tullula Investments
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elements: - agreement (offer + acceptance) - intention - consideration - capacity to contract - consent - legality In order to establish whether there is a binding contract between Gary and Baldcure we need to consider the existence of these elements. One of the essential prerequisites of a contract (bilateral or unilateral) is agreement. Agreement means that the parties have reached consensus ad idem‚ indicated acceptance of the offer. A primary principle of
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sell you my BNW”. This letter arrived on Thursday‚ 16 January 2014‚ before Ada checked her voicemail. 1) Advise Ada and Ben. There is no contract between Ada and Ben. This is because initially Ben leaves a message on Ada’s voicemail to accept the offer. However‚ Ben changes his mind and posts the letter to Ada on the same day‚ but the letter arrived before Ada checked her voicemail. Although the voicemail was sent earlier than the letter‚ acceptance can only be made with actual communication and
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placed the offer‚ some scenarios have occurred as a result of this. Below I am going to explain Mick’s legal rights and obligations in the different scenarios with the couples involved. To assist with this task‚ it is important to determine what this advertisement means within the English Legal System and its significance to Mick. Usually most advertisements are classified as an “Invitation to Treat”‚ and these involve a preliminary stage in which one party invites the other to make an offer. This is
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Faculty of Business BBL2614 Business Law Trimester 3‚ 2014-2015 Title: Case Study Lecture Group: AC03 Lecturer: Dr. Abbas Hardani Group members: Student ID Student Name 1. 1121115351 Ng Xin Ping 2. 1131119155 Ng Xin Jia 3. 1131119901 Ang Shing Yi 4. 1131119152 Low Cher Lian 5. 1131119172 Kystal Ann Zhi Ling Declaration by group leader (This section is to be filled in the student’s own handwriting.) I hereby declare that all group members’ names
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nearest offer. A new motorbike of the same type would cost 250‚000.00. Dahari knew that the motorbike is worth more than RM150‚000.00. He responded quickly to say he accepted the offer. However James informed him that he has sold the aluminium BMW lightweight motorbike and now he has only a racing motorbike available for sale for RM220‚000.00. Advise Dahari. (Total: 20 marks) Question 1 is about the law contract it entails issues regarding an invitation to treat
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