ACNB assignment 1 Essay

5039 WordsOct 8, 201421 Pages
Table of Contents INTRODUCTION 3 ABOUT THE CLIENT – THE WORLD AUTO LTD COMPANY 4 TASK 1.1 Explain the importance of the elements required for the information of a valid contract in the motor industry. 5 1.1.1. Agreement 5 1.1.2. Consideration 6 1.1.3. Intention to create the relations 7 1.1.4. Capacity 7 1.1.5. Privity of contract 8 1.2 Discuss the impact of different types of contract by providing explanations on comparison with local, export and distance buying modes 9 1.2.1. Written Contract 9 1.2.2. Verbal Contract 9 1.2.3. Distance Selling Contract 10 1.2.4. Modes of Contract 10 1.3 Analyze terms in contracts with reference to their meaning and effect in the motor industry 12 1.3.1 Condition 12 1.3.2 Warranty 12…show more content…
Contract agreement has traditionally been based on the definition of the rules of the offer and acceptance. Offer is one of the factors makes sure that the contract is legally valid or acceptable. There is a difference of offer between an advertisement and an option. To make an offer, there should be at least two parties or even more so that it would be legally capable of entering into a contract. When an offer is being made, the other party or person would know what is being offer and what the person or party who made the offer expect to have in return. An offer is not only made to a specific personal but also made to a class of people, or to all over the world. Partners must discriminate offer from free will, options or deals without details. For example, WAC offers to assemble and sell to John’s company 5 cars. Before any agreement about products is reached on models, color, or price, John’s company decides not to continue. In this case, there is no binding contract between two companies because there is no definite offer for the buyer to accept until the essential terms of the contract had been decided. (Study case, 2014) After having an offer in the contract, there must be acceptance. Once accepted the contract has legal effects on both sides. When the other party is clear with the offer, they would take place an acceptance with the rules and regulations being offer in the contract. There will be no contract if the

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