Case study

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They went ahead to confirm their verbal agreement by paying an amount that partly makes them show desire to purchase the automobile. In return, with mutual understanding the salesman keeps the car and calls them to confirm if the purchase would be completed. A contract that is legally binding does exist here. There are factors in this scenarios that show a legally binding agreement is in existence.

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Your assignment is to be not more than 6 pages double spaced using Time Roman 12 point font. It is to have an introduction and conclusion. You must include reference to the course readings or sources outside the course that you have consulted in preparation for this assignment. Be sure to properly cite your references and to provide a reference list following the conclusion to the essay.

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Due Date: The week beginning the 11th of May, 2015. The completed assignment must be submitted to your lecturer during your scheduled seminar.

Jerry comes across the advert, rings Ronan and says, “I’ve seen your car and I accept your offer of £1200.” Ronan knows Jerry wants the car at the asking price of £1200. Jerry, has verbally made an offer to Ronan, and the offer has been communicated to the offeree. The offeree must know of the offer, although it must be certain of the communication of acceptance from Ronan.

When Peter places an advertisement in the local paper, he gives information of the Rolls Royce, which anyone can make an offer and when accepted by Peter it amounts to fulfillment of a contract. Rooke v Dawson- an advertisement is not an offer because they lead to further bargaining. In this case, advertisement that a scholarship examination will be held, was not held to be an offer to a candidate who obtained the highest marks. Laura calls Peter and makes an offer of buying the Rolls at $20, 000; the offer is accepted conditionally by Peter. Peter accepts the offer under a condition that she would pay through internet banking. Jonnes v Daniel- where there are conditions on payment, documents and date of completion. Terms do not give rise to any immediate enforceable contract, unless the conditions are fulfilled.

Your assignment must be typed, double-spaced, using standard fonts and have standard margins on all sides (i.e., 12-point, Times New Roman, 2.54cm margins). You may use essay or report format for this assignment.

A contract is very clear and concise, regarding its components and requirements. Hence, it includes an offer, acceptance (by both parties), and consideration. There was an intent by Jenny to buy the car, “I am interested in buying your car”, followed by consideration which shows a reliance on the owner selling it for $23,000. The offeree allegedly ‘agreed’ to this ‘offer’ by his performance for the promise made, “I will take the car off Sometree. I am really excited for you to buy this car”, eventhough Jenny was only ‘interested’. Thus, a clear miscommunication in words is present, not resulting in a binding contract in which Jenny is bound by. This assures that

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)

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However, by reading the terms and conditions of the contract and signing the contract B agrees on entering into a legally binding agreement. Finally, for the consideration part of the contract at the bottom of the page of the quote was a tear-off slip with instructions for B to sign and to return the slip with a deposit. B sent the tear-off slip with a cheque for the deposit. Since all the elements of the contract were formed the contract is considered valid.

This assignment will be presented by the assignment team who you will shortly be introduced to. During the presentation the following topics will be covered:

As Anjali refers to the offer made on the notice board –the notice on the staff notice board said that the car would be sold to the first staff member who pays the money as she did not come with the money it might make the acceptance invalid.