Law Contract Case Study

There is consideration present here since according to the ‘Doctrine of Consideration, ' promises will legally enforceable if you ‘ask for something in return for ' something else. Here, Ken asks for £12,000 in return for his work to build Jack 's conservatory. Therefore, when Jack ‘accordingly contacts Ken to say that he will be employing him to do the building work, ' Jack has accepted Ken 's offer, and both parties have entered into a legally binding contract. Jack 's statement qualifies as an acceptance since there is correspondence between the two parties, whereby both the offer and acceptance are on the same terms; there is nexus, where the acceptance is in response to the offer; and finally, there is communication on both parts. Moreover, when Jack states that he will accept the ‘most competitive ' tender, he could argue that the recommendation from ‘Barnie, ' his ‘neighbour ' who expresses that ‘Ken is an excellent builder ' constitutes Jack 's meaning of the ‘most competitive. ' However, this is not relevant unless Bob wishes to argue in court that Jack 's proposal was indeed an invitation to tender, which constitutes an offer, as according to Harvela.

Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class, I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach of contracts will be highlighted. Also, legal excuses for nonperformance or other grounds for discharge of contracts will be addressed. Finally, three types of common contracts personally and professionally encountered will be mentioned.

A mistake is defined in contract law as a belief that is not in accord with the facts. The law recognizes certain mistakes and provides a solution intended to make the parties whole again (Melvin, 2011). However, a mutual mistake may be the basis for canceling a contract (also called avoiding the contract) when both parties hold an erroneous belief. The mistake in this case focusses on assumption made by Chou. After the oral agreement was reached, Chou offered to draft a written version of the contract. During this process, Chou received an e-mail from the BTT manager who simply restated the key terms of the agreement. After receiving this e-mail, Chou mistakenly assumed the BTT manager wanted to draft the contract. This erroneous belief by Chou caused the 90-day deadline to pass without a written contract. This 90-day deadline was a binding stipulation of the original negotiating contract.

However, the following are the vital steps contained in each contract. Also, without them the contract would not be considered valid. First, an offer entails a statement by one party who is willing to make a contract under certain conditions keeping in mind that it shall be accepted. Second, acceptance gives a picture of the agreement to the terms offered. According to Rogers (2012), acceptance is considered valid when, (1) it is made by an individual to whom the offer was directed, (2) it is unequivocal, and (3) it is communicated to the offeror. Third, consideration encompasses the terms of the contracts between the parties. Therefore,

P2 EXPLAIN THE LAW IN RELATION TO THE FORMATION OF A CONTRACT IN A GIVEN SITUATION

‘Acceptance is a definite and unqualified assent to an offer, on all of its terms. Any acceptance given conditionally will not result in a legally binding agreement.’

The offer and acceptance model is flawed- only an agreement is necessary. In order to fully comprehend this statement, we must first establish what constitutes and offer and what constitutes acceptance. “An offer is a statement by one party of willingness to enter into a contract on stated terms, provided that these terms are, in turn, accepted by the party to whom the offer is addressed”. Acceptance is “…an unqualified expression of ascent to the terms proposed by the offeror”. The “Offer and acceptance model” is based on the court’s adopt the “mirror image” rule of contractual formation. Applying the definitions stated above, we can take this to mean that there must be a clear and unequivocal offer which must be matched by an equally

Competent Parties; Agreement (Offer & Acceptance); Consideration; Lawful Purpose; and final the Form. Identification of these elements in court case Keunzi v. Radloff 34 N.W. 2d 798 (Wis.1948).The parties are Keunzi v. Radloff; The agreement (offer & acceptance) starts from paragraph 2 (Dear Sir, I wish to confirm…. End the industrial commission). Then it starts from accepting O.A. Krebsbach H. Radloff until the proposed building. After that the consideration starts from on April 11, 1946, application until the following letter from the Radloff. Then comes the lawful purpose that starts from Upon the facts, it appears until the Civilian Production Administration. Final the form starts from the defendants from time to time during the preparation of the plan until the plan was completed and delivered to the defendant, Radloff.

Agreement: There must be an offer coming from the offeror and an acceptance of this offer by the offeree. Mutual consent is required.

The offer had been agreed upon from both parties is important. The acceptance of an offer cannot alter the terms of the specified in the offer. “An offeree accepts by saying or doing something that a reasonable person would understand to mean that he definitely wants to take the offer.” (Beatty, 2016) Once the buyers or offeree came to an

In the article “Consideration - in Acceptance of Contract”， this support Robert’s (2015) evidence that if an act is performed then a subsequent promise to pay by reference to that act is not enforceable as the consideration was past. Other that, he also noted that if there was an implication; the past promise to pay is enforceable.

Breach of contract arises in the event of failure of the promisee to perform the stated terms in the oral or written contract.

4) Chou’s neglect to follow through with a contract could make the deal unenforceable. The statute of frauds requires some information to be written down and signed. If the courts did not take the email that spells out all the terms of the agreement sent by BTT to Chou as proof of all parties’ agreement, it could be a dismissed lawsuit (Melvin, 2011).

These 3 are the essential ingredients of a valid contract. Agreement has to do with offer and acceptance. An agreement is reached when one party makes an offer, which is accepted by another party.My advice to the parties as to their legal positions will be based mainly on offer and acceptance including the postal rule. Their contractual intention may also be examined based on the facts of the case. Before then, it is important to examine into details what constitutes offer and acceptance.

Introduction: In this assignment I will go over a few legal terms in relation to contract law. I will also talk about a few precedents that help explain the law.