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Law relating to contract
Laws understanding contracts
Law relating to contract
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Introduction to Business Law- Assignment 1B Advise TLC Ltd. as to any possible action they may have for misrepresentation against answer Ltd. ____________________________________________________________ _________ Treitel in The Law of Contract (2003) defines a contract as: "An agreement giving rise to obligations which are enforced or recognised by law. The factor which distinguishes contractual from other legal obligations is that they are based on the agreement of the contracting parties." This quote illustrates the basic criteria for a contract. A contract is a legally binding agreement between two or more parties, it can be written or oral. There is no mention of a written contract between TLC and Answer, therefore we must assume there is an oral contract. The classical approach to determining whether a contact has been created involves agreement, consideration and intention. In order for an agreement to exist between parties there must be an offer that contains the terms of the contract. If the offeree accepts, they accept these terms. In this case, Answer offers the supply and installation of a new computer system and TLC accept this offer and have the system installed for the sum of £100,000. Consideration is the price for which a promise is brought. It’s the giving of consideration for a promise that makes breaking the promise unjust. Defined in Currie v Misa (1875) as- “Some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by another”. There must also be intension to create a contract. In commercial situations such as this the intent to create a contract is presumed. In Edwards v Skyways Ltd (1964)- the defendant was promised on being made redundant, and withdrawing his pension contributions, the company would give him an ex gratia (given out of grace- accepting no liability) payment of the same again. He withdrew his pension but did not receive the extra payment. It was held by the court that the presumption to create a legally binding contract prevailed, and all the term ex gratia means is there is no previous legally binding contract. A representation is a statement made regarding the contract that induces the other party to enter the contract. A false representation is not a breach of contract but may lead to court action for misrepresentation under the Tort of deceit or the Misrepresentation Act 1967.
Whether oral or written, the contract must manifest a mutual intent to be bound expressed in a manner capable of being understood, and include a definite offer, unconditional acceptance and consideration.” (Express Contract 2016) The above definition is a much clearer explanation with key elements outlined; 1. mutual intent, 2, expressed in a manner capable of being understood, 3. definite offer, 4. unconditional acceptance and 5. Consideration.
In the case or Yost v. Rieve Enterprises, Inc. Rieve Enterprises engages into a contract with Mr. Yost for a lease to purchase deal. The facts of the case are that Rieve visited the Red Barn Barbecue Restaurant with the intention of purchasing. Rieve and Mr. Yost entered into a contract after Rieve conducted a visual inspection of the premises. The deal was to include a five year lease with the option to buy the land and building. Prior to the sale, the Red Barn had been cited for numerous health code violations. Mr. Yost had these all corrected and disclosed this information. Mr. Yost then warranted that “the premises will pass all inspections” to conduct business. Shortly after Rieve Enterprises
-formed when parties have reached agreement on essential terms and have intention to create legal obligation. parties, obliged to perform o...
Deception is the intentional use of false representations by an individual through words or conduct; in order to dishonestly obtain an unfair advantage for self or another by inducing the victim to transfer a benefit or inflict a detriment upon the victim. The intention to deceive is the supportive fault element.
"A contract is a legally enforceable promise or set of promises. In other words, when promises have the status of contract, the contracting party harmed by a breach of the contract is entitled to obtain legal remedies against the breaching party" (Mallor et al., 2015, p. 320)
...aw in the US and Australia where the doctrine can be used to found a cause of action to remedy the non-performance of a promise unsupported by consideration. In the UK however, it is a means where contractual rights may be suspended, but not by which new rights can be formed. In the US, where the doctrine can be used as a cause of action and has been used in multiple cases, commentators have claimed that the doctrine is a ‘flexible means of achieving fairness’ and ‘cannot be reduced to a precise formula or series of tests’ .
Defined as an agreement between two or more parties, a covenant represents a formal and binding obligation.
There are several types of false statement. One of them is a deliberate lie, which goes under the Tort of Deceit. Another one is negligent misstatement, which is basically the statement made carelessly or without reasonable background and is included into the Law of Tort.
As mentioned earlier, there are certain requirements which must be met for a contract to be valid; requirements needed include agreement, consideration, contractual capacity and legality. For an agreement to be valid there must be an offer and acceptance present. In other words, there must be an intent known and understood for the contact to have an agreement. With that being said, there is no
A contract is an agreement which has its specified terms and conditions between two or more parties in which there is a promise to do something in return for a benefit.
The basic law of a contract is an agreement between two parties or more, to deliver a service or a product. And reach a consensus about the terms and conditions that is enforced by law and a contract can be only valid if it is lawful other than that there can’t be a contract. For a contract to exist the parties must have serious intentions, agreement, contractual capacity meaning a party must be able to carry a responsibility, lawful, possibility of performance and formalities. Any duress, false statements, undue influence or unconscionable dealings could make a contract unlawful and voidable.
A contract is an agreement between two parties in which one party agrees to perform some actions in return of some consideration. These promises are legally binding. The contract can be for exchange of goods, services, property and so on. A contract can be oral as well as written and also it can be part oral and part written but it is useful to have written contract otherwise issues can be created in future. But both the written as well as oral contract is legally enforceable. Also if there is a breach of contract, there are certain remedies for that which are discussed later in the assignment. There are certain elements which need to be present in a contract. These elements are discussed in the detail in the assignment. (Clarke,
One of the last remaining strongholds of classical contract law is the notion that contracts require offer and acceptance therefore, in order for a contract to become binding, offer, acceptance, consideration and intention to create legal relations must exist. However contracts are formed in different ways for each different circumstance. (Shawn Bayern, Offer and Acceptance in Modern Contract Law: A Needles Concept, 103 Cal. L. Rev. 67, 102 (2015)
A contract is generally considered to be an exchange of promises or an agreement between parties which in due course legally binds the parties; this can be enforced by the English Law. A contract is always, referred to the basic foundations of Contract Law, which refers to promises being kept amongst two parties. It is clear that all people make contracts nowadays and do not even consider for a moment that they are forming contracts; these can be formal or informal, oral or written.
The area of law that is required in order to form a legally enforceable contract is agreement.