Offer and Acceptance Phases of a Contract Bob owns a stamp shop in Muncaster High Street. On Monday he places an item in the advertisement column of the Muncaster Evening Gazette. ‘Utopian Penny Red Stamp, one for only, £750 or nearest offer’. Late that day, Alan, a stamp collector, telephones Bob and says ‘The Utopian Red for sale, I’ll take it for £700’. And Bob replies, ‘I cannot accept less than £725 but I will not sell it to anyone else before Saturday. Let me have a reply by Friday if you want it’. ‘That is kind of you. Remind me to buy you a drink when I see you’. On Wednesday Alan telephones Bob and leaves a message on his answering machine stating ‘I accept your offer’. Unfortunately Bob’s infant son later presses a button on the machine which erases the message before Bob listen to it. Later that day Bob sells the stamp to Cerdic for £750. On Thursday Alan meets Cerdics aged mother who tells him that she has seen Cerdic’s 9 year old son who told her that his father was very excited at having acquired a Utopian Penny Red from High Street Dealer. Alan rushes home and posts a letter to Bob confirming the message which he had left on the answering machine. On the same day Bob writes to Alan withdrawing his offer. On Friday morning Alan receives Bob’s letter and at lunchtime Bob receives Alan’s letter. Advice Alan. SUGGESTED ANSWER: In determining if it is reasonable to infer the existence of an agreement between Alan, Bob & Cerdic the language of offer and acceptance must be employed. The surrounding circumstances must be examine to ascertain if there is a firm offer followed by a final and un... ... middle of paper ... ... to the courts to verify the effectiveness of the third revocation i.e. whether Alan can rely on third party revocation. If this is possible than Alan's act of posting the letter to Bob would have no effect because the revocation has taken place earlier. On the other hand if the third party revocation is not reasonable in circumstances then when Alan post a letter to Bob confirming the message there would be an acceptance by applying the postal rule i.e. the effectiveness of the acceptance is when the letter is posted and not when it was received. Since the revocation by Bob in writing required actual communication which is by Friday but the acceptance of Alan has taken place earlier as such one could safely conclude there is an agreement between Alan and Bob if the third party revocation is not reasonable.
The four elements of a contract are the agreement, the consideration, contractual capacity, and a legal object. The oral agreement between Sam and the chain store satisfies the agreement element of a contract definition because when the chain store offered to sell Sam 's invention at their stores, Sam accepted by agreeing to ship 1000 units in exchange. The second element of a contract, the “consideration of each party,” is satisfied because Sam and the chain store have something to give the other (1000 units of the invention in exchange for the exclusive sales of the product at their stores). The third element is “contractual capacity,” which may or may not be fulfilled since we do not know Sam 's age or whether
In this case study a man (Sam Stevens) is living in an apartment where he invented a product. He has verbally promised to deliver this product to a store. He then receives an eviction notice from his landlord, for the product disrupting other tenants and for conducting a business out of the apartment. Then receives a notice from the store; asking for the product that he had promised to be delivered immediately.
For the purpose of this assignment, I will discuss the POST method written by Forrestter Research analysts, Charlene Li and Josh Bernoffand. I will apply it to the world 's leading Internet television network with over 81 million members, Netflix, to further understand its application and explore how it guide them to determine the right strategy for the right audience.
Of all the topics as discussed in the class, the topic consideration has greatly drawn my interest and I got eager to find the appropriate meaning of Consideration in accordance to the Indian Contact Act (1872). The meaning of the term consideration is defined in Section 2 (d) of the Act is somewhat different from how the word ‘Consideration’ is understood in ordinary parlance. In this response paper, I seek to explore the specific manner in which the Contract Act defines ‘consideration’ and how such a definition fits in with the general scheme of the Contract Act, with the hope of responding to some of the difficulties the definition of consideration raises for contract law.
This case study examines various real estate contracts – the Real Estate Purchase Contract (REPC) and two addendums labeled Addendum No. 1 and Addendum No. 2 – pertaining to the sale of 1234 Cul-de-sac Lane in Orem, Utah. The buyers in this contract are 17 year old Jon D’Man and 21 year old Marsha Mello; the seller is Boren T. Deal. The first contract created was Jon and Marsha’s offer to purchase Boren’s house. This contract was created using the RESC form, which was likely provided by their real estate agent as it is the required form for real estate transactions according to Utah state law. The seller originally listed the house on a Multiple Listing Service (MLS); Jon and Marsha agreed that the asking price was too high for the neighborhood (although we are not given the actual listing price), and agreed to offer two-hundred and seven-thousand dollars ($207,000) and an Earnest Money Deposit of five-thousand dollars ($5,000). Additionally, the buyers requested that the seller pay 3% which includes the title insurance and property taxes. After the REPC form was drafted, the two addendums were created. Addendum No. 1 is from the seller back to the buyer, and Addendum No. 2 is the buyer’s counteroffer to the seller.
The negotiations were successful! An agreement was reached and I got the job! This success was due in large part to the extensive planning prior to the negotiation with Robust Routers. Planning is critical to a successful outcome when negotiating (Lewicki, Saunders & Barry, 2011). This was especially true in negotiating this job offer as the bargaining mix included items as varied as state of residence, salary and even stock options. Also of great benefit was that both sides realized that the while the outcome was important the relationship would be protected and even strengthened as a result of our collaborative negotiation (Lewicki, Saunders & Barry, 2011).
Receiving a job offer. As counter-intuitive as it may look, accepting the job offer should not be done without consideration. A job candidate should weight the offer against his or her work preferences and work related values as well as how it will impact his or her family. The Receiving a Job Offer section of the web site includes a list of factors that could potentially play a role in accepting or refusing the offer. Using this list a candidate can build a set of pros and cones and decide if he or she wants to accept the job offer. It also includes the tips for negotiating the offer and tips on how to properly accept or decline the offer. I can relate to this section from my past experience. I 'm not very experienced in job search and interviews.
Negotiation is a discussion between two or more people with goal of reaching agreement on
Nowadays, completion time in the construction projects is very important. As time, cost and quality together is a primary objective of project management and a standard principle. Thus, time is one of the critical item used to which the success project is judged. The time is of the essence clause is signify the importance of the time in a project. It included in a contract to show that any delay in the performance on work will cause breach of the agreement. This clause is to ensure that the contractor may carry out the work and completed it on the completion time stated.
In order for a contract to be formed, there are various requirements. These are offer, acceptance, consideration, and the intention to create legal relations. A contract may also be terminated.
Offer and Acceptance in the Courts In dealing with problems of offer and acceptance, the Courts have taken a strict approach, stating that there must be clear offer and acceptance in order to create a binding contract. As such, offers must be clear on their terms and capable of acceptance and can only be accepted on terms that mirror the offer, as established in the case of Gibson v ManchesterCityCouncil (1979) [1]. There are dicta in certain cases, notably in the judgments of Lord Denning MR, which have attempted to mitigate this harsh approach, in the case of Butler Machine Tools Co Ltd v Ex-Cell-o Corporation (England) Ltd (1979)[2].
The negotiation process theoretically begins with the initial decision to bargain and the structure of the negotiation in terms of their negotiating partner, although some of these decisions may be constrained by its context (Barry & Oliver 1996, p132). In a private real estate transaction, for instance, the potential buyer has the option not to bargain and to take at initial price, or they could place an offer and work towards a price beneficial for both parties. However, in situations where the option to bargain is not limited, the relationship between the parties may be used to explain the negotiator’s initial decision. Empirically, it is found that parties who are close place greater importance in the preservation of the relationship through compromise and even yielding, rather than working in collaboration (Barry & Oliver 1996, p132). These parties may view the risk of damaging the relationship to be of greater loss than the losses incurred in bargaining and will therefore be less inclined to negotiate over other non-confrontational options that are available. It is also true th...
During negotiation, a good negotiator needs to be nice, but still stay skeptical. Good negotiator also a risk taker that stick to the reality. They have to consider multiple options in order to satisfied both parties. They need knowledge, tenancy, courage, and passion in order to become one.
If you look in a dictionary for the word comparison you would see, " The considering of two things with some regard to characteristic that is common to both, as the likening of a hero, to a Lion in courage"(Dictionary.com). In this case, I chose to delve into the realm of comparison with the two marvelous works of drama known as "Fences" by August Wilson, and "The Tender Offer" by Wendy Wasserstein. Both artists are American Play writers born around the time of the 50s who are renowned for their masterpieces of work and also both have won a Pulitzer Prize for their writing style. Both artists seem to have a manner of expression that resembles each other’s work alike. I also noticed both works of drama have a very similar style of theme that
We all routinely make agreements with associates. Written and oral contracts are agreements that are legally enforceable. For any contract to be enforced in the court of law individuals must be presented with an offer, following a mutual acceptance. Written and oral agreements both have binding properties. “Putting the agreement in writing not only reduces any ambiguity regarding each party’s responsibilities, but also buys you more time to file a lawsuit should a breach occur (Marootian, S. B. (2016). A broken promise. Reeves Journal: Plumbing, Heating, Cooling, 96(7), 8.).” Written contracts are required for certain types of agreements while oral agreements rely heavily on witness and a solid agreement. To make those agreements live