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Corporate and Business Law (review of the Sale of Goods Act 1979 in answer contract between Tim and ABC Ltd. - Essay Example
Finance & Accounting
Pages 10 (2510 words)
CORPORATE AND BUSINESS LAW Name Finance and Accounting Institution Tutor Date Introduction Contracts form the basis of all understandings between individuals, corporations and any commercial entities that are doing business together. This therefore necessitates the need to delineate a contract form just mere talk between individuals…
This means that there has to be an offer which is followed by acceptance of the offer. Concurrently, a contract leads to formation of legally binding rights and obligations upon which the individuals are bound to adhere to failure to which leads to breach of contract that accrues damages depending on the court ruling1. With this genesis, this essay will inculcate the aspects of contract law with support of cases and also review the Sale of Goods Act 1979 in answer contract between Tim and ABC Ltd. Body A1. Whether the computer on display in the shop amounted to an offer to sell For an in depth understanding as to whether the computer on display in ABC Ltd amounted to an offer to sell, it is important to distinguish an invitation to treat from an offer to sell. An invitation to treat has been defined as including any negotiation statement that falls short of an offer and hence lengthens the bargaining process2. Goods displayed in the shop are regarded as an offer to treat and a contract is only arrived at once the goods are presented by the buyer at the cash point. ABC Ltd can use the defense of revocation of the offer. This entails a situation whereby an offer to sell is retracted before the offer is accepted. The law does not consider how far the negotiations have gone and therefore retraction of an offer is allowed as long as it is communicated. ...
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