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Corporate and Business Law - Essay Example

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Corporate and Business Law

This essay demonstrates that the manager as a businessman owes a duty of care to all his customers. This entails that he is bound by law to provide goods that have the best interest of his customers at hand. However, in the case scenario, the manager of ABC Ltd sells faulty goods knowingly and does not refund his customers, meaning that he is defrauding his customers. It is indeed important that the manager is held legally responsible for failing to give refunds for faulty goods, and he is compelled to sell quality goods to his customers.Contract law and sale of Goods Act are interrelated and work to salvage the contract arrived at by entities in the performance of business activities. They protect the rights of customers and ensure that the sellers are legally bound by their commitment in the contract. In the case scenario discussed, undue influence, misrepresentation, buyer beware, remedies for breach of contract, and obligations of a seller have been evaluated. This paper makes a conclusion that the sale of goods act has also been expounded in a bid to illuminate the rights and obligations of entities selling and buying goods from each other. It is through this that a contract has to involve two parties; the parties have to come to an agreement and the rights and legal obligations of the parties. These serve as the basis of rulings made in courts as a result of filled litigation and hence understanding of the underlying principles is essential for any finance person or accountant....
A similar decision was arrived at by the court of Appeal in Pharmaceutical Society of Great Britain v Boots Cash Chemists (Southern) Ltd5. The outcome of this case for the defendant was important. This is since it was agreed at that by merely picking the drugs from the shelf; this did not amount to a contract between the two parties. However, a contract was arrived at when the goods were presented at the counter for sale and proper supervision was carried out. The same case applies to Tim and ABC Ltd, the advertisement displayed cannot be treated as an offer to sell by merely picking it but is an invitation to treat and will only bind into a contract once it is presented at the cash point as was done and the mistake corrected in due time. See also Fisher v Bell6. There are some exceptions to the rule of an invitation to treat where an advertisement is treated as an offer to sell. In Chapleton v Barry Urban District Council7 it was held that an attachment of price to a display of deck chairs was an offer to sell and not an invitation to treat. Subsequently, it was ruled that in a self service station, a contract is arrived at when the customer pumps the pump to fill the tank and not at the pay point. Though a weak form of defense, Tim may rely on the prospect that by ABC Ltd attaching a price to the computer, it served as an invitation to sell and not an offer to treat and hence ABC Ltd was liable for the misprice8. A2. Whether the manager’s statement of additional RAM was part of the contract The manager’s statement of additional RAM though not being right forms part of the contract. This is legally on the basis of actual undue influence as ascribed in Bank of Scotland plc v Etridge (No.2)9 where undue influence pertains to ...Show more

Summary

This essay discusses that 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…
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Corporate and Business Law essay example
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