Undergraduate
Essay
Miscellaneous
Pages 4 (1004 words)
Download 0
In business agreements, it is generally presumed by courts that there is an intention to create legal relations unless the parties insert a clause that their agreement shall not be binding in law but shall be binding in honor only. …

Introduction

There must be an agreement based upon genuine consent of parties, supported by consideration and unable for a lawful object between competent parties. (Hussain, 2002)

An offer may be made to a specific person or to any member of a group of persons or to the world at large, but it can not form the basis of a contract until it has been accepted an ascertained person or group of persons.

For this case, the owner of happy acres made an offer to sell his property on March 15th to an interesting buyer. He offered to sell his property for $200,000, closing to take place 18 days of acceptance, time being of essence. The offeror added that if the offeree sent him a non refundable $4000, the offer would remain open for 30 days from the date thereof. This meant that if the offeree paid a non-refundable $4000, the offer would remain open for 30 days.

The owner of Happyacres was told by a business acquaintance that he thought that would pay up to $275,000 for Happyacres on March 25th and he changed his mind and wrote a letter on March 26th. The offeror was actually revoking the original offer of March 15th.

This revocation can not be more binding because it does not apply to the two rules of revocation. The rule of revocation states that, the revocation by post does not take effect until it is actually received by the offeree. ...
Download paper
Not exactly what you need?

Related papers

U.S. Law
There must be an agreement based upon genuine consent of parties, supported by consideration and unable for a lawful object between competent parties. (Hussain, 2002) …
U.S. & Japanese History
Rice was introduced into the society in 300 BC. This led to the establishment of the societal hierarchy and numerous small villages (which later combined together to form lager tribes). Buddhism was introduced at around 538 BC. In 1912, during the First World War, Japan joined the Allied forces. During the Second World War (1937) Japan surrendered after two atomic bombs (one on Hiroshima and the…
Trade sanctions against Iran
If we were in the carpet importing business, there would be nothing to bar us from importing and selling Persian rugs from Iran. We are in the grain business, however, and U.S. law thereby prohibits us from conducting business with the country, which many know best for its militant takeover of the U.S. embassy in Tehran in 1979 and the subsequent taking of hostages.…
Criminal Law: Penal Law
The police file a document, in most jurisdictions known as a complaint, with a court in the appropriate jurisdiction. The interests of the state are represented by a prosecuting attorney, while the interests of the defendant are represented by his or her attorney. While the specific process varies according to the local law, in virtually every jurisdiction the process culminates with a trial,…
The U.S Policy on Cuba
Currently, there exists no official diplomatic relationship between Cuba and the U.S; rather the countries have maintained an embargo that makes any business association between Cubans and U.S corporations illegal. Analysts argue that the conflict between the U.S and Cuba is as a result of the Americans imperialism ideology that is invading the freedom of Cubans. The U.S has maintained its…
Aspects of U.S. Strategic Culture
strategy, since it highlights the "inter-subjective knowledge which constitutes identities and interests."1 In terms of casualty aversion, the impact of negative public opinion has shaped U.S. war strategy differently in Somalia as compared to Iraq, while the legal pragmatism of the U.S. is shaping a threat to its hegemony through changing inter-subjective knowledge between states and shaping a…
Power Play: The U.S. Case
was home to small Spanish and French colonies. Not until the late 16th and early 17th centuries - when England's monarchs and businessmen with mercantilist intentions sent adventurers - did colonisation begin with the first settlement at Jamestown in 1607 (Loewen, 2005, p. 48-49).…