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Business law - Essay Example

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BUSINESS LAW Name: Course: Tutor: Date: Question one Identify the principle or issue of law The principle or issue of law is that for a valid contract to be formed there must be the elements of intention and consideration. Explain the rule(s) of the law relevant to the principle/ area/ issue of the law identified in step one with reference to authority The three major requirements for the formation of contract which is legally enforceable are contract, intention and consideration…
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Business law

The judges have to judge the intention objectively. In all circumstances, a court has to ask whether in the circumstances a reasonable person would regard the agreement as it was intended to be binding. In any circumstance that a party in the case wants to prove for sure there was an intention to be legally bound, the party must present the evidence of the intention to the court and prove it beyond reasonable doubt. In the case Thomas v Thomas (1842) 2 QB 851, the case is about an action which was brought by a widow against the executor of her husband. The day that the husband died, he had stated that he clearly wanted his wife to get one of the houses for the rest of her life. He said that in front of his witnesses. After the husband died, his executors decided to attach a life interest in one of the houses. This was so if the wife agreed to pay one pound per rent and provided that she kept the house in good condition. After some time, the executor refused to totally complete the conveyance as he had promised. It was ruled that the respect for the wishes of the testator was not sufficient for the consideration. In the case Ermogenous v Greek Orthodox Community of SA Inc (2002) 209 CLR 95, Ermogenous who was a Bishop made a claim to be paid money which he thought was a compensation for his service from the church he was serving, that is Greek Orthodox Community. In the first instance he succeeded in convincing the judges. But when the case was taken to Full Court of the Supreme Court of SA, the judges found that there was no intention of creating legal relations between the parties which were involved. In the case Placer Development Ltd v Commonwealth (1969) 121 CLR 353, High Court of Australia, P and D had an arrangement of forming a company. The operations of the company would involve the exportation and importation of timber. It was a rule by the Commonwealth that a subsidy to be paid on any timber for which the import duty was paid but not remitted on export. The court decided that there was no contract at all since the amount to be paid as subsidy by P and D was not specified. There was no implication that any reasonable subsidy was to be paid since there was no any standard by which subsidy was to be judged. Apply the law to the facts of the question in a detailed and logical manner As n agreement becomes enforceable by law when the two parties intend to be legally bound at the time they are making the agreement, there is a need of carrying out an objective assessment of the circumstances under which the agreement between Peter and Sally, and between Burt and Sally was made. The main question in this case is whether, in the circumstances, a reasonable person would regard the agreement between Sally and Peter and the agreement between Sally and Burt as enforceable contract. There is no sufficient evidence that there was a contract between Sally and Peter. This is because, in the first instance, Sally refused to reply the request of Peter to be sold the bicycle at $4000. Peter had requested for an immediate response. Given that Sally refused to reply immediately and she did so after some days, it therefore follows that there was no contract between Peter and Sally. Sally went ahead and delivered the bicycle to Peter without his consent, and he had ... Read More
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