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Business law - Essay Example

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BUSINESS LAW Name: Tutor: Course: 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, the parties must agree to be legally bound by the law. Explain the rule(s) of law relevant to the principle/area/issue of law identified in step one with reference to authority The three main requirements for a legally enforceable contract to be formed include agreement, consideration and intention…
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Business law

The intention of the parties is judged objectively by the judges. The court has to ask whether, in any given circumstances, a logical person would regard the agreement between the parties as whether it intended to bid them. The test is usually an objective one and the judges in the court mainly rely on assumptions in order to assist them in ascertaining whether the parties intended to be legally bound by the agreement. Where the agreement is made between the buyer and the seller, the court automatically presumes that the parties intended to be legally bound by the law by the agreement that they make. In the case Balfour v Balfour [1919] 2 KB 571, Mr. Balfour worked with the government as civil engineer. At that time, he was living with his wife. During Mr. Balfour’s leave in 1915, his wife got rheumatic arthritis when they were still in England. Her doctor insisted that she had to be left behind since she would be affected by the change of climate. As her husband was leaving, he promised to send to her 30 pounds a month until she joined him. Later, the husband said that they better live apart the way they were when she was sick. The wife sued him so that she can still be getting the 30 pounds. The court ruled that in this case, there was no enforceable agreement between the two parties. This was though even if the depth of reasoning of the two parties differed. In the case Henthorn v Fraser [1892] 2 Ch 27, the claimant had received a note from the defendant, where the defendant had offered to purchase a certain property within 14 days. The claimant responded promptly where he sent the defendant an acceptance through the email the day that followed in order to accept the offer. Before the defendant had received the acceptance from the claimant, he withdrew the offer. This was after the claimant had posted the acceptance. When the claimant sued the defendant, the court of appeal ruled that the claimant was entitled to specific performance from the defendant. This was so because a contract becomes bidding when the acceptance is posted within the given duration of time. When an agreement is reached in a business or commercial context, the court automatically assumes that the parties to the case intended to be legally bound at the time they were making the agreement. Apply the law to the facts of the question in a detailed and logical manner As an agreement only becomes legally enforceable when the parties in the case intend to be legally bound at the time they were making the agreement, a judge has to conduct an objective assessment of the circumstances in which Sally, Peter and Burt made the agreement. The question in this case is whether under any circumstances, a logical person would regard the sale agreement as intended to be binding. The parties in this case are no friends but business people that is, a buyer and a seller. There are sufficient facts in this case to indicate that the sale agreement was in a commercial or business context. Given that the parties are not friends but business partners, the court will assume that the parties involved, Peter, Sally and Burt intend to be legally bound by the time they were making the agreement. In order to enforce the sale agreement, Sally has to prove with additional facts to the presumption ... Read More
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