Meeting of the minds

Before confirming that the parties have satisfied the required formal elements of a contract, a most important issue to consider is whether both parties have capacity to enter into a contract. In Alan and Bridget (parents) condition, Carlos (son) Company was in loss and was not able to repay the loan, decided to take a refinance, assuming the refinance will help the company comeback to its normal condition. Capacity states, the legal ability of the party to enter into a contract. Law will not…

Assignment 1 Contract Problem Case Study Introduction The contract is a voidable contract. It is an express and implied understanding that the agreement was legally binding, meaning that, it would be enforceable by the courts if the parties took legal action to resolve the dispute between them. This case is a contract case since both parties have come up with the business agreement. That is, LNPL will provide service to Mr Garae and Mr Garae in return will pay for this service offer. Mr Garae…

This essay will define promissory estoppel within English Law. Promissory Estoppel is defined within English Law as a principle of justice, and can also be referred to in earlier cases as ‘equitable estoppel’ . This means that a promise made can be enforceable by law, even if there hasn’t been a formal consideration, meaning that it is a legally binding contract. Promissory Estoppel falls under contract law and has enabled legal obligations, meaning a person who has entered in to a contract…

does not have enough learning of the legalities concerning these issues. All things considered, it is best to look for legitimate guidance from a probate lawyer who goes about as a backer for the customer's sake. Asking for probate is basic keeping in mind the end goal to record the greater part of the perished's advantages and liabilities. Without this, the recipients of the perished won't have the capacity to get what is legitimately…

1.1 Clearly explain what requirements must be in place for a Contract to exist between two parties: A contract is a legally binding agreement offering rights and imposing obligations of specific terms between two or more persons (or entities) in which there is a set of promises in re-turn for a benefit (a consideration). The legal bind is only applicable upon the party or ‘privy’ who enter the contract. For a contract to exist between two parties there must be evidence of the following…

Qantas, like other Australian companies will have to shift to AASB 15 regulations when they come into effect in 2018. The regulations set guidelines for recognition of revenues. Indeed, it requires that revenues are recognized in a way that it is representative of goods/services that an entity has promised to transfer to consumers on basis of values that reflect the entity’s expectations in return for the goods/services supplied. a) Outline how companies are required to account for revenue…

1. Name three specific cyber issues that have necessitated new laws. 1) Credit card fraud. 2) Cyberstalking. 3) Theft of intellectual property and Identity theft. 2. What are the elements required to form a contract?  Offer and acceptance: • Offer must be specific, complete, capable of acceptance and made with the intention of being bound by acceptance. • An acceptance is a final and unqualified expression of assent to an offer that is made in response to an offer and corresponds with the…

clear example that demonstrates the effects of the counter-offer is Hyde v Wrench [1840] EWCH Ch J90 where Wrench wanted to sell his farm to Hyde for 1000 GBP. Hyde counter-offered and after the initial offeror rejected the new offer, he changed his mind and announced Wrench that he accepts the initial offer after all. It was held by Lord Longdale that there was no obligation between the two parties as the initial offer was destroyed when Hyde counter-offered. He stated that “if the offer had at…

In order to determine Ms. Gale’s (“Gale”) course of action against Mr. Branch (“Branch”), it is first crucial to decide whether a contract has been formed? Here, the clearest indication that a contract exists is in the written letter signed by Branch to Gale. In his letter, Branch begins by writing that “for valuable consideration” he will give Gale an option of 120 days to purchase his horse Tinman for $500,000. The letter goes on to include that the horse will be warranted until the date of…

Particularly, the most important elements to determine whether the contract between TimberCo and BuildCo is enforceable are the agreement. A business or commercial agreement is usually intended to make a contract so as to TimberCo and BuildCo. Basically, the agreement will involve an invitation from an offeror to the parties it was intended to enter a contract and accept by an offeree who received the invitation. In this case, TimberCo is the offeror and BuildCo is the offeree. Under rules on…