Offer and acceptance

requirements: 1) An Intention-formal intention from all parties involved to form a legally binding relationship. 2) A consideration- a monetary payment or promise of a benefit in return for the agreement. 3) An Agreement- whereby there is an offer (promise) and acceptance of the shared agreement.…

people written on paper, through verbal exchange, or agreed electronically. A standard real estate contract consists of many components beyond the standard contract. The general ones are below. Offer and acceptance Real estate contracts require one person or party to create a contract. An example of an offer is a seller's home for sale or rent. The recipient reads and accept/decline the terms. Then, the other party, as confirmation of the term agreement, signs agreed terms. Un-agreed…

is “Invitation to Treat” (or) “Offer”. The difference between the two is significant and need to be specifically identify, as the ‘invitation to treat’ cannot be accepted legally and an offer is an expression of willingness to contract on the specified terms without further negotiation and which is legally accepted. The note on the front and back windscreens states ‘For Sale – A Van. Almost new, the state-of-the-art plumbing and electrical tools, £ 13,500 or best offer. Please call at our…

of a valid contract must contain the elements; offer and agreement, consideration and Intention. An offer is a definite statement of willingness to be bound on specified terms. Acceptance can be defined as approving to all the terms of an offer (CIMA, 2015). Offer and acceptance should be able to bind the parties, for the two minds to meet also known as consensus ad idem (Merwe, 2003). If the two minds are unable to meet, then it means that the offer will…

legislation and civil rights laws have done in regards to the landlord-tenant relationship. It is important to first understand the requirements that are needed in order to make a lease valid. These are capacity to contract, legal objective, offer and acceptance, and consideration (Galaty, Allaway, & Kyle, 2016, pp. 353). It is also important that the leased premises be clearly described, which is typically done through the physical address being present. Furthermore, certain conditions should…

a business transaction which is legally binding and both parties have interests over it. All legally confined contracts should portray the necessary elements of a contract. One of the elements is mutual assent-the parties should agree on an offer and acceptance basis for the contract to be valid. There should also be consideration either by one party affirming that I will do as the contract says or in monetary terms. The party entering into a contract should also have the capacity i.e. of sound…

Business Law and Ethics Project After reviewing your proposal for the new app, BackOffice, I’d like to make you aware of a few items prior to you launching the new app. When launching any new product or service, it’s critical you and your company are aware of the legalities, regulations, and any additional items that can be detrimental both financially and legally to your company if you don’t abide by them. To begin, it’s crucial you’re aware of your constitutional rights and guarantees as…

1) Cathy v Eric An oral contract exists between Cathy and Eric as the requirements for the existence of a contract were fulfilled. There must be an offer and acceptance that had consideration and an intent to create legal relations. Consideration can be seen between the payment from Cathy to Eric. A term of the oral contract was that Eric’s farm land would be suitable for installing a marquee. This was found false and Cathy had to pay additional costs to prepare the land for the marquee. Hence…

contract is a legally binding agreement in law between two or more parties, which is enforced by law or by binding arbitration if it covers the elements of a valid legal agreement. For there to be a valid contract, three elements must be present, offer, acceptance, and consideration. If there is no consideration, there is no contract; however, with promissory estoppel instead of consideration, if there is a promise which induces reliance, the court would find some sort of liability for the…

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…