Market Investigations Ltd v Minister For Social Security

Market Investigations Ltd v Minister For Social Security

This report will provide a brief discussion over the elements of contract which are important for the formation of contract by providing their implication in a given situation.

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Market Investigations Ltd v Minister For Social Security

INTRODUCTION

Unisex Fashion Jewelry PresentlyThis report will provide a brief discussion over the elements of contract which are important for the formation of contract by providing their implication in a given situation. Further there will be an effort made to explain different types of contract arising in mentioned situation. Even an advice will be given in a case including the unilateral contract by referring the case Carlill v. Carbolic smoke Ball Co, 1893. Thereafter an explaination is provided over the different terms of contract and explaining the implications of exclusion term in a situation. This report will try to differentiate between tortuous liability and contractual liability with the help of examples and cases. Lastly, a brief discussion is made over different topics of tort like occupier’s liability which is covered under the law of negligence and vicarious liability with the help of different situations and cases supporting the given situations.

TASK 1

Taking this scenario into consideration explain the importance of the essential elements required for the formation of a valid contract.

Important elements of contract:

  • ‘Offer and Acceptance’:

Firstly, for the formation of contract it is essential that there should be a proposal made by someone. This proposal is considered to be an Offer. Thereafter it is important that the person to whom the proposal is made should accept the offer in the same way as it is proposed to him.

  • ‘Intention to create legal relationship’:

For the formation of a contract it is important that the parties involved should have a binding relationship which arises due to the legal content of the agreement. This relationship creates a kind of obligations over the parties for performance of contract.

  • ‘Consent’:

It is important to notice that whether the parties involved have consent for the formation of contract or not. The consent given should be a legal consent which means that it should be given freely, without any mistake, without coercion or free from duress.

  • ‘Consideration’:

In order to form a valid contract it is very much necessary that there should be a legal consideration present. For legal consideration we conclude that the involved consideration should have some legal value. It is not necessary that the legal value should be only in terms of money rather all kind of right, interest or benefit given to the party is measured as a ‘valid consideration’.

  • ‘Legal Capacity’:

Every person being a major and the person who is not ‘barred by law to enter into a contract’ can involved in the ‘formation of contract’. Here barred by law means that the person should not be a bankrupt or a prisoner and he should not be an insane man.

  • ‘Illegal and void contracts’:

For the validation of a contract it is really necessary that the agreement fulfilling all the above elements should be legally valid by not being contrary to the public at lager and law (The Law Handbook, 2013).

Details
Author:
Series: Business Decision Making
Genre: Business Decision Making
Tag: Business Decision Making
Publication Year: 1997
Format: Market Investigations Ltd v Minister For Social Security
Length: Market Investigations Ltd v Minister For Social Security
Narrator: Market Investigations Ltd v Minister For Social Security
Illustrator: Market Investigations Ltd v Minister For Social Security
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