This is a solution of Law of Contract Assignment part 1 in which we discuss a brief analysis on the terms of the contracts, their meaning, effect and remedies.

Law of Contract Assignment part 1

Law of Contract Assignment part 1

Task 1
Introduction

The law of contract is one of the significant areas of law that requires consideration. Task 1 is mainly dealing with the law of contract, especially with the legal principals dealing with offer, invitation to offer, counter offers, acceptance rules such as postal and general acceptance rules. It also covers a brief data analysis on the terms of the contracts, their meaning, effect and remedies. A case analyse is provided in Task 1 which is dealt with after analysing several contractual legal principles. The major issue that is analysed after understanding the case scenario is whether there is a valid contract amid Louise and Jewellery Store? The Basic relevant law that deals with the same is evaluated as under.

Relevant Law
Contract – definition, meaning, and elements

A contract is an agreement that is enforceable by law (The Law Teacher 2016). To make a valid contract, the main contract essentials are:
i.Offer: In a contract, an offer is first contract essential and is made by an offeror with the sole purpose to get its approval from an offeree on such terms which are communicated to him. An offer can be made to a single person or to the world as large (Carlill v Carbolic Smoke Ball co (1893). It is also important to state that an offer is different from an invitation. The basic definition of invitation is when there is no offer which is made but offers are invited by the displayer of the advertiser, auction, displayed, and others, and only after receiving an offer he may or may not accept such offer resulting in a binding contract (Partridge v Crittenden (1968). Mainly, it is the advertiser or auctioneer, or displayer who is the ultimate offeree, and the people who are making the offers are considered to be the offerers. (Elawresource UK 2016)

ii. Acceptance – Once the offer is accepted by the offeree then it is called acceptance and makes a binding agreement between the parties (Butler Machine Tool v Ex-cell-o Corporation (1979)). But, if the offeree does not accept the offer but varies the terms of an offer then it is not an acceptance and is called a counter offer which cancels the first offer and establishes a new offer that is now made by the offeree (Hyde v Wrench (1840)). It is only after a counter offer is accepted by the old offeror a valid agreement is made amid the parties. (Elawre source UK 2016)Both offer and acceptance makes an agreement.

At times, an offer is made which is open for some time. If an offeror wants to revoke such an offer then the communication of revocation must be made by an offeror to an offeree and the same is complete when it comes within the knowledge of the offered (Dickinson v Dodds (1876)). Also, the revocation of offer must be made before the same is accepted by the offered to make it effective. If before the communication of revocation is complete as against an offeree, an acceptance is made by such offeree then an agreement is said to be complete depending upon the mode of acceptance. For instance, if an acceptance by an offeree (before the revocation of offer is compete) is made by post, then, as per Adams v Lindsell (1818) an acceptance is compete as soon as letter is posted. Thus, in such situations the revocation does not take place and there is a binding contract . But, if the acceptance is made by any other means, such as, by telephone, fax, or other ways, then the revocation is complete only when comes within the knowledge of the offertory (Entorres v Miles Far East (1955). Thus, if revocation of an offer is received by an offeree before his acceptance is received by an offer, then, there is no contract amid the parties. (ElawresourceUK 2016)

iii.Consideration – Consideration is a benefit which is exchanged between the offer and the offeree to support the promises that are exchanged amid them. It has to be some value but may not be sufficient.
iv.Legal intention – Legal intention signifies that the parties want to enforce the contract in court and the same is not based on any friendly relationship (Balfour v Balfour (1919).
v.Capacity of the parties – Capacity means that parties are capable to form a contract. The parties are capable when they are not minor, not barred by any law and are of sound mind. All contract essentials are very important and necessary to make a valid contract as if even one element is missing then the contract is not enforceable in law assignment. (Business Law 2012)

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