Despite the fact that contracts equitably made by competent lawyers are infallible, valid and enforceable, making of business contracts is an intricate process, and any lack of clarity, let alone mistakes or frauds, will inevitably case misunderstandings...
It has three general protections which are; specific bans on unconscionable conduct in some business transactions and consumer transactions, and a general ban on unconscionable conduct in commerce or trade, a general ban on deceptive or misleading conduct in commerce or trade, and a provision that nullifies unfair contract terms in consumer contracts .
If a duty is not performed, it may be discharged, and neither party will be considered to have breached the contract. Parties can discharge their duties by the doctrines of mutual rescission which is a mutual agreement not to perform the contract, impossibility, novation, and frustration.
In comparison to cases such as Humberstone v Northern Timber Mills and Stevens v Brodribb Sawmilling Co Pty Ltd, which appear to contribute to the development of the application of common law to evolving social conditions, the Hollis v Vabu...
A contract is an agreement that can be enforced in court and is formed by two or more parties who agree to perform or to refrain from performing some act now or in the future (Miller, Cross, and Jentz 289).
Questions arise when an acceptance is made by a seller by communicating acceptance to the seller’s agent. If the agent fails to deliver the acceptance to the buyer, the acceptance is not effective. Similarly, if acceptance is made by a seller to a buyer’s broker but the broker fails to deliver the acceptance to the buyer, acceptance is valid. In this way, acceptance can be seen as being effective when put out of the offeree’s possession. Because the offeree’s agent stands in the shoes of the principal, the offeree has not relinquished control of the acceptance until the agent sends the acceptance.
Under normal circumstances, an acceptance is effective upon dispatch. However, there are five exceptions to this rule. The first exception involves an offer that states that acceptance is not effective until received. Also, in an option contract in which the offeree has paid consideration to hold the offer open, the acceptance is effective only upon receipt. If, however, an offeree sends a rejection, then sends an acceptance, the first received by the offeror is effective. If the offeree sends the acceptance first, then sends a rejection is effective. If the offeree sends the acceptance first, then sends a rejection and the offeror receives and acts on the rejection first, the rejection is effective. Therefore, an offer’s revocation or rejection is valid upon receipt, but ordinarily an offer’s acceptance is valid upon dispatch.
If the offer is silent as to the manner of acceptance, acceptance must be by a reasonable method. A method of acceptance is reasonable if it is the same method used by the offeror to make the offer or one that is customary in similar transactions (i.e. hand delivery or mail delivery).
The law of contracts considers such questions as whether a contract exists, what the meaning of it is, whether a contract has been broken, and what compensation is due the injured party....
In Law of Contract, it consists of five elements which are offer and acceptance; intention to create legal relations (ITCLR); consideration; capacity; and free consent.
If an offer is not terminated, it can be accepted. Acceptance of an offer is a manifestation of assent to the terms in a manner invited or required by the offer. If the terms of the offer are varied in any way, it is a rejection and a counteroffer. The offeror controls the terms of the offer and the manner of acceptance. The acceptance must comply with the requirements of the offer in order to be valid. For example, if the offer requires a certain method of acceptance, such as a written acceptance hand delivered, an oral acceptance will not be valid. Furthermore, only the express offeree has the authority to accept an offer. For example, if Jones offers to Campbell, “I will sell you my house for $50,000,” and Smith, after hearing this offer says, “I accept your offer, Jones,” it is not a valid acceptance; only Campbell can accept.
1.) A buyer makes a purchase offer that states it will stay open for 48 hours. The seller accepts the offer 50 hours later. No contract has been formed, for the offer has lapsed and the offeree has rejected. However, if the buyer acts in the acceptance and waives the time limit, the late acceptance can be seen as a counteroffer that is accepted by the buyer’s actions.
If you find yourself in a situation where the business relationship has deteriorated, between you and one or more other parties, then this can result in a stressful, timely and costly affair. We are well equipped to enforce the terms of the contract, assess the best pathway for terminating the contract as well as initiate or defend a claim for any breach of contract which may arise. It may be that all that is required is careful navigation through in order to resolve your dispute in a cost effective and timely manner.