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Business Law Essay

2652 words - 11 pages

1. In both cases, it is to be decided whether or not contracts exist between the parties involved for their respective courses of action.Elements of contractTo be legally classified as a valid simple contract, there are three essential elements:1) Agreement in the form of an offer and acceptance2) Intention to create legal relation3) ConsiderationAgreement in the form of an offer and acceptanceBasically, an agreement is reached when the conduct of the parties involved can be characterized in terms of an offer by one party and an acceptance by another. [Brogden v Metropolitan Railway Co. (1877) 2 App Cas 666, H.L.]In the first case where Leanna told Justin that she would pay him $50 for his help; there was an offer, the $50 being the offer and this offer should be considered as being accepted when Justin thanked Leanna. On the other hand, in the second case whereby Justin owed Rebecca some money, the offer refers to Rebecca offering Justin that he only need to pay half of the money owed if he paid her on time while the acceptance occurs when Justin paid the money on the relevant date.In both cases, acceptance was communicated from the offeree to the offeror1.Intention to be legally boundParties to a commercial or business agreement are presumed to intend to be legally bound while those to family or social agreement are presumed not to be legally bound. However, if the courts interpreted that there is a proof of the act that creates intention to an agreement, a legal enforcement will be granted.Insufficient information about the intention is given in both cases. However, as there is no citation of family/social relationship between the parties involved, we presume that the parties intended their agreement to be legally enforceable. Nevertheless, the presumption can be rebutted by demonstrated lack of seriousness of consequences.In Todd v Nicol [1957] SASR 72, the court held that despite the family/domestic relationship between Todd and Nicol, there was intention shown by the parties to create legal relationship.ConsiderationConsideration is something to be given or done in return for something else of value whereby each contracting party gives or something in exchange for the return promise or performance of the other party2.In the first case, consideration is the promise by Leanna to pay Justin $50 for his time and effort. However, such consideration is of a past one which is inapplicable. As stated by law, consideration cannot be an act or forbearance that took place before the promisor's promise to which it refers. On the other hand, in the second case, there is consideration. If creditor requests and receives payment in different time, manner or place, the difference in payment is the consideration for promise to reduce debt. The situation is quite similar to the one in Pinnel's Case [1602] 77 ER 237.ConclusionIn conclusion, no legally binding contract exists between Justin and Leanna as only two out of the three elements are satisfied. Thus,...

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