Business Law Essay

1342 words - 5 pages

Assignment - ACCT 2313 Business Law Due date: 15th April 2014Group members: Ling Deng Kei , Tong Chung Kieng , Joy Ting , Steven NguiQUESTION ONEThis problem-based question on contract law tests the candidates' ability to identify and apply the law relating to the postal rule in relation to offer and acceptance.Issue:Whether there has been a valid acceptance by Jenny of Sam's offer so as to create a binding contract between them.Law:Offer and acceptance - According to Section 2(a) of the Contracts Act 1950, an offer is said to be made when one person signifies to another his willingness to do or abstain from doing anything with a view to obtaining the assent of that other to the act or abstinence. Section 2(b) states that an acceptance takes place when the person to whom the proposal is made signifies his assent thereto. Felthouse v Bindley (1862) 11 CBNS 869 - Mere silence or inaction on the part of the offered is not acceptance.Postal Rule - Section 4(2) of the Contracts Act 1950, where the parties have contemplated the use of the post as a means of communication, the communication of the acceptance is complete as against the proposer when it is put in a course of transmission to him so as to be out of the power of the acceptor.Revocation of offer - By Section 5(1), a proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer but not afterwards. Further, by Section 4(3)(b), the communication of a revocation is complete as against the person to whom it is made when it comes to his knowledge.Application:At first, Jenny wrote back a letter asked Sam whether Sam can go down the price, but Sam did not reply. After that, Jenny wrote again a letter to Sam to accepting his offer. However, Sam has now changed his mind and refuses to sell. The question arises whether the revocation will be effective as against Jenny. Applying the law to the given facts, Jenny acceptance was complete as against Sam whereas Sam's revocation.Conclusion:Jenny may successfully sue Sam for breach of contract.QUESTION TWOThis problem-based question on contract law tests the candidates' ability to identify and apply the law relating to the deals with one issue relating to consideration.Issue:The issue of this question is whether a payment of lesser sum/Part payment is sufficient consideration to settle a debt of a larger sum.Law:According to section 64 of CA 1950, which states that 'Every promise may dispense with or remit, wholly or in part, the performance of the promise made to him, or may extend the time for such performance, or may accept instead of if it any satisfaction which he thinks fit'.Application:It can be illustrated by the case Kerpa Singh v Bariam Singh (1966). In that case, court held that the creditor could not demand for the balance. Although under English common law, part payment of debt is not sufficient consideration, but in Malaysia, part payment can be accepted in satisfaction of full payment of...

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