Evaluation of Contracts and Duties in Business Law

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Title page
Name of the student
Student ID

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Contents
Question 1........................................................................................................................................3
Issue A..........................................................................................................................................3
Law...........................................................................................................................................3
Application...............................................................................................................................3
Conclusion................................................................................................................................3
Issue B..........................................................................................................................................3
Law...........................................................................................................................................4
Application...............................................................................................................................4
Conclusion................................................................................................................................4
Question 2........................................................................................................................................4
Issues............................................................................................................................................4
Law...............................................................................................................................................4
Application...................................................................................................................................4
Conclusion...................................................................................................................................5
Issue A..........................................................................................................................................5
Law...........................................................................................................................................5
Application...............................................................................................................................5
Conclusion................................................................................................................................6
Issue B..........................................................................................................................................6
Law...........................................................................................................................................6
Application...............................................................................................................................6
Conclusion................................................................................................................................7
Question 4........................................................................................................................................7
Issue A..........................................................................................................................................7
Law...........................................................................................................................................7
Application...............................................................................................................................7
Conclusion................................................................................................................................8
Issue B..........................................................................................................................................8
Law...........................................................................................................................................8

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Application...............................................................................................................................8
Conclusion................................................................................................................................8
Reference List..................................................................................................................................9

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Question 1
Issue A
To evaluate the contract of Jeff and Tina based on Heads of Agreement?
Law
Every contract is made amid the parties and the parties must comply with the contract terms.
However, at times before the contract is concluded, there are certain actions that the parties
desire to comply with in order to be associated with any contract. (Chitty 2012)
Generally the parties desire to seek the approval of the solicitor before a contract is concluded.
As per Masters v Cameron (1954), if the parties have bargained all the terms and nothing is left
to be done then the agreement is valid and the only need is to make the agreement into a formal
contract. but, of something extra is required to be done, then, the same must be comply with to
make the contract enforceable (Tabcorp Holdings Limited v The State of Victoria [2014].
Application
Jeff and Tina agree to enter into a deal wherein Jeff is selling his business to Tina. A document is
signed which contains various terms and a formal contract must be made which needs the
consent of solicitor.
It is submitted that the agreement has all concluded terms and nothing else is to be made part of
the same. It is only the formal contract which is to be approved by the solicitor and thus it will
not alter the position of the parties. Thus, the agreement is concluded and is binding on the
parties.
Conclusion
The agreement is binding and enforceable
Issue B
If in the agreement, finance is to be attained by Tina before conclusion, then, is the contract
binding?