Business Law - Assignment Sample

Added on - 21 Apr 2020

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qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnBusiness Law AssignmentAssignment 1(Student Details: )
ASSIGNMENT 12Table of ContentsEssay Questions...............................................................................................................................3Question 1....................................................................................................................................3Question 2....................................................................................................................................4Case Studies.....................................................................................................................................5Case One......................................................................................................................................5Issue.........................................................................................................................................5Rule..........................................................................................................................................5Application..............................................................................................................................6Conclusion...............................................................................................................................7Case Two.....................................................................................................................................8Issue.........................................................................................................................................8Rule..........................................................................................................................................8Application..............................................................................................................................8Conclusion...............................................................................................................................9References......................................................................................................................................10
ASSIGNMENT 13
ASSIGNMENT 14Essay QuestionsQuestion 1In order to form a legally binding contract, there are certain key elements which have tobe present compulsorily and one of these elements is consideration. A promise made under thecontract is not valid till the same is supported by consideration; though, promissory estoppel canbe deemed as a part exception to this rule (Paterson, Robertson & Duke, 2012). Promissoryestoppel can be best defined as the equitable doctrine where in certain specific situations anindividual can be stopped from going back on the promise made by them, where such promise isnot supported by a value of consideration. In order to apply this doctrine of promissory estoppel,there is a need to fulfil certain requirements, which limits the applicability of this doctrine. Theserequirements include the presence of a legal obligation or a pre-existing contract which has to bemodified; there has to be a very clear and unambiguous promise; there has to be a change inposition; and lastly, allowing the promisor to go back on their promise has to be inequitable(Blum, 2007).This doctrine was born through an obiter statement inCentral London Property Trust Ltdv High Trees Ltd[1947] KB 130 by Denning J. In this case, the rent had been reduced by amutual understanding between the plaintiff and the defendant owing to the hardships being facedby the plaintiff due to the war times. Upon the war time being over, the defendant asked to getback to the original rent and a claim was made in the court. It was held by the court that theclaimant was right in his claims and the rent had to be increased. However, an obiter statementwas made by Denning J where he stated that had the defendant claimed the reduced rent for the
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