Business Law - Assignment Sample
12 Pages2436 Words114 Views
Added on 2020-04-21
Business Law - Assignment Sample
Added on 2020-04-21
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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 to be present compulsorily and one of these elements is consideration. A promise made under the contract is not valid till the same is supported by consideration; though, promissory estoppel can be deemed as a part exception to this rule (Paterson, Robertson & Duke, 2012). Promissory estoppel can be best defined as the equitable doctrine where in certain specific situations an individual can be stopped from going back on the promise made by them, where such promise is not 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 be modified; there has to be a very clear and unambiguous promise; there has to be a change in position; 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 in Central London Property Trust Ltdv High Trees Ltd[1947] KB 130 by Denning J. In this case, the rent had been reduced by a mutual 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 get back to the original rent and a claim was made in the court. It was held by the court that the claimant was right in his claims and the rent had to be increased. However, an obiter statement was made by Denning J where he stated that had the defendant claimed the reduced rent for the
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