This report discusses the different aspects of contract law and practical implications through a case study. It covers topics such as common law and equity, the postal rule and exceptions, good consideration, offer and acceptance, elements of a contract, and remedies for breach of contract.
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Contents INTRODUCTION...........................................................................................................................3 MAIN BODY..................................................................................................................................3 a. In relation to English legal system, explain the difference between Common law and Equity. .....................................................................................................................................................3 b. Explain the postal rule and the exception................................................................................3 c. Explain the circumstances under which paying the creditor with an amount less than he/ she claim can constitute a good consideration...................................................................................4 Analyse the discussions between Alia and Sujhad as to whether there has been an offer and acceptance....................................................................................................................................4 Outline and discuss the other two elements, which were not discussed in previous one............5 c. explains the meanings and effect of ‘term’ and ‘representations’ respectively.......................6 Discuss the remedies available to an injured party for a breach of contract...............................7 CONCLUSION................................................................................................................................8 REFERENCES................................................................................................................................9
INTRODUCTION Business and commercial law are there two significant area of legal practices which considered major level of overlapping issues. The former one has clear focus on the differentiated concepts of the business which have the inclusion of formation of company, mergers, acquisition, shareholders rights and or property issues (DiMatteo. and Hogg, M. eds., 2016).In the other hand latter have focus on their sale and distribution of goods as well as financing and transaction aspect. In this report, there will be clear discussion on the different aspect of contract law along with differentiated circumstances handling. In addition to that, the report will also consist of practical implication on case study of Alia and Shujad. MAIN BODY a. In relation to English legal system, explain the difference between Common law and Equity. English law is the common law of there or legal systems of England and wales which have the clear comprising of mainly criminal and civil law as each branch have it own level of courts and procedure (McDermott, 2017). This have the applied level of agreements that’s the parties should have adoption the jurisdiction of England and Wales as well as for matters within the physical jurisdiction. Hence there is the difference in between the common law and equity as there former on have the law which are more significantly based on precedence’s and member of ruling judged who can have proper hearing their cases in courtroom. On the other hand, equity have the law which are similarly been establishes by the ruling courts but have judgement deals thorough having the equitable decision. Common law are also the case laws which is been enacted on based of the court rulings which have bene developed their older level of courts cases.On the other hand, are developed as supplements to strict statutory law which have providence of high punishments on basis of justice and fairness including the motive of been accused. b. Explain the postal rule and the exception. Contract laws is the body which have the proper level of governing enforcing and interpretation the defernite agreements which are related to exchange of goods, services as per the properties and money (Adriaanse.,2016). In addition to that’s postal rue is considered to be exceptions to thegeneralruleswhenthecontacthasacceptancesmustbeinordertobeproperly communicated in direct manner to the offeror and the acceptance is considered to be effectives when the situation have the receive the acceptances from offeror. 3
The exception asper the postal rule is such as- Postal rules doesn’t have application when the letter of acceptance have not been posted in appropriate manner. This doesn’t have application where the letter has not been properly possessed. The rule has not application where the post has not been usual method of communication. Postal rule does NOT apply where the express terms of the offer 'exclude the postal rule', i.e. if the offer specifies that the acceptance must reach the offeror. Hence, the acceptance should be mailed in timely manner so that parties of contract can have proper alteration in terms for offering postal rules or mail box will be considered as ineffective. It doesn’t have any mattered where offeror accruals have received the acceptance which is bee effective. c. Explain the circumstances under which paying the creditor with an amount less than he/ she claim can constitute a good consideration There are all different rules which are related to considerations in the contract law. In addition to that’s paying less the amount less to creditors can be constitutes as good level of conversation have the inclusion of different circumstances. In recent manner, the performance of exiting duty is considered o be part of good considerations as per the certain level of circumstances which are be such as- 1.Considerations must be moved out form the promises as the defendant can made an offering the plaintiff and the when the plaintiff had performed as their request, the contract will be considered as binding. 2.Consideration must be sufficient but not have the need to be adequate so the parties an exchange proper level of value. 3.Consideration must be more forbearance and compromise. Question two Analyse the discussions between Alia and Sujhad as to whether there has been an offer and acceptance Contract law is considered to be agreements between the parties which is legally binding and enforceable by law. This law has the implication if their various level of rights and regulation with their respective obligation for the contractual parties. This is helpful in governing the 4
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relationship along with validity and interpretations regarding differential sale of goods and services in exchange of goods and services. As per the above case alia was a specialist buyer for company soon by which was interested in buying the collection of seven paintings for the renowned art gallery (POOLE, Devenney and Shaw-Mellors, 2019). The painting which was inspected by alia and believed to be genuine as the estimated price of £550,000. As per the discussion with manager sujhad in order to pay the amount of £450,000 for it on behalf of Soonaby. On the other hand, sujhad have place the price as for selling the collection as r £500,000. On the other hand, Alia proposed £480,000 for which sujhad have kept the suggestion to have think about it. As per the contract law, there is the need to have the formation of legal contracts which have there offering made form one to other parties in having the justified consideration which is agreed by both the parties.As per the discussion of sujhad and alia they have not form contacts because of agreed level of considerers. Both the parties have agreed level of interest to sell and but the product but the consideration failed to be justified in more appropriate manner. In the case there was not any appropriates offering and acceptance as both the parties have failed to decide the accurate amount of consideration for the painting. On the other hand, soon after restoring from the lunch alia have found that’s the painting is been sold to Benjamin, a private collector who had paid £490,000 for it. At this basis, the Alia have ageing put the offering of £500,000 on behalf of Soonaby which was been agreed by the sujhad and have been resold the Lowry’s painting. On this case as per the contact law the sujhad have breach the contract from the Benjamin, a private collector who had paid £490,000 for it. Outline and discuss the other two elements, which were not discussed in previous one The contract is the legal level of binding documents which have the promise as oral or written basis by one party in order to have the fulfil obligation to the respective another party in the return of respected level of consideration (Poole, 2016).This is the binding contracts which have the comprising of the four key basis elements which is offer, acceptance, consideration and intention to create legal relations. As per the case of Sujhad and Benjamin, the next two element which were not followed on the case, there were lack of to have the stickiness to the deal consideration along with creating the intention to have legal binding of contracts. The latter one 5
has failed to bind the contracts at sum of consideration at which the painting has been fixed to be sell. Sujhad have the breach the contracts which is on verbal basis by selling the painting to alia as higher price without having any legal level of discussion of with Benjamin. This is helpful in governing the relationship along with validity and interpretations regarding differential sale of goods and services in exchange of goods and services. In addition to that’s as per the case of sujhad and Benjamin, the contract is verbal’s which states that’s the order is not needed to be written in order to be breached. It shas been clearly stated as per the contract law that’s their breach of contract can be verbal, written or may be in implied term. As the sujhad have filed refuse to have the performance of duties. This is the fundamental breach of contract as the contract can be terminated instead of the innocent party seeking damages. c. explains the meanings and effect of ‘term’ and ‘representations’ respectively. As an effect of ‘term’, the contents of the contracts are considered as terms or respective clauses. As their agreements have the general level of consistency of various terms which is being in price which is paid related to subject of the contract. It is common for businesses to have standard form written terms which can be quite lengthy. It is not having requirements which are simple in constructs also have the writing in more simple’s way (Smits ed., 2017). Contracts term can be both as there express or implied opera which may be further have classification of either level of respective conditions, warranties or innominate terms.In the situation when the contracts o being formed. it may be considered as the difficult aspect to have the establishments of statement in more having negotiating the number of contracts to terms which have statement which is merely representation. Representation in contract in law which have involvement on or the two level of contracting parties which is the making statement to the other. On the other hand, there individuals make this statement as either before or after creating there contract as which have the inclusion of all information about the facts which have the being involved in the contract. It is such as the act of instances for tending for and acting on the behalf of another which is specially acting as the attorney for the client. The next to that’s the fact of litigant have the such close alignment which have the interest if other personas which have been considered as their present level of litigation. 6
Discuss the remedies available to an injured party for a breach of contract Contract law is considered to be agreements between the parties which is legally binding and enforceable by law (Graziano, 2019). This law has the implication if their various level of rights and regulation with their respective obligation for the contractual parties. This is helpful in governing the relationship along with validity and interpretations regarding differential sale of goods and services in exchange of goods and services. In the case when ereparty fails to meet up the obligationis known as breaching partyas the civil law suitsmay have clear binding of the obtaining remedy for breach. There are varsities of there remedy which are visible for breach of contract which are such as the - Monetary damagesas the party has the help the responsible for the cause of losses of the respectivepartywhichhavebothgeneralsourexpectationdamagesalongwith consequential ones which can be related as their breach of contract. Specific performance which is considered to be appropriates damages which can have correction in breach by having proper level of enforcing of the breaching party in order to have the completions of the various implied terms of there agreements at respective order. Specific performanceis an appropriate remedy in situations where monetary damages could not possibly make the non-breaching party whole for the losses. Recissionas this have allowance to their non breaching party to have the essentially realising from the performance obligation as it makes a level of clearance that the party is been reviled of the duties due to failure of their other party in order to have the performance (Austen-Baker,2017). The next isabout liquidation damageswhich is considered to be difficult in order to understand there the amount by which the injured party have the reoccurring of loss. In order to have the addressing the issues some of the contract having the continuation of liquidation damages causes. 7
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CONCLUSION From the above file, it can be concluded that Business and commercial law are there two significant area of legal practices which considered major level of overlapping issues. The difference in between the common law and equity as there former on have the law which are more significantly based on precedence’s and member of ruling judged who can have proper hearing their cases in courtroom. Consideration must be sufficient but not have the need to be adequate so the parties an exchange proper level of value. The painting which was inspected by alia and believed to be genuine as the estimated price of £550,000. As per the discussion of sujhad and alia they have not form contacts because of agreed level of considerers. In addition to that’s as per the case of sujhad and Benjamin, the contract is verbal’s which states that’s the order is not needed to be written in order to be breached. Representation in contract in law which have involvement on or the two level of contracting parties which is the making statement to the other 8
REFERENCES Books and Journals Online Austen-Baker, R., 2017. Implied terms in English contract law. Edward Elgar Publishing. Graziano, T.K., 2019. Comparative contract law: cases, materials and exercises. Edward Elgar Publishing. Smits, J.M. ed., 2017. Contract law: a comparative introduction. Edward Elgar Publishing. Poole, J., 2016. Textbook on contract law. Oxford University Press. POOLE, J.D., Devenney, J. and Shaw-Mellors, A., 2019. Contract Law Concentrate: Law Revision and Study Guide. Oxford University Press. Adriaanse, M.J., 2016. Construction contract law. Macmillan International Higher Education. McDermott, P.A., 2017. Contract law. Bloomsbury Publishing. DiMatteo, L.A. and Hogg, M. eds., 2016. Comparative Contract Law: British and American Perspectives. Oxford University Press. Arvind, T.T., 2017. Contract law. Oxford University Press. Lim, E. and Chan, C., 2018. Problems with Wednesbury unreasonableness in contract law: lessons from public law. Cartwright, J., 2016. Contract law: An introduction to the English law of contract for the civil lawyer. Bloomsbury Publishing. 9
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