Business and Corporate Law: Rules of Offer, Acceptance, Revocation, and Postal Rules

BUSINESS AND CORPORATE LAW

Table of Contents
INTRODUCTION...........................................................................................................................3
CONTRACT LAW..........................................................................................................................3
Issue:...........................................................................................................................................3
Rules:..........................................................................................................................................3
Application:.................................................................................................................................5
Conclusion:.................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business Law refers to the body of rules and regulation which is imposed upon the
business regarding managing its overall business activities such as buying or selling of goods or
services or entering into contract with the other parties or also managing the interest of the
employees (Graziano, T.K., 2019). Present report is based upon the case of James and Elizabeth
regarding entering into the valid contract. The discussion is based upon the rules of offer,
acceptance, revocation and postal rules regarding sending the confirmation of offer through letter
or post card.
CONTRACT LAW
Issue:
In this case the issues is raised in the context of postal as James offer to sell the van to
Elizabeth for £3,000. The offer is made through the letter and in return the expectation is to be
made through receiving the acceptances from postal form only. On 12th Dec, Elizabeth accepts
the letter through sending the post card in which the statement was written as whenever he will
accept the Van for £2900. But on the same day Elizabeth changes her mind and accepts the offer
by the offering amount through writing the letter. The letter is to be delivered to the addresses of
James on the same day. Thus, in such manner James faces the issues regarding getting post card
and letter simultaneously. As James read the post card first.
Rules:
Contract Act:
Under the Contract Act, 1990 it refers to the agreement which is made between the
parties when they decided to enter into the valid agreement. As all agreement are formation of
the contract but all contract are not agreement. To form the agreement, the person must fulfil all
the essential elements mentioned in the contract such as the person must be competent to handle
the contract (POOLE, Devenney and Shaw-Mellors, 2019). In such one person offer the valuable
things to the another person and another person in return accepts the offer and such deal is made
on the bases of some considerations amount or any valuable things. It is also stated that if the
parties enter into the contract, they are legally bound to follow all the terms and condition
mentioned in the contract. By these aspects, it makes the contract valid and also enjoy benefits
which arises from the valid contract.