Business Law Assignment

Running Head: BUSINESS AND CORPORATION LAW 0
Business Law Assignment
1/7/2019
Student’s Name

Business Law Assignment 1
Contents
Issue................................................................................................................................ 3
Rules................................................................................................................................ 3
Application........................................................................................................................6
Conclusion....................................................................................................................... 8
Bibliography................................................................................................................... 10
Case Laws 10
Books/Journals 10
Other sources 10

Business Law Assignment 2
Issue
The issue is to check the legal status of Manisha by reviewing and using the relevant
principles of contract. Further, to check that whether she has any legal rights and
remedy available under the transaction made with her mother.
Rules
A contract can be understood as an exchange of legal promises. The Contract law of
respective nation regulates every contract. Parties to a transaction will not be able to
initiate any action against each other if a valid contract would be missing. This is to
mention that some elements are there existence of which develops a transaction into a
valid contract. These elements are commonly known as the essentials of a contract.
Mainly four elements such as offer, acceptance, consideration, and intention of the
parties are there. A contract starts with the making of an offer. Many of the times, before
making an offer, parties to a contract negotiate with each other in respect to subject
matter, consideration, or other elements of a contract. These discussions and
negotiations are known as pre-contractual negotiations. These negotiations generally
provide intention and expectations of the parties1. The main objective of such
negotiations is to provide a framework of final contract to the parties. Further, in order to
understand the validity of the contract, the essential elements are discussed in detail
hereunder
1 Ewan McKendrick and Qiao Liu, Contract Law: Australian Edition (Macmillan International Higher
Education, 2015)

Business Law Assignment 3
Offer: - This is the very basic element of a contract. The same can be understood as a
promise that a person becomes ready to perform for the exchange of something2. A
person who makes such an offer is known as offeror. Once an offer is made, the offeror
is liable and bound to the terms of the offer if another party accepts the same. An offer
can be in written or in oral mode. An offer needs to be communicated to the offeree.
Further, the same needs to be certain. In other words, this is to say that every term of
an offer must be clear. Both the parties to a contract must be aware of the meaning and
consequences of each term of an offer. Further, according to the decision of the case of
Harvey v Facey3, an offer must show the intention of the offeror to be bound. An offeree
and not any other person can only make the acceptance of an offer.
Acceptance: - An acceptance in a contract is the consent to the offer made by the
offeror. As mentioned above, only a person to whom the offer has been made can
accept the same. Similar to an offer, acceptance is also required to be communicated. It
is the obligation of the offeree to inform his/her consent to the offeror. Further, the
acceptance must be certain and clear. It was given in the case of Scammell & Nephew
v. Ouston4, that after acceptance it must be possible to check the determination of the
parties. For a valid acceptance, it is necessary that the same must be granted for the
original offer. In other words, an acceptance must not make an alteration in the terms of
the original offer made by the offeror as given in the case of Hyde v Wrench5. Rejection
of an offer is another thing, which is very clear in its way. If an offeree rejects the offer,
then it is clear that no contract has been developed. The issue comes where an offeree
2 Smallbusiness.findlaw.com, What Is an Offer? (07 January 2019) <
https://smallbusiness.findlaw.com/business-contracts-forms/what-is-an-offer.html>.
3 Harvey v Facey [1893] UKPC 1
4 Scammell & Nephew v. Ouston [1941] AC 251
5 Hyde v Wrench (1840) 49 ER 132