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Business and contract law | Assignment

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Added on  2021-04-24

Business and contract law | Assignment

   Added on 2021-04-24

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Running Head: BUSINESS LAWBusiness LawName of the Student:Name of the University:Author Note
Business and contract law | Assignment_1
1BUSINESS LAWIssueThe issues that can be said to be existing in the given case study are:Had a contract been formed between Nick and John?Had a contract been formed between Nick and the police?Had a contract been formed between Nick and Hanson?Had a contract been formed between Nick and Ian?Rule:It is to be mentioned that the contract law of Australia governs the conduct of parties to a contract. The law of contract is governed by the provisions of common law which is inturn inherited from the provisions of English contract law1. For the purpose of assessing whether a contract had been formed between the parties it is very important to discuss the important essentials of a valid contract. The essentials of a valid contract are:OfferAn offer can be considered to the first requirement of a valid contract. An offer can be defined as the as the statement of a promise in exchange of performance by the other party. The terms of the offer must be clearly stated by the offeror. An offer by the offeror must intend to create legal relations as held in the case Parker v. Clark (1960) 1 W.L.R. 286. A offer must have clear and unambiguous terms upon which the offeror intends to bind himself and the party he is contracting with as held in the case Clifton v Palumbo and Gibson v Manchester City Council. An offer can be made to a single person or to the world at large as held in the Carlill v CarbolicSmoke BallCompany [1892] EWCA Civ 1 case. An offer is to be treated differently from an invitation to treat as held in the case Pharmaceutical Society of Great Britain v Boots[1953]1 QB 401 and Fisher v Bell[1961] 1 QB 394. It is to be mentioned that an offer can be revoked at any point of time prior to the acceptance of an offer as held in the case Paye v Cave (1789) 3TR 148. Further it can be said that an offer can be revoked any time prior to its acceptance if there is no consideration involved as held in the case Routledge v Grant [1828] 4 Bing 653.Acceptance1 McKendrick, Ewan.Contract law: text, cases, and materials. Oxford University Press (UK), 2014.
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