Business Law
Added on 2023-04-11
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Running head: BUSINESS LAW
Business Law
Name of the Student
Name of the University
Author Note
Business Law
Name of the Student
Name of the University
Author Note
1BUSINESS LAW
Table of Contents
Issue 1.............................................................................................................................2
Issue 2.............................................................................................................................3
Issue 3.............................................................................................................................4
Issue 4.............................................................................................................................4
References......................................................................................................................6
Table of Contents
Issue 1.............................................................................................................................2
Issue 2.............................................................................................................................3
Issue 3.............................................................................................................................4
Issue 4.............................................................................................................................4
References......................................................................................................................6
2BUSINESS LAW
Issue 1
Issue 1
To decide whether Mary should stick by the deal that she had offered or whether Dan
would be liable to act according to the intention of Mary.
Law 1
One of the basic essential of a contract is that the parties to the contract should agree
to the same matter at the same time. There should be a ‘consensus ad idem’ that is, a meeting
of minds of the parties. If the parties are not agreeing to the same point, then there cannot be
any kind of agreement between the. In case, they have been agreeing to different things
without realising the difference, it would be considered to be a unilateral mistake where the
parties would have the option to consider the agreement void at their own discretion (Turner,
2014). The parties will have the liberty to decide whether to give effect to the contract or to
rescind it.
Application 1
In this case, Mary offered to buy a White 2002 Honda Jazz for $14000 which was
tagged at $14999. Dan agreed to sell the car without confirming the particulars and
specifications of the car. Dan, in this case, was considering to sell a Red 2002 Hondo Jazz.
However, the parties found out later that they had been agreeing on two different things and
thus giving rise to a unilateral mistake. Here, Mary has the right to stick to her offer of buying
the white car; however, she would have the discretion of either agreeing to Dan’s offer if she
wants or rescind the agreement altogether. While, Dan would have the choice to sell the
White car to Mary that she wants or he may rescind the agreement as well.
Conclusion 1
Therefore, in this case, Mary would not be obliged to stick by the deal nor would be
Dan. They have the option to rescind the agreement.
Issue 1
Issue 1
To decide whether Mary should stick by the deal that she had offered or whether Dan
would be liable to act according to the intention of Mary.
Law 1
One of the basic essential of a contract is that the parties to the contract should agree
to the same matter at the same time. There should be a ‘consensus ad idem’ that is, a meeting
of minds of the parties. If the parties are not agreeing to the same point, then there cannot be
any kind of agreement between the. In case, they have been agreeing to different things
without realising the difference, it would be considered to be a unilateral mistake where the
parties would have the option to consider the agreement void at their own discretion (Turner,
2014). The parties will have the liberty to decide whether to give effect to the contract or to
rescind it.
Application 1
In this case, Mary offered to buy a White 2002 Honda Jazz for $14000 which was
tagged at $14999. Dan agreed to sell the car without confirming the particulars and
specifications of the car. Dan, in this case, was considering to sell a Red 2002 Hondo Jazz.
However, the parties found out later that they had been agreeing on two different things and
thus giving rise to a unilateral mistake. Here, Mary has the right to stick to her offer of buying
the white car; however, she would have the discretion of either agreeing to Dan’s offer if she
wants or rescind the agreement altogether. While, Dan would have the choice to sell the
White car to Mary that she wants or he may rescind the agreement as well.
Conclusion 1
Therefore, in this case, Mary would not be obliged to stick by the deal nor would be
Dan. They have the option to rescind the agreement.
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