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1Running head: COMMERCIAL LAW Commercial Law Author’s Name Institutional Affiliation
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2COMMERCIAL LAW Commercial Law Question 1 Introduction According to the case, it has been found that Alan made a post on his Facebook to sell his book namely, ‘Introduction to business law in Singapore’. However, a party namely Bernard responded to the post and was keen to buy the book.Subsequently, two more parties namely Damien and Charleen were also interested in purchasing the book. Alan accepted the offers from three parties i.e. Bernard, Damien and Charleen to sell his book at his decided price $200. Issues Based on the case scenario,Alan made proper legal contracts with Damien and Bernard, while it was not the case with Charleen who took the book from Alan without following formal methods of forming a contract. All of the contracts were verbal contracts, wherein Alan provided two books to both the above-mentioned parties i.e. Bernard and Damien. Relevant Law In relation to relevant law, the contract law has been applied in the case. According to the commercial law, six elements have to be fulfilled by a contract i.e. “offer, acceptance, consideration, mutuality of obligation, competency and capacity and written instrument” (airSlate Legal Forms, Inc, 2019). Conclusion In accordance with the law and the scenario, it has been found that a verbal contract has been made, wherein the written instrument has not been used. However, the other
3COMMERCIAL LAW elements have been fulfilled in an adequate manner.Hence, a verbal contract has been made amid the contracting parties namely Damien, Bernard, and Charleen. Question 2 Introduction Based on the case, it is observed that Bernard is the first person, who was eager to buy the book from Alan.Thus, he is the first party, who made a verbal contract. Bernard asked to reduce the price of the book, if possible. Issues In relation to the issues, Bernard wants to buy the book for $150 rather than buying it at $200. However, Alan does not agree with Bernard and still tags the book at the price of $200.Even though Alan received the book free of cost, he wanted to sell it at $200 along with all the notes he had taken in the class, which was accepted by Bernard. Relevant Law ‘Remedies for Breach of Contract -- Damages’ under contract law can be applied here. It works when a party of a contract stops or cancels the contract without any notification. It is further applied when a party provides different product as similar promised product or service (LII, n.d.; LII, n.d.a). Conclusion Based on the law and the scenario, Bernard did not face any damage during the period of contract because he received the bookfrom Alan as promised on the Facebook post. Alan clearly mentioned that he will provide the book with his already written notes on it. Hence, no remedies are applicable in this regard.
4COMMERCIAL LAW Question 3 Introduction Charleen is Alan’s younger sister, who does not conduct any verbal contract with Alan. In addition, Alan did not accept the offer to sell the book to Charleen. Hence, legally Charleen and Alan have not formed any contract. Issues According to the case, Charleen also wants to buy the book from Alan and pay him later after receiving her pocket money. Alan did not offer the book to her and he did not negotiate any price with respect to the book. Hence, a legal contract has not been formed. This main issue in this regard was that Alan did not take the interest shown by his sister to purchase the book seriously. However, Charleen informed the interest to Alan and later on duly paid the decided price. Relevant Law In this case, the ‘Remedies for Breach of Contract -- Damages’ has been applied, which works when a party causes damages to the other by breaching the contract (LII, n.d.; Institute of Public Law, 2019). Conclusion To conclude, there has been no legal contract between Charleen and Alan. Hence, she cannot be considered to be a legal party. Thus, there is no breach of contract due to which no remedies can be offered to her. She is not liable to claim any remedies after knowing that the book was issued completely free by Alan.
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5COMMERCIAL LAW Question 4 Introduction In relation to Damien, he saw the post on Facebook and directly interacts with Alan for the book. However, Alan accepted his offer and promised to provide the book. Hence, a legal verbal contract has been formed herein between Alan and Damien. Issues According to the case scenario, each aspect of a verbal contract has been fulfilled herein, but Damien was found later on that the book was available completely free of cost in Kaplan Higher Education. However, Damien promised to pay Alan for the book on the price of $200. Relevant Law With respect to the law, the ‘Remedies for Breach of Contract -- Damages’ can be applied to this case scenario. Remedies are legally applicable, wherein one party of a contract harms the other by a breach of contract.However, the breach is not found between Alan and Damien (Thomson Reuters, 2019;Nyu, 2009). Conclusion Considering all the above aspects, it can be stated that Damien is a legal party in the above-mentioned contract, which can be considered to be a legal position for Damien. However, no charges can be made against Alan because Damien convinces Alan to sell the book, wherein the latter initially did not want to sell the book In addition, Damien completely agreed to pay the price for the book. The incident associated with infuriation cannot be taken into consideration because the contract has not breached by Alan.
6COMMERCIAL LAW Question 5 Introduction According to the case, the parties Damien and Bernard are highly infuriated due to Alan’s activity associated with the book’s price, as it was free in Kaplan Higher Education. For this reason, certain Alternative Dispute Resolution Processes can be applied here i.e. Arbitration, Collaborative Law, Mediation, and Negotiation. Achieving Objectives Pros.Each of the aforesaid processes can provide an adequate solution associated with the issue. In relation to arbitration, other individuals can provide adequate responses to the scenario, which can help in resolving the issue. On the other hand, Collaborative law is ‘out-of –law’ dispute resolution process, which can make a decision on their own and does not involve the court.In relation to Mediation, it can be introduced by a third person, who can help to reach a mutual decision. In addition, through the process of negotiation both the parties mutually reach an agreeable solution in the existence of court of justice(ABA, n.d.). Cons.Each of the above-mentioned approaches is feasible for Alan and others, but the question associated with the price of the book will arise at the time of dispute resolution, wherein Damien and Bernard may face an issue, as they accepted the offer of Alan. In addition it has limited braining authority to each party. In mediation process trust is the only process of communication, wherein other party can take an advantage for it (Mcmurtry, 2002). Conclusion To conclude, a proper resolution is possible in the case associated with book price but Alan will take advantage because other parties accepted the offer. In addition, the source of
7COMMERCIAL LAW the product is not the concern herein, as only the six aspects of the contract will be considered.
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8COMMERCIAL LAW References ABA. (n.d.). Dispute resolution processes.Resources. Retrieved from https://www.americanbar.org/groups/dispute_resolution/resources/DisputeResolutionPr ocesses/ airSlate Legal Forms, Inc. (2019).Elements of a contract.USLeagal. Retrieved from https://contracts.uslegal.com/elements-of-a-contract/ Institute of Public Law. (2019). Remedies for breach of contract.The University of New Mexico. Retrievedfrom:http://jec.unm.edu/education/online-training/contract-law- tutorial/remedies-for-breach-of-contract LII. (n.d.). Contract.Legal Information Institute. Retrieved from https://www.law.cornell.edu/wex/contract LII. (n.d.a). § 2-703. Seller's remedies in general.Uniform Commercial Code. Retrieved from https://www.law.cornell.edu/ucc/2/2-703 Mcmurtry, B. (2002).Advantages and Disadvantages of Dispute Resolution Processes. Alternative Dispute Resolution. 1-3. Nyu. (2009).I. Damages for breach of contract,Uncertainty of Harm, 1-65. Thomson Reuters. (2019).Breach of contract and lawsuits.Find Law. Retrieved from: https://smallbusiness.findlaw.com/business-contracts-forms/breach-of-contract-and- lawsuits.html