Establishing the Terms of Contract Innocent Party

Added on -2020-02-14

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Apply the Principles of Contract Law
TABLE OF CONTENTS1. Stating the importance in relation to establishing the terms of contract ...........................12. Outlining the six elements required for contract formation ..............................................13. Differentiating condition and warranty ............................................................................14. Distinguishing offer and invitation to treat .......................................................................15. Explaining postal rule ........................................................................................................16. Defining condition precedent and providing example.......................................................17. Presenting the implied terms of contract ...........................................................................28. Privity of contract...............................................................................................................29. Presenting circumstances that may result into the discharge of contract...........................210 Stating the aim of making payment at the time of contractual breach..............................311. Presenting Competition and Consumer Act for case evaluation .....................................312. Stating the condition mentioned in a given case .............................................................313. Summarizing case situation..............................................................................................314. Assessing alternative remedies.........................................................................................415. Showing the latest code of practice for conveyancers .....................................................416. Stating the difference between common law and legislation ..........................................417. Depicting the legal matter that involves contractual aspects............................................418. Stating the option available to the concerned party on breach ........................................419. Summarizing the aspects in relation to Mareva order .....................................................520. Five condition that court applies in relation to contract ..................................................5REFERENCES ...............................................................................................................................6
1. Stating the importance in relation to establishing the terms of contract By establishing the terms of contract innocent party can get security over the undesirablepractices of other one. Moreover, terms of contract clearly depict the obligations of each partyaccording to which they need to perform (Lindgren, 2016). 2. Outlining the six elements required for contract formation Consideration, consent, offer and acceptance, lawful object, legal intention of creatingrelationship as well as capacities of parties are the main six elements that needed for contractformulation (Martin, 2016). 3. Differentiating condition and warranty In the case of condition, innocent party has two options either demand for compensationor repudiate the contract (Poole, 2016). On the other side, in warranty, innocent party can onlydemand for compensation in against to loss suffered. Apart from this, in contract breachedbetween seller and buyer then contract will be terminated under the condition while in thewarranty, purchaser can claim for the damages. Condition is associated with the purpose ofcontract in direct manner while warranty is one kind of subsidiary provision.4. Distinguishing offer and invitation to treat Offer and invitation to treat aspect differs from each other to the significant level.Moreover, in offer, offeror presents proposal which can be either accepted or rejected by offeree.On the contrary to this, in the case of invitation to treat seller is not bound to sell products orservices (Walker, Accadia and Costa, 2016). In this, seller only invites people to present theirproposals in relation to purchasing or selling aspect. 5. Explaining postal rule From assessment, it has been identified that acceptance through the means of post isacceptable to the large extent (Yip and Goh, 2017). According to the postal rule, if postage feespaid and elements of letter are addressed in an appropriate manner then acceptance through themeans of post is legal or valid. 6. Defining condition precedent and providing exampleThe law of contract in which conditions are made before occurring any kind of event andissues between buyer and seller is known as condition precedent. It is the most used case incontract law for preventing buyer before existing some excuses or events. It implies for theaspects that must be fulfilled before the formulation of contract. For instance: Individual who1

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