Business Law Assignment

2019Business Law
Assignment
Student’s Name
Business Law
Assignment
Student’s Name

INDIVIDUAL ASSIGNMENT 1
Contents
Question 1........................................................................................................................................2
Issue.............................................................................................................................................2
Rules.............................................................................................................................................2
Application...................................................................................................................................3
Conclusion...................................................................................................................................3
Question 2........................................................................................................................................3
Issue.............................................................................................................................................4
Rules.............................................................................................................................................4
Application...................................................................................................................................5
Conclusion...................................................................................................................................5
Question 3........................................................................................................................................5
Issue.............................................................................................................................................5
Rules.............................................................................................................................................6
Application...................................................................................................................................6
Conclusion...................................................................................................................................7
References........................................................................................................................................8

INDIVIDUAL ASSIGNMENT 2
Question 1
Issue
Whether Bill can rescind the contract made with Bill Tan or not.
Rules
A contract is a binding agreement in a legal manner. A contract consists of terms and
conditions. These terms are essentials of a contract and parties have to act according to them.
Such terms can be expressed or implied terms. Express terms are those, which are clearly
decided between the parties. Parol evidence rule is another important aspect of contract law,
which says that once a contract is developed, no oral statement can change the terms of a
contract. However, there is an exception of this rule, according to which a contract can be held
unenforceable even after having clear terms and all the elements of a contract.
It is a situation where contracts consist of some elements such as undue influence, fraud,
misrepresentation and so on. Misrepresentation generally includes misstatement, which is a false
statement regarding the fact of the case or law and induces offeree to enter into the contract. In
case of the existence of misrepresentation, the innocent party may rescind the contract.
Nevertheless, to be successful in the claim three requirements need to be satisfied. The first
requirement set out under the decision of the case named Bisset v Wilkinson [1927] AC 177 is
that there must be a false statement of law or fact. Another requirement is that offeree must enter
into the contract believing in the false statement. In addition, the third requirement is that offeree
must suffer from a loss later on. Attwood v Small [1838] UKHL J60 is another important case in
this area. It was given in the decision of this case that if the representee check the validity of the
statement him/herself or by way of an agent then, later on, they cannot rely on the statement.