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The Nature and Importance of Contract Law

   

Added on  2021-01-03

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Law
The Nature and Importance of Contract Law_1

TABLE OF CONTENTSISSUES RELATED THE CASE.....................................................................................................1RULES AND PRINCIPLES ...........................................................................................................1APPLICABILITY IN CASE LAW.................................................................................................3CONCLUSION ...............................................................................................................................4REFERENCES................................................................................................................................5
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ISSUES RELATED THE CASEThe case is related with determination of law regarding, placement of an advertisement innewspaper and response to the same by different parties. The law which is relevant for givenscenario is contract law. With determination of all terms related with an agreement and a validcontract this case will be proceeded. Facts related with this case are: - an advertisement was placed on 1st February by SwanValley Pty Ltd (SVP)giving discount on sale of its special categories of fruits. Offer was given tosale mandarins at a price starting at $40 per carton containing 20 kg per carton. It was alsomentioned in the advertisement that big discounts can be availed on bulk orders. Inquiries wereto be made to Ms Citrus either through call or fax number mentioned in advertisement. For this areply was given by Best fruit to accept the offer through fax to purchase 20 cartons for $20. Afterthat on 4th Feb. reply was given by Lin’s fruit to purchase 200 cartons of Mandarins for $2000including GST and delivery. For same Ms Citrus replied on 6th that they accepted their offer butpayment must be in cash or cheque payable on date of delivery and will not include deliverycharges. This was accepted by Lin's Fruit on 8th Fab through a mail. On 10th Feb, Lin and Citrushad a phone conversation and send her the copy of letter mailed on 8th. Both parties agreed to thefact that delivery of Mandarins would take place on 1st March. RULES AND PRINCIPLES Contract law:For a contract to be valid and legally enforceable must reflect that two parties haveagreed on same terms and without any force involving sufficient consideration. Parties can showthat contract was entered through an offer and acceptance.1.Offer:An offer can be defined as a communication which amounts to promise for 'doingsomething' or' not to do something' (Smith, 2018). An offer can be made to a specific person,group of individuals or even to the world at large. 1
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