Principles of Business Law Assessment

Added on - 28 May 2020

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BusinessLaw2Table of ContentsAbstract............................................................................................................................................3Introduction......................................................................................................................................4Analysis of Case..............................................................................................................................4Issue.............................................................................................................................................4Rule..............................................................................................................................................4Application..................................................................................................................................7Conclusion.......................................................................................................................................9References......................................................................................................................................10
BusinessLaw3AbstractContract is a term, which is commonly used in the daily lives of people, and even where the termis not explicitly used at certain instances, a contract is formed very commonly. Be it purchasinggrocery from a supermarket or parking a car in the car lot, a contract is formed. A contract isformed owing to the use of wordings. This is the reason why the newspaper advertisements couldresult in a contract being formed. This discussion is focused on one of such scenarios where thenewspaper advert published by the company had the capability of resulting in contractualliabilities for it. Though, owing to the lack of proper contract formation, the company was savedfrom these liabilities.
BusinessLaw4IntroductionContract law is a common law, which is applicable over all of the contracts which are formed. Acontract is basically an agreement having legal validity, due to which it binds all the parties tothe contract, to the terms of the contract. A contract can be formed by exchanging the terms ofthe contract in a verbal manner, resulting in a verbal contract; and it can be formed in a writtenmanner also where it is deemed as a written contract, as the terms on which the entire contract isbased, are covered on a document and are signed by the parties to the contract. The formation ofany contract requires certain key elements to be present, which are offer, acceptance,consideration, intent, legality and capacity (Nelson, 2018).The following parts cover the analysis of the given case study in context of the two key elementsof contract formation, i.e., offer and acceptance, and the resulting contractual liabilities.Analysis of CaseIssueWhether any contractual liabilities were born for Top Ticket Ltd owing to the incidents whichtook place, in context of the three customers, i.e., Bethany, Shaun and Maya, or not?RuleAs has been stated in the introductory segment, the formation of contract requires the element ofoffer to be present. The offer is the terms which are offered by one party to the other, which
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