logo

PRSK4048-The Essentials Factors of a Contract

13 Pages3704 Words63 Views
   

GSM London

   

Professional Skills (PRSK4048)

   

Added on  2020-03-04

About This Document

The document about contract management and its factors Duress and Undue influence. It also describes how contract management is enforced by the law. And also discusses “Is it the "rough and tumble of the pressures of commercial bargaining" or is it unlawful economic duress. when is the line crossed where a tough stance becomes legally illegitimate?”

PRSK4048-The Essentials Factors of a Contract

   

GSM London

   

Professional Skills (PRSK4048)

   Added on 2020-03-04

ShareRelated Documents
Running head: PROFESSIONAL SKILLS DEVELOPMENTProfessional Skills DevelopmentName of the StudentName of the UniversityAuthor Note
PRSK4048-The Essentials Factors of a Contract_1
1PROFESSIONAL SKILLS DEVELOPMENTIntroduction:Some of the essentials factors of a contract are Duress and Undue influence. We all know thatcontract is an agreement which is enforceable by law. The contract is enforceable only when allthe essential elements or the factors of the contract are fulfilled. However, if the parties to thecontract enter into an agreement in such conditions an circumstances which makes the contractvoid or voidable at the instance of the parties to the contract.Duress:Under the contract law, it is an essential element of the contract that the parties to thecontract must enter into contract with free will and consent. When any of the parties to thecontract violate the rule and without taking the free will of the other party to the contract entersor enforce the contract then such contract is duress. The main essential which must be fulfilledfor the claim of duress is that the threat must be illegitimate which means that the threat to carryout a lawful cannot amount to duress. In Williams V Bayley a young fellow manufactured hisfather’s signature on promissory notes which he at that point provided for the bank making itlose cash. The bank called upon his father and requested that he should contract his homestead tocover the child's obligation or else it would sue his son. The danger was for legitimate activitythus couldn't add up to pressure. For a danger to be acknowledged as adequate to vitiate theagreement, it must be one related with violence to the individual it was made to or even a deathrisk. In Barton V Armstrong, a previous administrator of an organization threatened themanaging director to have him slaughtered unless he paid over a substantial whole of cash for theprevious director's offers. Court held this was adequate to qualify as pressure, vitiating the
PRSK4048-The Essentials Factors of a Contract_2
2PROFESSIONAL SKILLS DEVELOPMENTassertion they had come as a result. The understanding was held to be coercion (McKendrick2014). Undue Influence:The term is developed under the concept of equity and thus it is the discretion of the court and iscreated under value thus any cure is at the courts tact, it created to cover those zones where anytype of disgraceful weight kept a gathering from practicing their choice in entering an agreement.Genuine undue influence is a class under undue influence where there is no extraordinaryconnection between the gatherings that may prompt any assumption that undue impact hashappened. The petitioner should demonstrate that there was genuine compulsion adding up toclear predominance that the inquirer was not able exercise freewill. In Williams V Bayley ayoung fellow fashioned supports on promissory notes and made misfortune a bank after whichthe bank moved toward his dad and requesting that he pay off his children obligations, thisapproach was adequate, by and by the court has arranged to acknowledge that there was undueimpact in view of the idea of the risk which would prompt practically certain transportation. Inthese conditions the father had no genuine decision however to acknowledge the bank's terms.There are exceptional connections where an assumption of undue impact is put by the courts, itapplies at whatever point the connection between the gatherings is with the end goal that one ofthem is by reason of the certainty rested in him by the other so as to take out of line advantageover the other (Posner 2014).Now coming to the topic of argument that “Is it the "rough and tumble of the pressures ofcommercial bargaining" or is it unlawful economic duress? When is the line crossed wherea tough stance becomes legally illegitimate?”
PRSK4048-The Essentials Factors of a Contract_3
3PROFESSIONAL SKILLS DEVELOPMENTArguments in favour of the topicAs per the law, when a person has entered int an contract through misrepresentation orcoercing the other person to the contract the contract stands voidable at the instance of the party.In Progress Bulk Carriers Ltd v Tube City IMS LLC, the court stated that the doctrine ofmonetary coercion is said to have committed by the parties to the contract even if the intention ofparties where not unlawful.(Knapp et al 2016). The referred case was an appeal from the decision of the mediation of the parties to thecontract. The contract between the parties states that the parties where the proprietors of a navalship. The contract was entered between two parties in buying a cargo ship name as Cenk K. Theparty who wishes to buy the cargo ship named Cenk K. does not had any privilege to substituteany other ship instead of Cenk K. The signatories to the contract could not show any interest regarding the substitution ofthe vessel with other vessel. The contracting party cannot change their decision unless approvedby the proprietors of the vessel Cenk K. This made an breach to the contract entered between theparties. However, when Cenk K was to be delivered to the contracting parties at that time it wasfound to be loading so the contract stands breach by the contracting parties. (Harrison 2016). Therefore, the proprietors of Cenk K tried to find an alternative vessel for the contractingparties. The proprietors of the vessel found an alternative vessel and confirmed the other partiesto pay a sum of money as compensation for the breach of the previous contract and damagessuffered for the said breach. The parties entered into another contract with an updated date ofconveyance and decrease in the amount of contract. The parties who had suffered previously had
PRSK4048-The Essentials Factors of a Contract_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Can Susan avoid a contract under duress and undue influence?
|8
|1582
|52

LAWS20061 Management Law | Assignment
|7
|1634
|31

Duress, Undue influence and Unconscionability of Contracts
|12
|3547
|92

Search Results Web results Duress and Undue Influence in Contract Enforcement
|6
|1302
|244

(pdf) General principles of contract
|13
|3612
|82

Business and Corporation Law
|9
|2609
|123