Memorandum of Advice: Advice Regarding Business Purchase Contract Law

This memorandum of advice analyzes a business acquisition scenario, focusing on contract law principles. The document begins with an overview of the memorandum's purpose, which is to provide advice to a client, Clare Pritchett, regarding the purchase of Cotzo Franko Wardrobes and Doors by Pritchett’s Closets Inc. The memorandum then outlines key recommendations, including the identification of parties, clear offer terms, and consideration of counter-offers. The memorandum delves into the principles of contract law, covering essential elements such as agreement (offer and acceptance), consideration, and intention to create legal relations. It applies these principles to the case, analyzing the offer, counter-offer, and the importance of clear terms and conditions. The analysis includes a checklist of essential terms to be included in the contract. The memorandum also addresses potential issues like undue influence and the doctrine of the "last shot." The report also includes a draft letter of advice. Finally, the document highlights the importance of a fixed price, currency details, and the intention to create a legal relationship. This assignment is designed to guide students in the principles of contract law and their application in business acquisition scenarios.