Business Common Law - 1545 Words

HNC BUSINESS COMMON LAW 1 ASSIGNMENT 1 Darina Byrne Explain why it is important to have an intention to create legal relations when making a contract and why is consideration of the parties to the agreement necessary-: Intention to create legal relations can be defined as follows. ‘An agreement will only become a legally binding contract if the parties intend this to be so. This will be strongly presumed in the case of business agreements but presumed otherwise if the agreement is of a friendly, social or domestic nature.’ Source (HNC unit 5 Business law course book) In determining whether the parties intend their agreements to be legally binding the court is guided by two presumptions. Parties to a domestic or social†¦show more content†¦Executed In the case of unilateral contracts, where the offeror promises something in return for the offerees doing something, the promice only becomes enforceable when the offeree has actually preformed th e required act. Past consideration -not valid This category does not actually count as consideration-with past consideration the action is preformed before the promise that it is supposed to be consideration for such action is not sufficient to support a later promise.(ref-: McArdle 1951) Rules relating to consideration Consideration must not be past. Performance must be legal. Performance must be possible. Consideration must move from the promise.(Tweddle v Atkinson(1861)) Consideration must be sufficient but need not be adequate. The court will not intervene to require equality in the value exchanged as long as the agreement has been freely entered into.( Chappell + Co v Nestle co(1959)) In Pinnels case 1602 it was stated that payment of a lesser sum cannot be any consideration for the whole amount owed. This opinion was approved in (Foakes v beer (1884)). However the following will operate to discharge an outstanding debt fully-: Pay ment in kind. Payment at a different place. Payment of a lesser sum by a third party. A composition arrangement between creditors that they will accept part payment of their debts. Source (course notes). Explain why it is important that a contracting partiesShow MoreRelatedBusiness Law Is A Common Study For People Today962 Words   |  4 Pages1. Introduction In the era of globalization, business law is a common study for people today as commerce has become our trend in the worldwide. In this report, we will mainly focus on the main component of the law of contract which is consideration. Besides, we also will briefly explain the principles of offer and acceptance of offer in our case study. In this report, the principles of consideration consist of four elements which are consideration must be sufficient and need not be adequate, considerationRead MoreThe Business Law Short Essay1215 Words   |  5 Pages MLC101 Business Law Short Essay Yu Peng YUPC1501 Word Count:1107 Introduction Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Act 2015 ()will affect from 12 November 2016. it has changed some sections to the Australian consumer law. Last version of this law only applicable to the individual consumer, Act 2015 extend the scope to the small business that employs fewer than 20 persons. This thesis will discuss the following questions; ï  µWhat is an unfairRead MoreFor Employee’S Health And Safety: . As Worker Are Doing1583 Words   |  7 Pagesparties and there should be valid offer and valid acceptance. Contract law has more than an impact on business; it is an inherent part of it. Most business relationships are formalized through contracts. Though contracts can be formed orally, it is good practice to put the terms of a contract in writing. The impact of contract law on business is very vulnerable. In fact, it increases the level of certainty and the security in business relations and gives a party more confidence that the other will doRead MoreThe Principle Of Marketing : Bus 3305 Essay1599 Words   |  7 Pages1.0 Introduction 2.0 Nature and Sources of Business Law 2.1 The Common Law 2.2. U.S. Constitution 2.3 Statutory law 1.4 Judicial Precedent 3.0 Impacts of the Law On Business 4.0 Ways that the law could be improved. 5.0 Conclusion 1.0 INTRODUCTION In reality the law covers an enormous range of situations and the legal system has a variety of courts and methods for dealing with different types of cases. 1.1 Meaning of Law There is no single meaning of law that is universally adopted. However, legalRead MoreWhy The Income Is Derived As A Contractor1314 Words   |  6 PagesIntroduction Toby is a highly competent pilot and has extensive amount of experience in flying aircrafts. He has established a separate entity for the purpose of operating his business operations with an objective of earning gains after covering the operational cost and training expenses of the business. Toby works on contract roles for multiple positions depending client requirements. Toby gets the compensation for his duties performed. Legislations applicable under this case In order to identifyRead MoreCase Study : Business Law And The Federal System Of Government1079 Words   |  5 Pages Unit Name: Business Law Year: 2014 Trimester: 2 Location: VU Sydney Prepared by: Robert Alvarez Unit Code: BLO1105 Unit co-ordinator: Name: Robert Alvarez Location: Footscray Park - Room A339f Contact number: (03) 9919 5147 Contact email: Robert.Alvarez@vu.edu.au Teaching team: name: Carlo Soliman Email: carlo.soliman@vusydney.edu.au Student name: Mohamad AL Masri Student number:Read MoreIntroduction Of Business Law Coursework Assignment1717 Words   |  7 PagesIntroduction to Business Law Coursework Assignment Question 1 Part 1: In the English system, there are two laws that have a huge and fundamental impact on the English law. These two laws are the most common type of laws that are carried out within the court, either in Crown Court or the Magistrate’s Court. Depending on the seriousness of the damage caused by the breaking the law, not all prosecutions are carried out in the Crown Court. The English Law coincides within two countries of Great BritainRead MoreThe Uniform Commercial Code ( Ucc )1329 Words   |  6 Pagestrading’s/behavior and negotiations of businesses. It manages the conveys and/or the selling of private property, in other terms personal property. UCC doesn’t state the trading in real property. Well overall, the Uniform Commercial Code institutionalizes business laws within the United States of America. Along with that, it also looks for stability in the states within the country, USA. Also, there are types of contracts, where the Uniform Commercial Code needs to be applied. Some contracts are the exchangeRead MoreThe Legal Reasoning And Interpretation Of The English Legal System Essay1303 Words   |  6 Pagessystem and to illustrate the legal reasoning and interpretation of law through a range of statutes applicable to ‘property’ and ‘non property’ matters; and by explaining how common law is used in conjunction with statute within the english legal system. CONTENTS 1.HISTORY OF THE ENGLISH LEGAL SYSTEM 2.COURTS IN THE ENGLISH LEGAL SYSTEM 3.COMMON LAW 4.STATUTE LAW 5.HOW COMMON LAW WORKS IN CONJUNCTION WITH STATUTORY LAW 6.CONCLUSION Read MoreSummary : Fall 2015 ( Take Home ) Mid Term Examinations 1231 Words   |  5 Pagesplaintiff, which resulted in general and special damages. The plaintiff is owed compensation for medical care and treatment expenses, the economic loss from failing to attend the remainder of the semester of business school, and a loss in prospective wages from future employment. Statement of Law Under the Occupants Liability Act the defendant as an occupier, owed a standard of care to the licensee. The defendant failed to meet this standard of care, resulting in liability for the plaintiff. The plaintiff