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A Valid Contract

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LO 1:Understand the essential elements of a valid contract in a business context.

LO 2: LO2 Be able to apply theelements of a contract inbusiness situations.

Case 1.1- Payne v Cave (1789)

The defendant made the highest bid for the plaintiff 's goods at an auction sale, but he withdrew his bid before the fall of the auctioneer 's hammer. It was held that the defendant was not bound to purchase the goods. His bid amounted to an offer which he was entitled to withdraw at any time before the auctioneer signified acceptance by knocking down the hammer.

1.1 Explain the importance of the essential elements required for the formation of a valid contract. Discuss the elements in Case 1.1 given. (AC 1.1 : Explain the importance of the essential …show more content…

And for the last essential element among the four is the lawful Object that is to make sure that everything listed in this contract is enforceable by law (ex: a contract for Murder/ theft or gambling can’t considered valid because it is against the law and considered as a crime) for example: a gambling contract was established and the terms was, land me 2000 $ and if I win I will return them as 3000 $, however there was disagreement after they defendant land him the money and they went to court to claim his money, but the court won’t claim his money because the contract is illegally and it can’t be enforceable by law.

Case 1.2 - Brogden v MRC (1877)

B supplied coal to MRC for many years without an agreement. MRC sent a draft agreement to B who filled in the name of an arbitrator, signed it and returned it to MRC 's agent who put it in his desk. Coal was ordered and supplied in accordance with the agreement but after a dispute arose B said there was no binding agreement.

1.2 Discuss the impact of different types of contract. Discuss the given scenario of Brogden v MRC (1877).(AC 1.2 : Discuss the impact of different types of contract).
[Grade Descriptor M2]

• In business, contracts can be in different types, orally, written, or mix of both, but the preferred ones are written as it’s more enforceable by …show more content…

However, this is still a valid contract because they started supplying the coal which proves that manifestation by both of them on the substance of an agreement.

1.3 Analyse terms in the contracts with reference to their meaning and effect. Research and give suitable examples. ( NOTE: give real cases and not hypothetical ones ) (AC 1.3 : Analyse terms in contracts with reference to their meaning and effect).
[Grade Descriptor D1]

1. Innominate Term: such as the implied term that not classified whether a condition or a warranty but somewhere in between. (Ainsworth Lumber, 2015) therefore it’s very necessary to identify the terms of contract and agree on where incase of breach, the Law will compensate the damaged party based on the stated terms, According to case (Hong Kong Fir Shipping v Kawasaki Kisen Kaisha)“A ship was chartered to the defendants for a 2 year period. The agreement included a term that the ship would be seaworthy throughout the period of

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