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Study of Different Types of Contracts in Business Law

3570 Downloads1 I Published: 28 Jan ,2019

Introduction

Contract is considered as the written or spoken agreement which is especially concerned and tended to be enforceable by law. It involves different parties who are liable to carry out the contract. Here different case examples are stated that results in applying legal regulations to form a legal contract between the parties.

Question 1

As per the given case, binding agreement with Sam as they agree to put it in writing. Sam is an honest purchaser of painting and admires a painting of sunflowers prepared by Josie. He intended to buy the paintaing for $700, while, Josie replies that she will not accept less than $ 800 for the the painting. After that, another buyer turned to purchase the painting who is an art enthysiast, Wendy and impressed by the same painting and willing to pay $900 and Josie sells the painting to her[]. There was a binding agreement with Sam and both the parties are legally binded and enforceable by law. While, at the ground of dispute among the parties the agreement seems to be broken before the court of law. Hence, it is essential to provide crucial decision regarding breach of contract so that appropriate decision could be made regarding binding of contract. 4 crucial elements of contract which are as follows:

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Offer

It assesses that offer is considered as the term which is being provided by one person to another. For instance, it is essential for both the parties to form a particular time frame so that at that specific time offer is being made. However, offer does not include requests of proposal, estimation or intent of letter etc. Also, it is considered that offer lapses if it is not accepted upon time.

Acceptance

It is another term that assesses that acceptance is considered as the term when the party accepts the offer being made to them. It involves certain terms and conditions so that contract is being carried out. For instance, if any new term is introduced just prior to the agreement then it is considered as counter offer which is not essential to be accepted. It would occur very few times just earlier the contract is being accepted or rejected. Also, it is not relevant that the person who is making final offer accepts the proposal which would result in bringing irrelevant who makes the actual final offer and thus acceptance of the proposal which would result into bringing negotiation within contract. Acceptance could be given in writing, verbal or inferred through actions. Thus, all such ways showcases acceptance and thus conform to the method accepted in order to form legal contract.

Intention of legal relations

It is another term that helps in formulating the contract in regard to intend parties to enter into the legal contract. Thus, it is the duty of the parties to assess that they are obliged in regard to formulate the contract as per the law. It is essential for both the parties entering into the contract to have intention to create legal relationship so that they are able to formulate effective rules and policies in terms of following the rules and regulations. Also, it could be assessed that if all the parties are focused upon carrying out the contract then they are bound in legal relationship so that desired results could be attained. The contract is required to form legal contract and thus stated that in the contract they are legally enforceable by law.

Consideration

It is considered as the term that helps in binding parties to enter into the contract and form legal relations. Thus, setting certain consideration helps in promising the parties to provide them value in terms of asset or money. However, if any contract does not have any consideration than it is considered as invalid contract. Therefore, it is considered as trust among parties to carry out the agreement. Hence, it helps in satisfying the needs of parties and refrain them to carry out the activities.

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Terms and conditions

It is stated that terms and conditions are considered as crucial part for any contract. However, if there is no terms and conditions available within the contract than it would impact upon the agreement. Also, it needs to be recognised that each and every court gives unique decision and thus involve different terms and conditions if the case is disputed contract and then carry out the agreement.

Breach of contract

It could be assessed that this situation happens when any one of the party in the contract fails to achieve the objectives as per the specified terms and conditions. While, violation of the contract need to be identified at the time of carrying out the contract and thus focus upon the work being carried out by one party. However, at this time it is being placed in the hands of law and thus assess at the time of forming the agreement and damages could be overcome from the parties.

As per the case, it could be evaluated that Josie is involved in a binding contract with Sam and thus it is legally enforceable contract binded among each other so that legal consideration could be given. A contract had been formed either if it is written or in oral form. Here, the legal application is being carried out which is in terms of forming legal relationship between the parties. It involves several types of remedies at the time of breach of agreement so that it could impact the damages and restitution in the contract[]. Damages that could be awarded such as compensatory damages, that are stated as actual damages, which affects the parties at the time of making good or replace the loss caused by the breach. Damages need to be provided to the party involved in the contract so that it do not impact upon the same.

Question 2

Here, as per the given statement of Pinnel's case it assesses that providing payment of less amount does not provide satisfaction to the parties of full amount. Hence, consideration is the term that provides certain rules in regard to promise to accept less as compared to full amount of debt. Thus, it does not carried out within the law. Also, part payment of debt does not make any different from the whole debt even of the other party agrees upon the same. With the help of present case, it could be carried out that with the help of probability to identify the establishing of such principle helps in carrying out one individual that owes money to another individual and thus also make agreement in regard to settle the debt[]. Also, it is considered that the main reason which does not rests with the fact that there is no new consideration that helps in supporting the contract formed within two parties. Moreover, Cole owned that Pinnel possess 8 10s but at the request of Pinnel they said that Pound 5 2s 6d at the duration of one month before the full amount was due. However, Cole also claimed that there was an agreement that the part payment helps in discharging to go to full debt. Thus, with the court it assesses that Pinnel rule assesses that part payment of original debt does not make the agreement for fresh consideration. Thus, such type of agreement was not considered as contract. Thus, such type of case was generally decided upon technicality. For instance, it has been assessed that if the Cole has been removed from the Pinnel's case it helps in forming an contract which assesses the early payment was made in return for accepting the part payment and thus it results in winning the case by Cole. Further, it also assesses that if the part payment of debt would result in more acceptable to creditor than the ability to recover the whole damages. Hence, it is stated that principle of Pinnel's case make crucial judgement to follow the rules so that success could be attained.

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As per the claimant who is liable to pay full amount even if they are agreed to pay less amount. Then, it has been considered that part payment of debt is not at all considered that valid for the promise of providing part payment upon the request. It is essential to identify that the payment is made either before the due date or with the different destination so that desired results could be attained. The rule which says that promise to pay part of a debt or the payment of part cannot be consideration for a discharge of the whole debt which is considered as the greatest of common law. However, such rule is often considered as rule of Pinnel's case. Thus, as per the given case, it could be assessed that whether the payment of part of a debt could result in satisfaction of the whole debt where only part of the payment could constitute satisfaction of the whole debt where part had been accepted by the creditor upon that understanding. Thus, such type of law constitutes that providing consideration for a promise to give a full discharge and thus carry out the legal duty. Thus, as per Pinnel's case it expresses that requirement for consideration is needed within simple contracts so that such rule can be carried out in order to enhance the present condition of Pinnel's case. As per the facts it could be considered that according to the action of debt it assesses that sum of Pound 8 10s helps in considering that defendant Cole argues regarding the case of Pinnel's request about Pound 5 2s 6d before the whole debt was due. Thus, here, plaintiff party is required to accept the whole amount in full satisfaction for the debt. Thus, it can be evaluated from the case that at the time of paying lesser sum of debt in regard to satisfy the whole debt helps in appearing to the judges so that there could not be any possibility that lesser sum could be satisfactory and thus here plaintiff for a greater sum requires providing more benefit to the plaintiff than the money. Thus, such judgement has been provided for the plaintiff in relation to provide payment so that best results could be attained

The rule of Pinnel's case and how it impacts upon the doctrine of consideration. Further, such also examines that the problems that has been arising from such rule is considered as the Promissory Estoppel and it could be solved effectively from such rule. Contract is considered as the agreement that the law will enforce a promise that is legally enforceable contract. It also assesses that different rules are being carried out as per the Pinnel's case. Such rule states that payment of less than individual owe will not totally discharge their debt obligation[]. Hence, it is because they are not liable to sue the party for balance therefore, it is the promise that is being made by the creditor. It is essential to overcome the liability from applying such rule and thus it could be assessed that in such law it is being carried out as per Pinnel's case (1602) 77 ER 237.

Conclusion

It can be concluded from the study that contract needs to be made between two or more parties in relation to create legal relationship. Thus, different cases are being addressed in relation to provide effective outcomes so that best results could be attained.

References

  • Chng, K. and Goh, Y., “A renewed consideration of consideration: MWB Business Exchange Centres Ltd v Rock Advertising Ltd [2016] EWCA CIV 553”. (2016)Oxford University Commonwealth Law Journal
  • Corones, S., “Australian Competition and Consumer Commission v. TPG Interney Pty Ltd., Forrest v. Australian Securities and Investments Commission: Misleading Conduct Arising from Public Statements: Establishing the Knowledge Base of the Target Audience”.(2014) Melb. UL Rev.,
  • Duffy, S. and Duffy, J., “An analysis of dispute review boards and settlement mediation as used in the Australian construction industry”.(2014) Building and Construction Law Journa
  • Martin, P., “Estoppel: Binding promise without a contract: Court of appeal considers proprietary estoppel”. (2016)LSJ: Law Society of NSW Journal,
  • Roberts, M., “MWB Business Exchange Centres Ltd: The Practical Benefit Doctrine Marches On”. (2017)The Modern Law Review,
  • Stone, R. and Devenney, J.,”Text, cases and materials on contract law”. (2014) Routledge.
  • Thampapillai, D., “Practical Benefits and Promises to pay Lesser Sums: Reconsidering the Relationship between the Rule in Foakes v Beer and the Rule in Williams v Roffey.“ (2015) U.
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