Business Law Contracts Essay - 2303 Words

LEGT 1710 Assignment 2 Introduction Harry (H) who is the father of James (J) is attempting to sue J for a breach in contract and is seeking damages of $30,000 which he believes is the outstanding amount that is owed to him by J. This case touches on the fundamental concepts of contract law where H can only claim damages if the formation of a valid contract between the two parties is evident via the elements of a contract, including intention, agreement, consideration, legal capacity, genuine consent and legality of objects must be established. Once these elements are satisfied, the terms of the contract need to be evaluated to deem whether the contract between H and J is enforceable. Once it has been established that the contract is†¦show more content†¦b) Agreement For there to be an agreement, the elements of offer and acceptance need to be properly satisfied. H offers to deliver the timber for $90,000, which then becomes binding when J accepts this offer by promising to pay the sum total of $90,000 for the timber, which is unqualified acceptance (Lawbook, 2006, 7.1.370). The offer is communicated and accepted by word of mouth (Felthouse v Bindley). Therefore it can be concluded that there is sufficient offer and acceptance between H and J for tha agreed additional $30,000. c) Consideration Consideration is the exchange of â€Å"something for something†, or it must be the exchange of promises (Carter, Peden and Tolhurst 2007). In this case, J asks for a supply of timber in return for the promise to pay $60,000 as well as an extra $30,000. This consideration can be considered as good consideration as the exchange of promises occurs after the verbal contract had been established, unlike in Roscorla v Thomas which indicates past consideration, where consideration is made after the act has been perfomed. This consideration is also adequate as set up by the precedent in Chappell amp; Co Ltd v Nestle Co Ltd which shows that consideration must have some value, just as the timber, and the promised $30,000 have some value and as both parties are seen to gain some benefit from the exchange. However, it can be argued that there may be insufficiency ofShow MoreRelatedBusiness Law and Ethics, Offer and Acceptance for a Contract Essay1110 Words   |  5 PagesBusiness Law and Ethics Assignment 14/03/2013 Module : 26313 Module leader : Phil Robinson Words count : 1088 In order to advise Neil, it is necessary to consider the law of the contracts, especially about offer and acceptance. We will analyze the situation to see what laws are applicable and advise Neil. 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