The Formation Of A Contract Requires Offer And Acceptance

-the reasoning: the completed contract was mailed before the attempted revocation was received. There was evidence to support it and a binding contract must stand.

If Seller fails to comply with this contract for any other reason, Seller will be in default and Buyer may, as Buyer's sole and exclusive remedy, terminate this contract and receive from Seller the deposit, thereby releasing both parties from the contract.

To begin, In order for a contract to be valid, it must meet the following elements of a contract: Mutual assent, consideration, legal purpose and capacity. First the definition “Mutual Accent” according to Smith and Roberson’s business law 16th edition (pg 174) “The parties to a contract must manifest by words or conduct that they have agreed to enter into a contract. The usual method of showing mutual assent is by offer and acceptance.” In this event, Martin Motors Inc. accepted the proposal to donate an automobile as the prize.The proposal was accepted and the conditions establish to win the automobile were agreed upon that any golfer who shot a hole-in-one will win a 2016 Seabring convertible. Martin Motors Inc did not establish any other conditions or guidelines that can prevent any candidate from requesting and receiving the automobile promised after he shot the hole-in-one. Also, the second element that was followed was “consideration” according to Smith and Roberson’s business law 16th edition consideration is when both parties in the contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return or

‘Acceptance is a definite and unqualified assent to an offer, on all of its terms. Any acceptance given conditionally will not result in a legally binding agreement.’

The offer and acceptance model is flawed- only an agreement is necessary. In order to fully comprehend this statement, we must first establish what constitutes and offer and what constitutes acceptance. “An offer is a statement by one party of willingness to enter into a contract on stated terms, provided that these terms are, in turn, accepted by the party to whom the offer is addressed”. Acceptance is “…an unqualified expression of ascent to the terms proposed by the offeror”. The “Offer and acceptance model” is based on the court’s adopt the “mirror image” rule of contractual formation. Applying the definitions stated above, we can take this to mean that there must be a clear and unequivocal offer which must be matched by an equally

Span Systems’ attorney sent the negotiation points to C-S and although C-S agreed that they were some faults from their side but were still concerned about the schedule slippage and the timeline that has to be met. Span Systems’ attorney suggest that instead of arguing contract clauses, which may be counter-productive in the long run,

Uniform Commercial Code Article 2 allows for offers without consideration; however, this is not a contract for the sale of goods. Therefore, with this contract consideration would be needed. Common law requires that consideration must be in place for a contract to be considered binding, but it also will allow for an offer to be revoked under promissory estoppel. Promissory estoppel allows for a promise to be revoked if the promisor induces an action to the promissee. The promissee must be substantially relying on the promise by the promisor.

There are two types of offer; specific and general. Specific offers are those made by one person or group of people who can choose to accept, and general offers are made to a generalised majority, such as in rewards and public advertisements. In the case of CARLILL v CARBOLIC SMOKE BALL, a general offer had been made, as it was a publicised advert. The company did not comply with the terms that it had stated; therefore the court held that the contract had been breached as an offer had been made. It was rightly decided that most offers

To begin, In order for a contract to be valid, it must meet the following elements of a contract: Mutual assent, consideration, legal purpose and capacity. First the definition “Mutual Accent” according to Smith and Roberson’s business law 16th edition (pg 174) “The parties to a contract must manifest by words or conduct that they have agreed to enter into a contract. The usual method of showing mutual assent is by offer and acceptance.” In this event, Martin Motors Inc. accepted the proposal to donate an automobile as the prize.The proposal was accepted and the conditions establish to win the automobile were agreed upon that any golfer who shot a hole-in-one will win a 2016 Seabring convertible. Martin Motors Inc did not establish any other conditions or guidelines that can prevent any candidate from requesting and receiving the automobile promised after he shot the hole-in-one. Also, the second element that was followed was “consideration” according to Smith and Roberson’s business law 16th edition consideration is when both parties in the contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return or exchange. For example, in exchanged for the automobile that Martin

The Court of Appeal organised that Mrs Carlill was entitled to an incentive as the advert constituted a deal of a unilateral contract which she accepted by performing the conditions explained in the offer.

Revocation. [7] Whoever makes an offer can revoke it as long as it hasn't yet been accepted. This means that if you make an offer and the other party wants some time to think it through, or makes a counteroffer with changed terms, you can revoke your original offer. Once the other party accepts, however, you'll have a binding agreement. Revocation must happen before acceptance. There are some offers that are irrevocable. The offer must be revoked in the same manner it was given.

A contract is an agreement between two or more parties, which can be legally enforceable. A contract maybe written or oral, although an oral agreement can be difficult to prove in court. In order for a contract to exist it must include four elements, that being offer, acceptance, intention and consideration. (Sweeney & O’Reilly 2007 pg 160). A contract only exists when an offer has been accepted, an offer has the intention to be legally binding and the willingness to contract on certain conditions (Butt 2004 pg306). Accepting an offer means agreeing to the contract and in essences agreeing to the terms of that contract, an offer can’t be withdrawn or rejected and only the offeree is able to accept the offer, this acceptance must be

would give 100 £. The company then deposited 1,000 £ in a bank to show

A contract is a written or spoken agreement between two or more parties that involves the exchange of two promises, which is intended to be enforceable by law. The four basic elements are the offer, consideration, acceptance, and mutuality. When elements are broken down individually, each one is just as important as the next. If one of these elements are broken or misunderstood, it could mean result in the contractual agreement becoming not valid and end in lawsuit. The overall purpose of the contract is for legal purpose and to keep a order within an agreement.

Introduction: In this assignment I will go over a few legal terms in relation to contract law. I will also talk about a few precedents that help explain the law.