Business Law Assignment

Submitted By tuchagomes28
Words: 1667
Pages: 7
Open Document
Business Law Assignment 001
Student Number: 1307312

Business Law Assignment 001
Student Number: 1307312

Contents

Introduction Page 3-4
Main Body Page 5-8
Conclusion Page 9
Bibliography Page 10

Business Law Assignment 001
Student Number: 1307312

This essay will attempt to talk about a case study analysis, about a contract Law, an agreement made between 2 parties. Sue that borrowed Peter an sum of 25.000 to be repaid with interest of 12% by no later than 1st of July 2012.
In this case it was made an bilateral contract, when Sue received consideration in form of that Peter promise to pay the sum with an interest fee and Peter received consideration in form of the sum of 25.000, so this is called bilateral contract, because both of them made contractual promises.
The case will be argued, by advising Sue into 5 points of different situations. Considering the case above the concept of formation of contracts and their essential elements, such as Offer, Acceptance and Consideration, will be the main points to discuss and analyse the case at each situation and relate them with the appropriate table of cases according with Business Law.

Brief Note:
1.Contract Law is an agreement between 2 parties, when one makes an offer and the other accepts that offer. “A contract is a legally enforceable agreement giving rise to obligations for the parties involved. The law of contract determines which agreements are enforceable and regulates those agreements, providing remedies if contractual obligations (undertakings or promises) are broken. Under a contract, the parties voluntarily assume their obligations or undertakings” (The Law of Contract, Koffman and Macdonald, 2007: p.1)
2.Offer and Acceptance are essential elements when doing a contract its vital that one of the 2 parties have offered and the other have accepted.“ offer is a vital element on the road to agreement. It must be distinguished from all other statements made in process of negotiation. Only an offer is capable of being accepted and, therefore, making a contract…” “The acceptance should reflect the offer precisely in order to result an agreement…” (Contract Law, Sweet & Maxwell, 2001: p.29, 30, 43)
3.Consideration it the agreement support, each party must give something to another and it could be in form of goods or services.
“We have seen that an offer is not an offer to contract unless expressly or impliedly, it asks for something in return. Acceptance consists in giving what is asked for, whether it be a promise or an act, is the consideration” (The Law of Contract, Sweet & Maxwell, 2002: p.66)

Business Law Assignment 001
Student Number: 1307312

Case 1: In this situation Peter paid 20.000 in settlement of the debt early than the due date, under the rule in Pinnel’s Case, paying an debt early than the due date its considered a Good Consideration, because it benefits the promisor, so in that circumstances Peter was giving to Sue an Good consideration by paying early.
Even though Peter paid on a early date he did not paid the full amount that was stated on agreement, so that based on Pinnel’s case rule, the creditor will still able to claim the outstanding balance of the debt unless the borrower can show that some consideration was supplied in return for the creditors agreement to take the lesser sum. Equally if, the
Show More

Related Documents: Business Law Assignment

Canadian Business And The Law

Study Guide to accompany Canadian Business and the Law, 5th edition Chapter 6 CHAPTER 6 FORMING CONTRACTUAL RELATIONSHIPS Objectives After studying this chapter, you should have an understanding of • how negotiations lead to a contractual relationship • how negotiations can be terminated • the legal ingredients of a contract • how contracts can be amended or changed Learning Outcomes • • • Understand how business negotiations can result in the formation of a contract or terminate without legal…

Words 3867 - Pages 16

Business Law Paper

Business Law Term Paper Legal Analysis of Dating Site User Agreement Chosen Site: eHarmony BUSI 2601B Dr. G. Levasseur March 8th, 2015 Table of Contents I Executive Summary 1 II Introduction 3 Overview and Objectives: 3 Methodology: 3 Business Relationship: 5 III Clausal Description and Explanation 6 Document 1: Privacy Policy (3 pages) 6 Document Two: Terms of Service (five pages) 18 IV Application of Legal Principles 32 V Lessons Learned, Recommendations and Example Scenario 46…

Words 15495 - Pages 62

Essay on Business Law

Business Law “The doctrine laid down in Salomon v Salomon & Co Ltd [1897] AC 22 has to be watched very carefully. It has often been supposed to cast a veil on the personality of a limited company through which the courts cannot see. But that is not true. The courts can, and often do, draw aside the veil. They can, and often do, pull off the mark. They look to see what really lies behind” - Lord Denning in Littlewoods Mail Order Stores v Inland revenue Commissioners [1969] 3 All ER 422.…

Words 1964 - Pages 8

Business Law Essay

Resources in a Business Context BUS 746 Law Assignment 1A Amit Bhanot S12003170 Question Two ‘Equally, it is recognized that the formal and rather intimidating atmosphere of the ordinary courts is not necessarily the most appropriate one in which to decide such matters. Even where the dispute cannot be resolved internally. In recognition of this fact, various alternatives have been developed specifically to avoid the perceived shortcomings of the formal structure of law and court procedure…

Words 2072 - Pages 9

Law and Business Essay

Tiffany Ly Business Law February 11, 2011 Robinson Law and Business Natural law is one of the oldest of its kind. The natural law theory believes that there is a higher law and it applies to all human beings and if a law is unjust then it does not have to be obeyed. Natural law is based on fairness and equity and this can easily relate back to the world of business. One major question that lies in international business is whether or not foreign employees should have the same protection…

Words 620 - Pages 3

Business Law Essay

Business Law Law- the body of rules that can be enforced by the courts or by other government agencies. Sophisticated Client- Person who understands the role of a lawyer and knows when to represent himself/herself and when to get the help of a lawyer. They understand the cost associated with a lawyer and how the process works. Legal Aid- Legal help for people who cannot afford a lawyer. Civil Law- A list of codes that judges apply to cases. Common Law- Law based on past decisions made by the…

Words 1269 - Pages 6

Introduction To Business Law

Introduction To Business Law Coursework Assignment II This writing is presented to discuss, argue and justify the dealings of Peter Piper with Paris Sheraton, Britney Arrow, Microwave Madness Ltd and the fire fighters as presented in the question. I will start by discussing the Paris Sheraton case. The display of the bright pink vacuum cleaner as it applies to this case is an invitation to treat. Invitation to treat legally is an incitement to make an offer; the offer made is subject to acceptance…

Words 1612 - Pages 7

Essay on Business Law

the Congress can regulate a local business if doing so is in the national interest. This includes situations where the actions of many small businesses taken together could have an inter-state effect. In Heart of Atlanta Motel v. United States case, the court decided that a local hotel would have to comply with federal stature and follow the requirements of the Civil Rights Act of 1964, because it is part of the commerce/travel. Even though it is a local business, the Congress has the power to regulate…

Words 2277 - Pages 10

Business law Essay

Associate Degree in International Business -International Business Law- Teacher: Annie Everett Student: Terrence Catsourakis ID: 0919448 Turnitin Paper ID:204191110 1. Does the transaction have a sufficient connection with States that have ratified the United Nations Convention on Contracts for the International Sale of Goods (Vienna Convention) so that its provisions will govern the contract? The Vienna Convention applies to contracts of the sale of goods between parties…

Words 1813 - Pages 8

business law Essay

The Consequence of Human Trafficking Business Law Professor Chen Human trafficking has been around as long as prostitution and human trafficking is a modern-day form of slavery. As stated in Colonel Sandra L. Keefer’s research, in 1865, President Abraham Lincoln and the United States Congress passed the 13th amendment, which states neither slavery nor involuntary servitude shall exist within the United States, yet over the past decade, trafficking…

Words 1727 - Pages 7