Business law Essay Example | Topics and Well Written Essays - 1500 words

Business law - Essay ExampleUnder the particle of agreement, several aspects must be established to activate demonstrate a consensus on some of the major terms of the exchange 1. Offer. There must be an offer for sale below clearly stipulated terms which includes a adept description of the item(s) of exchange.The offer must be complete. Ordinarily this would include a description of the item(s) for exchange, nature of the item(s), the cost or price and any other sale-related features such as payment details. 2. Acceptance. The parties involved in the intended exchange must accept the offer as stipulated and communicate this acceptance within the period in which the offer still exists. Acceptance of the offertory terms becomes invalid when a counter-offer is made and allowed by the parties involved. 3. Genuine consent. Parties to the contract must sire contractual capacity an to boot must freely enter into the contract. Elements of duress, mistakes and misrepresentation may rende r the acceptance void and thus, the contract too. Step III Applications of the Rule of Law to Case Facts 1. Offer. crannys initial offer is for a dashing green Cadel Evans GF model bicycle at a cost of $6,000 payable upon delivery. The offers distance has not been expressively stated. ... nibs acceptance is conditioned on acceptance of his counter-offer and a communication thereof within the closure of business the pursual day. His liability becomes questionable at this juncture. 3. Genuine consent. By responding to the offer, both cocksucker and Burt are aware that they are entering into contractual obligations. There is however an element of duress on Sallys part that may render her consent void. She hastens the delivery of the bicycle to Peters premises to make the sum of money duly payable for fear of foreclosure by the bank on her outstanding mortgage payment amounting to $4,000. 4. Contractual capacity. Their contractual capacity is valid as they have both attained the m ajority age. Conclusion Sally cannot draw a suit against Burt for any breach of contract since he expressly denied acceptance of the familiarized $5,000 for the bicycle and communicated it in reasonable time to sally.The contract therefore does not exist between the two individuals.She might have had a claim against Peter except that it might be proved that there was lack of a genuine intent by sally to provide reasonable time for Peter to communicate and finalize the sale agreement i.e. It can be interpreted that Sally only entered into the contract to transfer her liability from the due mortgage and foreclosure to Peter. At Law, no contract can be valid if it is entered into with malicious intentions. However, ignoring the performance of the contract, Sally can enforce legal action against Peter as per the $ 4,000 under the contract for sale since there was implied agreement through their email discussion that instructed the seller to make delivery of the bicycle as soon as his