LLW2008 - Commercial Law - Introduction to Commercial Law - Revise Contract Law - Law Assignment Help

Assignment Task

Purpose of Commercial Law: The purpose of Commercial Law is to apply your knowledge of contract law to specific types of commercial contracts and look at some of the statutory modifications to the common law.  

Contracts – Revision:
 

Definition: A contract is an agreement which gives rise to legal rights and obligations between the parties to it. There is an exchange of promises between the parties to the contract. The promise can be monetary or require some act or forbearance to act.
 

Contract – the elements:

• A contract must have those elements that by now are well known to you:
• Offer
• Acceptance
• Intention to create legal relations 
• An agreement supported by consideration

Contract – The Offer:

• Must be communicated and brought to notice of offeree; Cole v Cottingham (1837)173 ER 406. 
• In any way so the other party can accept or reject it. The offeree must have performed the act of acceptance specified by the offeror with knowledge of the offer. 
• May be to the whole world; Carlill v Carbolic Smoke Ball Co [1893] 1QB 256
• May be revoked at any time prior to acceptance
• Can keep the offer open for a specified time but to be binding there must be consideration for the promise to keep it open; Routledge v Grant (1828) 130 ER 900
• Offer distinguished from an invitation to treat

Contract – Acceptance

• It must relate to the offer.
• May be inferred.
• Must be unqualified.
• Method of acceptance must conform to the offer.
• If the offer is silent on the method of acceptance, then acceptance must be appropriate

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