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

Assignment Task:

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 obligationsbetween 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

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 
? An invitation to treat is an indication that the inviter is willing to enter into negotiations, or to consider offers but is not yet prepared to be bound.
? In a shop – Pharmaceutical Society of Great Britain v Boots Ltd (1953) 1 QB 401
? Customer takes the item to the check out, assistant accepts customer’s offer to buy. Goods on the shelf are invitations to treat.
? In a shop window – Fisher v Bell (1961) Flick Knife with a price tag on it in the window was an invitation to treat.

Contract – Consideration
? Consideration is the provision of something in exchange for a promise. It does not have to be doing something because it can be the promise to perform. It can also be a promise not to do something.
? The classical definition of consideration was made by Lush J in Currie v Misa (1875) LR 10 Ex 153 as:
? “A valuable consideration in the eyes of the law may consist of some right, interest, profit or benefit to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other”.

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