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Contracts Essay

2906 words - 12 pages

Assignment Cover Sheet
Please ensure you complete both sections of the form and attach it all to the front of your work
PART A – To be kept attached to coursework
Family Name | | First Name | | Module Title | | Module Code |
Wahid | | Akeel | | The legal environment of business and employment | | BFL0041 |

Student Number | | Tutorial Group No | | Taught by (Tutors Name) / Supervisors Name |
U1257644 | | D | | Jackie lane |

Course | | Assignment Title |
Accountancy and finance | | Contracts in business |

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You are advised to keep a copy of all your assignments for personal reference. | | Word Count | | |
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Simon did not have a legal binding contract with Huddersford Bookshop because he did not have all the essential elements of having a legal binding contract. A legal binding contract is “an agreement between two parties by which both are bound in law” (Martin & Turner).
One of the essential elements of having a legal binding contract is an agreement which is an “offer and acceptance of definite terms” (Lucy Jones, page 87, 2011). Simon sent a letter on the 4th of April and offered to pay £500 which is his offer, John read the letter on the 6th of April and discussed the offer with Ben his business partner, they both agreed but no consideration was taken place from John and Bens side to Simon, “consideration is a promise to do something in return for a similar promise” (Lucy Jones, 2011, Page 87) because they both acknowledged Simon’s offer and intended to reply to Simons offer, but failed to reply to Simon’s letter(offer).
However the offer made to John and Ben from Simon was a legal and clear offer which has to be a definite statement of terms which is capable of acceptance for example the case Gurthing v Lynn(1831) states that the claimant agreed to purchase a horse from the defendant for £63 and agreed to pay a further £5 if the horse was lucky” but the promise made to pay the extra £5 was too vague and resulted in the offer not being clear and valid. However the offer made to John and Ben is clear so the offer is a valid offer as Simon saw the book in the catalogue and made an offer in the form of a letter...

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