Essays on Contract Law Page 2

Topic: Currency Options Currency option is a contract or an agreement which gives the right to buy or sell currency at a pre-specified exchange rate on a future date. Currency options are derivatives contracts in which foreign currency is the underlying asset. Currency options are also known as forex options or Fx options. The contract…

The contents of the contract formed between Kyle, George and Delicious Hamburgers and whether Kyle and George have the right to legally enforce the contract. Step 2: Explain the rule(s) of law relevant to the principle/area/issue of law identified in step one with reference to authority. There are three main requirements, intention, agreement and consideration…

Offer is an expression of willingness to enter into a legally binding contract on the terms proposed once the offer is accepted. This letter is an offer since the terms proposed are complete and it is communication to the offered. The letter was definitely sent to Andrew by mistake since the company makes this offer…

A dealer sold a new car to Raymond Smith. The sales contract contained language expressly disclaiming liability for personal injuries caused as a result of defects in the car and limiting the remedy for breach of warranty to repair or replacement of the defective part. One month after purchasing the auto, Smith was seriously injured…

The terms written in the statement above are considered to be unnecessary, or more precisely irrelevant. This essay will discuss how these words, instead, are important as contractual terms through explanations, definitions and examples. A contract is an agreement made by two different parties made through a promise granted by the law. A contract can…

Partners must distinguish between freely made offers and choices or deals that lack details. For example, WAC provides an offer to assemble and sell 5 cars to John’s company. However, without any agreement on the specific models, color, or price of the cars, John’s company decides not to proceed. In this situation, there is no…

The first issue is whether Mat’s reply was a counteroffer or a request for further information on whether or not Michael would change the upholstery in the car before sale. If it was a counteroffer, as was held in Hyde Vs. Wrench (1840) 3 BEA 3341, this would have amounted to a negation of the…

Case Study: Implied Warranty Of Merchantability In the case of Keller v. Inland Metals All Weather Conditioning, Inc. , the question has come about asking if there was an express warranty given by the CEO of Inland Metals to the Kellers when they signed a contract. If in fact there was an express warranty then…

Introduction The franchise concern has been around a long clip ; in fact they go back every bit far as the 1850’s. The impression of selling off a concern or a portion of a concern in order to spread out into new countries normally came from the deficiency of investing financess from the concern proprietor….

According to English Law, contracts are formed through a process involving an offer and acceptance. For a valid offer, it is necessary for the object for sale and all important contract terms to be clearly stated. The acceptance of the offer must indicate agreement to all the terms of the contract. Failure to do so…