Contracts The Case Study Which Students Are Required To Resol

Assignment 2 Case studyNameBusiness Law 100Tutor’s Name08/10/2014Given OfferCertain elements of agreement are required for a contract to be valid. The first element of agreement is the existence of an offer. An offer is an invitation by one party to another demonstrating their desire and willingness to enter into a contractual relationship with the other party on certain terms. An offer is different from an invitation of interest that would lead to further negotiation and agreement of terms in the case of an affirmative answer (Partridge v Crittenden [1968] 2 All ER 421). An offer may be made to an individual, to a group or to the whole world. (Carbolic Smoke Ball Case). An offer must be made in such a way that the statement clearly indicates the offeror’s intention to be bound without further negotiations. An offer can be terminated by revocation, rejection by the party to whom it was made, time lapse, demise of the offeree or failure to meet precedent condition. AcceptanceThe second element of agreement is acceptance. Acceptance is an unequivocal statement whether in writing, oral or implied by conduct agreeing to the offer.