BINDING AGREEMENT

Binding Agreement



Binding Agreement

Invitation to treat

According to the case scenario, Craig placed an advertisement for sale of a car for £3745. But, the newspaper misprint made it for £3245 which made Graham interested in the car. Upon enquiry with Craig, Graham came to know that the car is not of the price mentioned in the newspaper. The report analyses different aspects of the case and resolves the situation by using relevant legal issues. In theoretical problems of finite complexity and apply those principles in arriving at supportable conclusion (Gurvitch 2011, 90).

Offer

Legal aim is crucial to a contract. In detail, acceptance and contradict offer exist is crucial to this theme legitimate intention. If there was not a valuable acceptance, the change of periods matching to only a contradict offer, and there will not be a contract. In this latest case study, Graham has to buy the car but then Craig said that the final price would be £3400. He asked Graham to tell him before the day ends, i.e. Monday. Graham mails Craig but, he checked his mail the next morning. For Craig, mail arrived on Tuesday so the deal is no more valid. On the other hand, the legal bind is still intact because if the mail sent time is checked then it would be known that the mail was sent on Monday night. Therefore, the agreed price of car for Monday £3400 is valid. Graham needs to show Craig the timings of the mail which would prove that Graham mailed on Monday. According to the statement made by Craig, he has to sell the car for £3400 now (Fruehwald 2009, 54).

A contract may be released by presentation, by the breach, by agreement or frustration.

Performance

A contract released when all the parties have presented all their obligations under the contract. If, a party concludes not to present its contractual obligations then it is not released from such obligations but continues compelled to present them. Refusal to present may allowance to a breach. The real case scenario of this discharge is Cutter v Powell [1795].

Agreement

This is where the parties agree to terminate the contract in alignment to issue one or both parties from the agreement. It can furthermore take the pattern of a change in the contract terms. An agreement to change the contract is a binding agreement if it made by deed or if the pledge is endorsed up by consideration (Deflem 2008, 150).

Consideration

Consideration is a positive thing which comprises either, some advantages to Craig producing a pledge (the promisor) or some detriments to the individual the pledge is made (the promisee) or both. It should be adequate but require not be ample. It should have monetary worth, but require not being very much. The responses on if acceptance and contradict offer exist are exceedingly significant to this theme consideration. As asserted before, it is highly likely that there is no productive acceptance and the change of periods completed up as a contradict ...