BUSINESS AND COMPANY LAW

Business And Company Law

Business And Company Law

Part 1:

Case Summary

The case is about Andrew who lost his Wallet and iPhone in the university. He wrote a notice on the University notice board mentioning that whoever returns him his wallet and iPhone, will be entitled of £100 reward. One of the employees of University has found the Waller near photocopier and gave it to Mr. Andrew's wife who did not have any idea about the reward.

On the next morning, a student named Carter has also found the iPhone near the photocopier and decided to give it back to Mr. Andrew. He read the gift notice on Wednesday morning, and on Wednesday afternoon Andrew decided to claim insurance against his iPhone; therefore, he cancelled the rewards notice. On Wednesday evening, Carter went to Andrew and gave him his iPhone back, but Andrew refused to give the iPhone back to Carter. The paper makes discussion on the issues that what are the legal effect of Andrew's notice, and are Beyonce and Carter are entitled to reward.

1) Explain the Legal Effect of Andrew's Notices

As Andrew posted the notice of the reward, the according to the law he is entitled to pay the reward to the claimants. By posting the notice of the reward, Andrew has come under the contract law. This means that he has committed a contract that for any one giving him the Wallet and iPhone back, there is a reward of £100. Therefore, in case he does not give the reward to the claimants, then he will be entitled of the breach of contract.

Contract Definition

A contract is a voluntary agreement that creates or conveys rights and obligations on the parties supporting it. The type of contract is a legal act between two or more persons and is intended to create rights and obligations generate (Bpp Learning Media, 2011, p. 34). It is governed by the principle of autonomy, according to which can be arranged on any matter not prohibited. Contracts are perfected by mere consent and obligations arising from contracts have the force of law between the contracting parties.

Essential of a Contract

To carry out a contract must be taken into account certain elements that are important or essential, first, it can be said generally that in order to be a contract between two parties must exist:

1. Knowledge of contracting: That is, the two parties to the agreement should be fully aware of all obligations and rights, which must be previously agreed.

2. Object true that the contract is subject: To carry out a contract must be something to effect the contract, for example, a dwelling or commercial establishment, land, vehicle, etc.

3. Cause of the obligation is established: The cause of the obligation is understood as it is carried out the contract, e.g. for the purchase of real estate for lease of a dwelling or commercial establishment for an exchange of articles, etc.

Having a contract creates a written obligation between two or more parties, or between ...