BUSINESS REGULATION ASSIGNMENT

Business Law Assignment

Business Law Assignment

The three components of a contract are offer, consideration and acceptance. Referring to the first case if Krause's accepts Judd's offer there will be a binding and they cannot ignore what has been agreed mutually. (Palmers 2004) As noted above a contract rests on three components and here all three components can be found. (Spin 2001) However, a consideration of some sort or other is so absolutely necessary to the forming of a good contract that a nudum pactum, or an agreement to do or to pay anything on one side without ...