Common Law
Assignment 1
Common Law
By: Tita Amalia V.
1. Jonathan and an international business transaction
Two parties reach agreement on the terms of the sale of a product from one party to the other. The agreement was written and signed by both parties in the presence of their lawyers.
a) Do the parties have a valid and enforceable contract?
Before a contract is formed, there must be agreement consisting of offer and acceptance, intention to form a contract, and consideration. Without these three elements, there is no contract.
The first element of the contract is agreement which means “The understanding between two or more legally competent individuals or entities about the rights and duties regarding their past or future performances and consideration as manifested by their language (oral or written) or by implication from other circumstances such as the usage of trade and the course of performance.” (YourDictionary.com 2011) British Steel Corp v Cleveland Bridge and Engineering Co Ltd shows how important to have an agreement in a contract. Agreement consists of an offer by one party (known as the offeror) to another party (known as the offeree) and the offeree’s acceptance of the offer without further negotiation. (4Lawschool.com) Fisher v Bell shows the requirement of offer and acceptance in the formation of a contract.
The second element is intention which means that both parties are willing to be bound by the terms of the agreement. Merritt v Merritt shows how important to create a legal relationship between parties or to show party’s intention to be legally bound by the law.
The third element is consideration which means something of value given by one party to the other. This may take many forms such as money, valuables, services rendered or agreement to not ask for a payment due
Common Law
By: Tita Amalia V.
1. Jonathan and an international business transaction
Two parties reach agreement on the terms of the sale of a product from one party to the other. The agreement was written and signed by both parties in the presence of their lawyers.
a) Do the parties have a valid and enforceable contract?
Before a contract is formed, there must be agreement consisting of offer and acceptance, intention to form a contract, and consideration. Without these three elements, there is no contract.
The first element of the contract is agreement which means “The understanding between two or more legally competent individuals or entities about the rights and duties regarding their past or future performances and consideration as manifested by their language (oral or written) or by implication from other circumstances such as the usage of trade and the course of performance.” (YourDictionary.com 2011) British Steel Corp v Cleveland Bridge and Engineering Co Ltd shows how important to have an agreement in a contract. Agreement consists of an offer by one party (known as the offeror) to another party (known as the offeree) and the offeree’s acceptance of the offer without further negotiation. (4Lawschool.com) Fisher v Bell shows the requirement of offer and acceptance in the formation of a contract.
The second element is intention which means that both parties are willing to be bound by the terms of the agreement. Merritt v Merritt shows how important to create a legal relationship between parties or to show party’s intention to be legally bound by the law.
The third element is consideration which means something of value given by one party to the other. This may take many forms such as money, valuables, services rendered or agreement to not ask for a payment due
References: 1. 4Lawschool.com 2011, Capacity in Contract Law, accessed 11 Desember 2011, <http://www.4lawschool.com/contracts101/offer.htm> 2. Chestofbooks.com 2009, Definition of Contract of Sale, accessed 13 Desember 2011, <chestofbooks.com/business/law/Handbook-Of-The-Law-Of-Sale-Of-Goods/11-Definition-Of-Contract-Of-Sale.html> 3. Duhaime.org 2011, Invitation to Treat Definition:, accessed 12 Desember 2011, <http://www.duhaime.org/LegalDictionary/I/InvitationtoTreat.aspx> 4. Insitelawmagazine.com 2011, Intention to Create legal Relations, accessed 14 Desember 2011, <http://www.insitelawmagazine.com/ch2intention.htm> 5. Practititoner.Com 2011, An Introduction to Corporate Regulation and Standarization, accessed 10 Desember 2011, <http://legal.practitioner.com/regulation/standards_7_1_6.htm> 6. Sukarja D, 2011, “Common Law Class 1-2r”, paper presented from Unisadhuguna International College, Jakarta, November 2011 7. Sukarja D, 2011, “Common Law Class 3-5”, paper presented from Unisadhuguna International College, Jakarta, November 2011 8. Thelaw.com 2011, The Statute of Frauds, accessed 15 Desember 2011 <http://www.thelaw.com/guide/business-law/statute-of-frauds/> 9. YourDictionary.com 2011, Agreement Legal Definition, accessed 10 December 2011, <http://www.yourdictionary.com/about.html>