Business Law Assignment

Business Law Assignment Words: 401

There is no quasi-contract here. Here is a contract of specific performance. 03. No, Click-Lewis did not want to make a legal offer because it refused to give the car as prize & also neglected to remove the car & the sign before Cabbage’s play in the tournament. 04. 05. 06. No, Midair did not effectively accept the offer before McCarthy withdrew it.

Because Midair signed the contract but did not mailed or informed McCarthy before withdrawal. 07. 08. No, because the purchase price & the closing price . & Jesse charged 25 percent. Though he informed Smith but it cannot be enforceable by law. 09. Yes, Litter’s proposal was supported by consideration because he was promised to pay 3,500 within next 5 years, but his son refused to pay the partners the amount agreed on. 10.

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When the common object of a contract can no longer be carried out, the court may declare the contract has been frustrated. There are some ways of frustration. The names are given below: l. Destruction of an object, II. Changes of law, Ill. Failure of pre-conditions ‘V. Death or personal incapacity V. Outbreak of war. Ex: a person contracted to deliver some raw materials to a party, but those raw materials were destroyed by natural disaster. So he failed to fulfill the contract, but he has no fault.

So the court will hold that the contract has been frustrated. 11 . Breach of contract occurs when a party repudiates his liability under the contract before the time for performance is due or when a party by his own act disables himself from performing the contract. The consequence of breach of contract is given below: When breach of contract occur the aggrieved party l. Can treat the contract as discharged so that the party is no longer bound by any obligations under the contract, II.

Can immediately adopt the legal remedies available to him for breach of contract & also can suit a file for damages or specific performance or injunction. 12. Damages is when a contract is broken, the injured party can claim to the other party for the problem the injured party faced. Ex: Specific performance is a discretionary remedy. Specific performance is where monetary compensation is not an adequate remedy. Ex: For sale of a house monetary compensation is not enough because the injured party will not be able to get an exact substitute in the market.

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Business Law Assignment. (2020, Oct 12). Retrieved January 25, 2021, from https://anyassignment.com/management/business-law-assignment-41317/