LAW ADVICE TO SWEETTORQUE COMPANY LTD Essay Example | Topics and Well Written Essays - 3250 words

LAW ADVICE TO SWEETTORQUE COMPANY LTD - Essay Example In a contract, there has to be the master of the offer who is the person who comes with the idea of contract and offers it to the other party in a bid to reach an agreement. The master of the offer also stipulates the time needed for the acceptance of the offer to the other parties. If a contract has not been reached by the given time of acceptance, the contract is said to be void or more time is given for both of the parties to go through with it. There are several methods of accepting an offer; the offeror (master of the offer) can limit the methods whereby he specifies a given amount of time usually seven days. If the offeror does not specify the amount of time for acceptance, then any reasonable time is valid for the offer to ace. In such a circumstance, the reasonable time depends on the type of offer. The mailbox rule states that a contract is deemed viable only after acceptance of the terms by all parties and the acceptance has been posted. However, it applies even if an accep tance has not been reached by the parties. In such a case, it becomes invalid if one of the parties misappropriates or misaddresses the acceptance. It also applies if, the offeree is notified of a rejection by the offeror, but they have already mailed the acceptance letter and received. An offer for acceptance can be terminated under several conditions. This includes through an act of a court order, if the offeree lets the offer lapse out of time, in the course of the death of one or both of the parties in the contract, by another more plausible offer, and lastly by revocation by both parties. A counter offer is defined as alterations of the key points of the agreement hence the offer... According to the research findings contract law is concerned with promises which are enforceable and are summed up as agreements which must be kept. There are three crucial elements in contract creation in the jurisdictions of common law. These are highlighted as consideration, acceptance and offer, and the want to come up with legal relations. A legally binding offer, for instance, is in reference to the one which was offered by the company Carbolic Smoke Ball when it came up with a wonder drug which was supposed to cure people who had flu. It promised that if the drug would not work, the affected individuals would be paid 100 Euros. Fearing bankruptcy, the company said that the advert was not meant to be serious and that it was supposed to invite people to be treated for mere puff or gimmick. The court held that this was a solemn offer to a reasonable man. Consideration points out that all the parties involved in a contract, exchange valuable things. Presently, some law systems are abandoning this requirement and adopting estoppels. Estoppels’ is being used when under taking pre-contractual negotiations for creation of obligations. Consideration in jurisdictions of civil law, is it not a requirement for a contract to bind. Torts or civil wrongs, sometimes depicts, occur when somebody breaches a duty to someone else, or infringes on the legal rights of a second party. For instance, when one accidentally hits somebody with a base ball, a tort would have been committed. Under negligence law, the offended party can claim compensation from the responsible party.