Sample Resume Business Law - 1326 Words

Introduction to Business Law Assignment 2 Semester 2 2014 CourseBACC101 ISSUE Does a suggestion from a friend or stranger amount to a lawfully binding contract in absence of a written agreement to this effect? RULE OF LAW According to Australian law, a contract is binding if it meets the clause of existence of a contract articulated through existence of an offer and acceptance of an offer, an act of consideration from the parties concerned and finally the objective of both parties concerned to be lawfully bound by the contract. In normal circumstances, the contract needs to be written for it to be lawfully binding as contracts are either written or unwritten. Step 1:- Offer and Acceptance- An offer is a communication from an†¦show more content†¦Step 3:- The parties should mutually convey their intent to be bound by the contract. Courts always search for circumstantial proof to ascertain if there was an objective to get legally involved, and if something of worth is exchanged then it shall be assumed that they had the aim to be legally involved and then it be insufficient to merely state that no one had objective of contracting. It should be asserted that in majority of cases, contracts need not be essentially in written form, as unwritten contracts are equally binding as written contracts. Nevertheless, the responsibility will be upon the individual to assert the presence of contract to verify the same in the court and it is a complex job for it is his or her word against the word of another. However, the existence of witnesses will be make it less difficult to prove or validate a verbal agreement. In case of lack of witnesses, communication of any form such as email, fax, memos, receipts, etc are permissible in the court. Presence of an agreement depends upon the comprehensiveness of agreement where both parties have settled on all rights and commitments, the lucidity of contract with ambiguity or no clarity and lastly the non- deceptive nature where the presentation of contract is independent of the promisor’s discretion. Its not a matter of faith but of precision. It is remarkable to assert that the verbal contracts too needs the existence