Business Law and Ethics, Offer and Acceptance for a...

Business Law and Ethics Assignment 14/03/2013 Module : 26313 Module leader : Phil Robinson Words count : 1088 In order to advise Neil, it is necessary to consider the law of the contracts, especially about offer and acceptance. We will analyze the situation to see what laws are applicable and advise Neil. In this case, we have three different people: Firstly an offeror, a person who makes an offer (in this case, Neil) and two offerees, the person to whom an offer is made (in this case, Theresa and Alex). Neil placed an advert in the â€Å"Cats Weekly† magazine, which offer a rare female utopian cat for sale  £500 or nearest offer. This is an invitation to treat, which is â€Å"an indication that a person is prepared to receive offers†¦show more content†¦As Neil has rejected the offer, according to Hyde v Wrench (1840) â€Å"when the person to whom the offer was made proposes new or amended terms, also terminated the original offer†. This means that Neil can’t propose  £500 anymore to Theresa. She has until 12.00 noon on Friday to write the acceptance if she still wants it for  £475. Neil is entitled to revoke the offer at any time before acceptance [Payne v Cave (1789)]. Furthermore, according to Routledge v Grant (1828) â€Å"The defendant could revoke his offer at any time before acceptance, even though the time limit had not expired†. In this case, Neil has not made any acceptance with Theresa yet, so he is able to withdraw the offer whenever he wants. Theresa has phoned Neil on Wednesday morning, and left a message to accept the offer at  £475. But Neil’s phone malfunctioned, so he did not receive the message. â€Å"The postal rule states that, where the use of the post is within the contemplation of both the parties, the acceptance is complete and effective as soon as a letter is posted, even though it may be delayed or even lost altogether in the post† [Adams v Lindsell (1818)]. Here Theresa has left a message which Neil never heard. According to this rule, it should be an acceptance. But during their first phone call, Neil has specifically said that he wanted a written acceptance. Indeed, â€Å"if the offer stipulates a particular mode of communication, the postal rule may not apply†Show MoreRelatedElements of Contract Essay908 Words   |  4 PagesA contract is a legally binding exchange of promises or agreement between parties that the law enforce. It does not prescribe the rights and obligations of the parties. A contract does not need to be in writing to be enforceable. We will evaluate the offer, acceptance, and legal consideration. Written A written contract clearly communicates the details of the deal in writing. Also it eliminates doubt that it exists which is what has to proven in a verbal contract. 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