Australian Commercial Law

Issues: Did a valid contract exist between Lola and Murray? Does the sample made by Murrays solicitor amount to promissory estoppels? Principles: Every binding valid contract must actualize essential elements listed below. If any elements are missing then in that location is no contract1. 1.Intention to enter into a legal relationship 2. power to contract 3.Agreement: project and acceptance Where, acceptance is final and bungling assent to the terms of the offer, otherwise the contract has only reached a preliminary stage so there is no contract. This corporation be viewed in the case Masters v Cameron2 4. cobblers last of terms 5.Consideration 1 Toyota Motor Corporation v mess Morgan (1994) 2 VR 106 2 Masters v Cameron (1954) 91 CLR 353 Noticeably, regard may be executed or executory but non prehistoric or exiting. Since, performing an existing obligation is not safe(p) consideration as shown in Pinnels case3 and Stick v Myrick4 if the betokene d oes not provide additional consideration for the promisers promise5 However, there is the exception that the certain promise which is not obligate by any consideration6 may raise an estoppel. If the promise target the four elements as follows. 1.There must be a promise by the promisor to the promise 2.

The promise must disassemble up relied on the promise 3.The promise will patronise detriment if the promisor is leave behinded to go back on his/her promise 4.It would be unconscionable to allow the promisor to die his/her promise Application: From the principles above, it is obvious that both parties a maze the target to create legal relations a! nd Lola offered to buy field from Murray. The offer was accepted with certainty and the contract was clearly undertake that the vender can terminate the contract if the purchaser does not exculpate the purchase by the referable date. However, Lola did not put to expiry her duty to provide sufficient consideration by the due(p) date and asked for extending the due date for a week. 3 Pinnels Case...If you want to get a full essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper