Australian Commercial Law

Issues: Did a valid contract exist between Lola and Murray? Does the exemplification made by Murrays solicitor amount to promissory estoppels? Principles: Every binding valid contract must substantiate essential elements listed below. If any elements are missing then on that point is no contract1. 1.Intention to enter into a legal relationship 2. power to contract 3.Agreement: furnish and acceptance Where, acceptance is final and awkward assent to the terms of the offer, otherwise the contract has only reached a preliminary stage so there is no contract. This wood pussy be viewed in the case Masters v Cameron2 4. goal of terms 5.Consideration 1 Toyota Motor Corporation v ken Morgan (1994) 2 VR 106 2 Masters v Cameron (1954) 91 CLR 353 Noticeably, contemplation 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 stipul atione does not provide additional consideration for the promisers promise5 However, there is the exception that the certain promise which is not nurse by any consideration6 may raise an estoppel. If the promise taper the four elements as follows. 1.There must be a promise by the promisor to the promise 2.

The promise must plump down up relied on the promise 3.The promise will set about detriment if the promisor is leave behinded to go back on his/her promise 4.It would be unconscionable to allow the promisor to rape his/her promise Application: From the principles above, it is obvious that both parties amaze t he end to create legal relations and Lola o! ffered 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 fatten the purchase by the referable date. However, Lola did not put to demise her duty to provide sufficient consideration by the callable 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

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