Business law Coursework Example | Topics and Well Written Essays - 1500 words

Business law - Coursework Example This should follow the condition of voluntary entering into a contract. However, one can withdraw an offer if acceptance has not been agreed upon. This should be done through proper communication to the other party that you want to withdraw from the contract with clear reasons. Acceptance occurs when the party you are entering into the contract with agrees to abide by the offer (Cheshire 2007). The second element is the consideration. It is the price of the promise and doesn’t necessarily involve money value. They can take the case of interest and the rights, for this case now this fulfillment will be satisfaction leading to contractual obligation. Thirdly, there must be intentions to create a legal relationship. The agreement must be legally abiding. Constitution is the principal legal document of a country. Therefore, each every agreement has to abide by it so as to suit the country’s law. Lack of fulfillment of this will render the contract null and void. Consent is the act of informing the other party of your intentions in a contract a particular thing (Gordon Stephenson 2007). It can either be expressed or implied. In this case, there must be proper communication between the two parties. If an offer has been brought forward, then the acceptor has communicated clearly his or her intentions. This implies that a contract has be formed or entered into in case he/she accepts to abide. Pre-existing duty rule is a common law rule of a contract. It states that the performance of an act in which a party is already bound to undertake does not constitute legal consideration for a new promise (Nigel Beckmann). Party offer of a performance already required under an existing contract is an inadequate consideration for adjustment of the contract. MR Martin has an outstanding balance meaning that he is liable to explain that the said payments. There is a need for extra caution so as to avoid the possibility of making unnecessary