Australian Commercial Law

Issues: Did a valid contract exist between Lola and Murray? Does the specimen made by Murrays solicitor amount to promissory estoppels? Principles: Every binding valid contract must patronize essential elements listed below. If any elements are missing then there is no contract1. 1.Intention to enter into a legal relationship 2. efficacy to contract 3.Agreement: stretch out and acceptance Where, acceptance is final and unwieldy assent to the terms of the offer, otherwise the contract has only reached a preliminary stage so there is no contract. This smoking be viewed in the case Masters v Cameron2 4. determination of terms 5.Consideration 1 Toyota Motor Corporation v awareness Morgan (1994) 2 VR 106 2 Masters v Cameron (1954) 91 CLR 353 Noticeably, condition may be executed or executory but not prehistoric or exiting. Since, performing an existing obligation is not safe(p) consideration as shown in Pinnels case3 and Stick v Myrick4 if the auspicat ee does not provide additional consideration for the promisers promise5 However, there is the exception that the certain promise which is not corroboration by any consideration6 may raise an estoppel. If the promise make pass 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 live detriment if the promisor is leave behinded to go back on his/her promise 4.It would be unconscionable to allow the promisor to gaolbreak his/her promise Application: From the principles above, it is obvious that bot h parties amaze the bearing to create lega! l relations and Lola offered to buy field from Murray. The offer was accepted with certainty and the contract was clearly undertake that the seller can terminate the contract if the purchaser does not concluded the purchase by the referable date. However, Lola did not put to finish her duty to provide sufficient consideration by the delinquent 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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