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Laws of contract and some cases
Laws of contract and some cases
Summary of the law of contract
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Question 1 Identification of Issue: The issue determines: 1. Whether that is a valid contract between Joanne and Andy. 2. Whether Andy must sell the car to Joanne. 3. Whether Andy can revoke the contract between him and Joanne. Explanation of Law General rule, consideration of a contract need not be adequate. Under the doctrine of freedom of contract, the parties are free to bargain. Based on Illustraion F of Section 26 of the Contracts Act 1950, A agrees to sell a horse worth $1000 for RM10. A’s consent to the agreement is freely given. The agreement is a contract is notwithstanding with the inadequacy of consideration. In the case Thomas v. Thomas [1842] QB 851, after John Thomas death, the executors of his estate entered into an agreement with P that P can occupy the house by paying£1 per year. However after P live in the house for some time, D refused to convey the house and claimed that there was no consideration for his promise. It was held that P pay £1 per year is consideration and need not to be adequate. In the case Chappel& Co Ltd v Nestle Co Ltd [1960] AC 87, to promote the sales of their chocolate bar, Nestle offered a record for one shilling and sixpence plus three wrappers from sixpenny bars of chocolate. Chappell & Co brought the proceedings for infringement of copyright and Nestle offered to pay a statutory royalty based on the one shilling and sixpence. They did not include the value of wrappers. It was held that the wrappers formed part of the consideration because the one shilling and sixpence alone was not enough to obtain a record. Thus, Nestle had to pay a royalty based on three shillings. General rule, the communication of a proposal is complete when it comes to the knowledge of the person to whom it is ma... ... middle of paper ... ...lete when Andy make it and comes to the knowledge of Joanne. Based on Section 5 of Contracts Act 1950 and the case Byrne v Tienhoven, Andy cannot revoke his proposal to Joanne because Joanne already phoned him and accept his proposal before his revocation. Hence, Andy must sell the car to Joanne. However, when regarding to the postal rule, acceptance only can be made with the same forms of communication. Andy use letter to propose to Joanne, but Joanne telephoned Andy to accept. In the case Entores Ltd v Miles Far East Corporation, it is held that postal rule does not apply to instantaneous way of communication. Hence, the acceptance by Joanne cannot be a binding contract between Andy and her. Andy can revoke his proposal at any time. Conclusion There is a contract between Joanne and Andy. Andy does not have to sell his car to Joanne Andy can revoke his proposal.
The law of contract in many legal systems requires that parties should act in good faith. English law refuses to impose such a general doctrine of good faith in the field of contract law. However, despite not recognizing the principle, English contract law is still influenced by notions of good faith. As Lord Bingham affirmed, the law has developed numerous piecemeal solutions in response to problems of unfairness. This essay will seek to examine the current and future state of good faith in English contract law.
1) An offer allows the person or business to whom the offer is made to reasonably expect that the offering party is willing to be bound by the offer on the terms proposed. The terms of an offer must be definite and certain . Based on the facts presented in this case, Mr. Pending offered Mr. Thompson a 50 percent raise and a five-year contract. 2) Acceptance is a clear expression of the accepting party’s agreement to the terms of the offer . In applying the case facts, Mr. Thompson accepted Mr. Pending’s offer when he turned down the offer from Ms. Eugest to stay with White Arch Casino (WAC). 3) Consideration is a legal term given to the bargained-for exchange between the parties to the contract – something of value passing from one party to the other. Each party contract will gain some benefit from the agreement and incur some obligation in exchange for that benefit. Finally, Mr. Pending’s bargain-for exchange was if Mr. Thompson stayed with WAC he would receive his offer next
This case examines issues of asset control for Ben & Jerry’s Homemade, Inc., in light of the outstanding takeover offers by Chartwell Investments, Dreyer‘s Grand, Unilever, and Meadowbrook Lane Capital in January 2000.
The most authoritative definition of consideration stems from Currie v Misa in which the judgement of Lord Justice Lush defines consideration as “some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other.” Consideration is therefore, in essence, the price for which a promise is bought. Normally, a promise cannot be contractually binding unless it is supported by some form of consideration and there are numerous rules surrounding it’s successful operation. These include: consideration must move from the promisee, consideration must not be past and consideration must be sufficient but need not be adequate.
Nestlé Company based in Switzerland is the largest food company in the world and makes 1.8 million USD per day just from selling bottled water, non sparkling bottled water being its most profitable commodity. Nestlé has plants of bottled water across the United States and around the world. Nestlé controls one-third of the US market and sells water under 70 different brands across the world. Some popular ones are- Deer Park, Nestlé Pure Life, Ozarka, Ice Mountain and Poland Spring.
The purpose of this project is to show how financially stable the Kraft Foods Group is and demonstrates what its strengths and weaknesses are. The reader can expect to find out what Kraft Food Group is and about their financial history for the last five years. This business participates in the consumer packaged food and beverage industry. The markets that Kraft Food Group sell to are the United States and Canada. Some brands that are included in this company are Kraft, Maxwell House, Oscar Mayer, Planers, Kool-Aid, Velveeta, Capri Sun, and Philadelphia to name just a few. This company was started in 1903 by James Lewis Kraft. Mr. Kraft used a wagon and horse and started selling cheese to businesses in Chicago, Illinois. In 1909,
Success of the plan In Kraft’s Food Corporation the planning analyst and the other business departments work together in close communication. This aids in the development of a system that allows business activities to align with the corporate goals and targets. The company is also building its performance around successful people by assuring that the plan is tied with the system that involves the use of practically tested strategies. Shared decisions of all the departments including finance and production departments help adding value to the business by improving its competitive place in the market.
The transnational corporation Nestle Company founded in 1886 based in Vevey, Switzerland, sells its products in 189 countries and has manufacturing plants in 89 countries around the world, boasting an unmatched geographic presence. The company started off as an alternative to breastmilk and initially looked into other countries for an increase in global opportunities. It founded its first out of country offices in London in 1868, and due to the small size and inability of Switzerland to compensate growth manufacturing plants were built in both Britain and the United states in the late nineteenth century. A large portion of Nestlé’s globalization came in the 1900s which was when it first moved into the chocolate business after
Bindley (1862) case, offeror wrote to the offeree to buy his horse and stated that if the offeror didn't hear the offeree by a stipulated dated he would treat the offer as accepted date. Offeree didn’t reply on the expiry of the stipulated period the offeror claimed that is offer had been accepted. By virtue of the offeree remain silent court held that there was no acceptance. Unless and until it was communicate to the offeror. Offeree silence was not accepted. The mode of communicating acceptance is left to the party. But the law insist is that the acceptance is infact communicated to the offeror or his
Sustainability of the supply chain has increasingly become a crucial aspect of corporate responsibility. Apart from being good for business, management of social, economic, and environmental effects of supply chain remains the right thing to do. Constantly changing markets have created complex landscapes that businesses must navigate to build sustainable supply chains. Sustainable supply chains aim at creating social, economic, and environmental value for all stakeholders throughout the supply chain. Building sustainable supply chains not only benefits the stakeholders but also aims at safeguarding business interests. Businesses can easily become sustainable by understanding who they are and working closely with people. Nestle is company that has been at the forefront in advocating for sustainable supply through the ‘creating shared value’ platform. The report makes recommendation on the role of supply chain management in attaining sustainability.
By understanding the above given details, we can conclude that this case Carlill V Carbolic Smokeball Company was a landmark in the Law of Contracts.
Consideration is an aspect of the concept of mutuality underlying the law contract, and it is each party in contract bargains with and gives in exchange for return promise or performance of other party. In this case the consideration is an executory and the price $1,900 is has a legal value so the consideration is sufficient and the original price that Tony would like to sale is $1,900 and Emma received this price so the consideration is adequate. Therefore, there is a valid
Cocoa production is predicted of getting shortage of supply in 2020 (Nelson, 2017). The famous chocolate drink that Malaysian drink daily, Milo contains cocoa. Other than Milo, Koko Krunch, Nestle Crunch Wafer, KitKat are also mainly made from cocoa. Nestle as a company which largely depends on cocoa bean for its products, will become one of the victim of this cocoa supply risk. The biggest cocoa producer in the world, Ivory Coast, is facing the problem of diseases infected in cocoa plant, frequent rain, and buyers forcing producers to sell cocoa at very low price (The Guardian, 2014). In Malaysia and Indonesia, cocoa plantations are threatened by a tiny moth named as cocoa pod borer which eat the seed (Nelson, 2017).. These pests has cost cocoa
In English Law consideration is one of the three main areas of an enforceable contract. It may be defined as an act, forbearance or promise made by a single party that constitutes the price for which the promise of another, is bought. In simple terms, the basic understanding of consideration may be seen as a ‘give and take’ tactic between two parties.
In 2011 PepsiCo announced the launch of their Social Vending System. This system featured a full touch interactive screen. A consumer can select a beverage and enter the reciepent's name, mobile number, and personalized message and gift it with a video. PepsiCo uses technology to their advantage for global implementation.The company uses media sites in multiple was as advertisement and marketing tools.