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Compose a 2750 words assignment on the fundamentals of business contract law in the united kingdom. Needs to be plagiarism free!
Compose a 2750 words assignment on the fundamentals of business contract law in the united kingdom. Needs to be plagiarism free! According to the Restatement of Contracts, a bargain is an agreement, whereby two or more persons exchange promises or exchange a promise for performance. The creation of a contract may be said to have three basic essentials – agreement, contractual intention, and consideration. The normal test for determining whether the parties have reached an agreement is to find out whether one of the parties has made an offer that has been accepted by the other, especially true in case of a bipartite contract. Now, an offer can be looked upon as an expression of willingness to contract made with the intention (either express or apparent) that such a contract is to become binding on the person making it a soon as it is accepted by the person to whom it is addressed.
The judiciary has for a long time, in its endeavor to decide whether the parties have actually reached an agreement, applied to a not inconsiderable degree of success, the so-called ‘objective test’. As per this test, once the parties have to all outward appearances agreed in the same terms on the same subject-matter, then neither can, generally, rely on some unexpressed qualification or reservation to show that he had not in fact agreed to the terms to which he had appeared to agree. Under this test, the alleged offeror may be bound if his words or conduct are such as to induce a reasonable person to believe that he intends to be bound, even though in reality, he may not have such an intention. However, if the alleged offeree has reason to believe that the offeror does not have, in spite of appearance to the contrary, the so-called ‘contractual intention’, then the latter is not .bound by such a contract. The problem arises when the offeree has simply not addressed his mind to the question of the offeror’s intention – there have been a plethora of differing judicial opinions regarding the binding nature of the contract in such a situation.
