Business law four step process remedies of breach of contract

Formation[ edit ] At common law, the elements of a contract are offer, acceptance, intention to create legal relations, and consideration. Not all agreements are necessarily contractual, as the parties generally must be deemed to have an intention to be legally bound.

Business law four step process remedies of breach of contract

Trust law - Wikipedia

Laura owns an interior design business and is interested in leasing a state-of-the-art photocopy machine. Seb manufactures and leases photocopying machines designed for customers with special requirements. Laura asked Seb about the speed of the photocopy machines. Laura also asked whether there are any parts of the machine made in Ruritania fictitious country as she is concerned about the lack of quality control in that country.

Seb stressed that the lesseemust make punctual payment of the agreed monthly rent. He added that the lesseewill disconnect the power supply to the machine at the close of business each day. Seb recently discovered that Laura sometimes allowed the power supply to remain connected overnight and has repaired minor faults herself on a few occasions.

Laura discovered that the machine was not of speed and it took her twice the time to photocopy compared to her previous machine. She also heard from reliable sources that parts of the machine are made in Ruritania.

Seb entered into a lease agreement with Laura which clearly defined the three important terms and conditions for the lease contract to be valid which were: Punctual payment of the agreed monthly rent every month should be done by Laura for the lease agreement to stay valid. Laura was supposed to disconnect the power supply to the photocopy machine every day after closing the business.

Laura was supposed to be notifying Seb immediately about any fault in the photocopy machine and the fault should not be corrected by any other person except for Seb even if it was a minor fault in the photocopier. Only the authorised representatives of Seb were supposed to repair the photocopy machine whenever any fault rose in the machine.

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But here in this case it has been found that although both Laura and Seb entered into a Lease contract through mutual agreement Laura did not follow any of the main important points which were the valid part of the contract between the two.

The legal issue out here is that both the parties were in the capacity to contract and there were elements of agreement too but there were certain presumptions regarding commercial agreements. The contract has been totally valid as both the contracting parties are: There is a clear intention between both the parties to be legally bound.

The law of contracts is the oldest and primary branch of law which is related to business or any commercial transaction and it has been found to be present in our society from very long time in one form or the other to make our society an organized society. Agreements and contracts are two different things and most important parts of any valid contract are proposal and then acceptance of that proposal.

Then there should be consideration which should be lawful and should have a lawful object attached to it. The two contracting parties should be competent enough to contract with each other. The contract should be done with free consent and there should not be any kind of force or pressure.

An agreement cannot be expressed to be void and it should not be declared.Similar Documents to Topic 7 Remedies - Four Step Process. 4 Pages. Blaw Assignment.

This student studied: Curtin University of Technology - BLAW - Business Law.

Business law four step process remedies of breach of contract

A contract is discharged by complete performance, but when there is a failure to perform, a breach of contract occur. Topics covered include theories of remedies, different. has been an NCCRS member since October The mission of is to make education accessible to everyone, everywhere.

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English trust law concerns the creation and protection of asset funds, which are usually held by one party for another's benefit. Trusts were a creation of the English law of property and obligations, but also share a history with countries across the Commonwealth and the United States.

Trusts developed when claimants in property disputes were dissatisfied with the common law courts and. FOUR STEP PROCESS IN BUSINESS LAW. QUESTION. 1. Using the four step process, adviseSeb who is considering terminating the lease so that he could lease the same photocopier to a new customer.

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Breach of Contract is seen to be occurring if any of the parties be it the promisor or the promise is unable to perform and that person is said to. Search the world's information, including webpages, images, videos and more.

Google has many special features to help you find exactly what you're looking for. Four Step Process Law, Words | 10 Pages.

PART A – Four Step Process (20 marks) Question (a) 10 marks The legal issue in question was the elements .

Contract - Wikipedia