Australian Commercial Law

Issues: Did a valid contract exist between Lola and Murray? Does the buffer made by Murrays solicitor amount to promissory estoppels? Principles: Every binding valid contract must back up essential elements listed below. If any elements are missing then in that location is no contract1. 1.Intention to enter into a legal relationship 2. talent to contract 3.Agreement: tolerate and acceptance Where, acceptance is final and clunky assent to the terms of the offer, otherwise the contract has only reached a preliminary stage so there is no contract. This stinkpot be viewed in the case Masters v Cameron2 4. last of terms 5.Consideration 1 Toyota Motor Corporation v awareness Morgan (1994) 2 VR 106 2 Masters v Cameron (1954) 91 CLR 353 Noticeably, status 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 engagemente does no t provide additional consideration for the promisers promise5 However, there is the exception that the certain promise which is not endorse by any consideration6 may raise an estoppel. If the promise moderate the four elements as follows. 1.There must be a promise by the promisor to the promise 2.

The promise must dissolve up relied on the promise 3.The promise will yearn detriment if the promisor is leave behinded to go back on his/her promise 4.It would be unconscionable to allow the promisor to break of serve his/her promise Application: From the principles above, it is obvious that both parties am aze the design to create legal relations an! d Lola offered to buy field from Murray. The offer was accepted with certainty and the contract was clearly undertake that the trafficker can terminate the contract if the purchaser does not put down the purchase by the referable date. However, Lola did not put to expiry her duty to provide sufficient consideration by the collect 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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