Australian Commercial Law

Issues: Did a valid contract exist between Lola and Murray? Does the master copy made by Murrays solicitor amount to promissory estoppels? Principles: Every binding valid contract must affirm essential elements listed below. If any elements are missing then in that respect is no contract1. 1.Intention to enter into a legal relationship 2. readiness to contract 3.Agreement: introduce and acceptance Where, acceptance is final and look for assent to the terms of the offer, otherwise the contract has only reached a preliminary stage so there is no contract. This tummy be viewed in the case Masters v Cameron2 4. result of terms 5.Consideration 1 Toyota Motor Corporation v hatful Morgan (1994) 2 VR 106 2 Masters v Cameron (1954) 91 CLR 353 Noticeably, status may be executed or executory but non prehistoric or exiting. Since, performing an existing obligation is not safe(p) consideration as shown in Pinnels case3 and Stick v Myrick4 if the controle does not provide additional consideration for the promisers promise5 However, there is the exception that the certain promise which is not stomach by any consideration6 may raise an estoppel. If the promise overhaul the four elements as follows. 1.There must be a promise by the promisor to the promise 2.The promise must patch up relied on the promise 3.The promise will corroborate detriment if the promisor is leave behinded to go back on his/her promise 4.It would be unconscionable to allow the promisor to assault his/her promise Application: From the principles above, it is obvious that both parties amaze the goal to create legal relations and 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 have it away the purchase by the referable date. However, Lola did not put to end her duty to provide sufficient consideration by the receivable 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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