Legal Risk Mgmt Canada
Legal Risk Management Canada
Assignment 2, Case 1
In case 1, Smith had made an offer to sell the property to Jones, giving him until nine o’clock on Friday morning to consider the offer and indicate his acceptance or lack thereof. However, on Thursday, Smith entered into a contract with Brown and sold him the said property before the period given to Jones to consider the offer had lapsed. Jones then decided to accept the offer upon hearing that Smith had already sold the property to Brown and decided to sue when Smith informed him that the said property had already been sold. In this case, Jones is entitled to win his action against Smith for the breach of contract. The question, in this case, is whether the contract between Smith and Jones is a valid and enforceable one. This can only be determined by evaluating the basic elements of a contract, which include an offer, acceptance, consideration, and contractual intention.
In the context of contract law, an offer is an explicit promise to be bound, with the understanding that the terms, as stipulated in the offer, are accepted. The contracting process starts with one party making an offer to another, with the offer becoming legally binding if and when the other party consents to the terms through acceptance. Conversely, acceptance occurs when the offeree agree to the offer through an explicit statement of the act (Goldman and William 156). It is imperative to note that acceptance must be e…
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