Intro to Bus. Law (1 Viewer)

[pam17]

Hi anyone who can help,

I was sick for a fair while and thus got an extension till next Tuesday on my IBL Assignment 2. I'm attempting to do it now and I'm seriously freaking out cause I have no idea what I'm doing. I don't know where to start, what to write...anything! Anyone who's already done it or knows what to do, can you please, please help me. I've read all the stuff on WebCT and it hasn't helped me. I feel so stupid, but I really need to get this done.

For anyone who has done Bus. Law before - it's an assignment about contracts and we have to discuss whether there's sufficient consideration, intention to be legally bound and capacity for both parties. One is an adult, the other is either 17 or 18. If you remember doing this (or a similar) assignment, can you please post ANYTHING.

Thanks so much,
Pam.

 

[Jonathan A]

As a mentor, I will give you brief guide to answering the questions:

Question 1:

-Intention: Where the parties understanding that entering the contract would bring abour legal consequences. Hence are they friends/family (presumption against intention). Is it a commercial contract (presumption in favour)

-Consideration: Is there SUFFICIENT consideration? Does it have value in the eyes of the law?

-Capacity: Are both over 18? Are both sober and able to enter a contract? (DO NOT ASSUME ANYTHING HERE)

Question 2:

Mistake:
-Mutual - Common Law
-Common - Common Law
-Unilateral - Equity

Misrepresentation
-Fraudulent - Tort of Deciet and Equity
-Negligent - Tort of Negligence and Equity
-Innocent - no compensation, but remedy in Equity available