Offer and acceptance in english contract law Essay

Offer and acceptance in english contract law - Essay Example The agreement is one of the fundamental elements of a valid contract. It depicts the coming to terms of the parties to the contract through consensus over terms of a contract. The agreement is a product of existence of offer and acceptance. An offer is a promise made by one party to another in which the promisor intends to be bound by terms of his promise. Some of the elements of an offer include the intention to be bound by the offer if it is accepted, and the existence of terms that creates rights and liabilities in the event of acceptance. Acceptance on the other hand, refers to the promisee’s intent to be bound by the promisor’s terms of offer. Once an offer is accepted, an agreement is deemed to have existed between the parties forming ground for a contract. The offer and acceptance are however subject to a number of principles ... An advertisement is for example a presentation of information over the subject matter and only acts as an invitation to a customer to make an offer. In the case of Partridge v Crittenden (1968), the court held that an advertisement that indicated the price of goods in a vendor’s shop does not amount to an offer. Similarly, exhibition of goods for display does not amount to an offer. The owner of the goods is therefore not bound by the information displayed in an exhibition, as an offer for the good has not yet been made. Such was the ratio decidendi in the case of Pharmaceutical society of Great Britain v Boots cash chemists (1953). The defendant was accused of offering to sell commodities to the public contrary to prescriptions by regulatory bodies. It was held that the display of drugs on the shelf does not amount to an offer (Rush and Ottley, 2006, 47). Similarly, response to question for provision of information does not amount to an offer. This was held in the case of Har vey v Facey (1893) in which a defendant’s statement of the lowest price that could be accepted for sale of a piece of land was considered not to amount to an offer (Rush and Ottley, 2006, 48). The doctrine of invitation to treat is however exempted in some cases under which an advertisement can constitute an offer. In the case of Carlill v Carbolic Smoke Ball Co Ltd (1893), it was held that the defendant’s advertisement amounted to an offer. The defendant stated in its advertisement that a reward would be offered to any person who contracted influenza after using its medicine as prescribed. The advertisement further indicated that money had been deposited for the rewards. The court, in its judgement, held

The Financial System and the Economy Coursework Example | Topics and Well Written Essays - 250 words

The Financial System and the Economy - Coursework Example Various organizations that had invested in the organizations located in United States even suffered a huge loss as these organizations were on the verge of bankruptcy (The Economist, 2013). This depicts that organizations located in one region are highly dependent on organizations in other regions and thus there is a need to protect organizations in one nation to protect organizations in other nations. In order to avert and avoid future similar financial crises the regulators in the United States need to keep a close watch on the organizations in the United States and stop them from indulging in unhealthy practices due to which they may face losses and experience bankruptcy. This in turn will not only protect organizations in US, this will even protect organizations and economies throughout the world. 2. The five determinants that investors take into account while making any investment related decisions includes the expected return which is the return on investment that investors assume or predict they will receive through an investment. The return is the determinant which is the amount of money that a particular security has earned and evens the alterations in the price of the security in comparison to the value at which the security was initially traded. The third determinant is the capital yield which is the amount of money an investor is able to earn within a specific period of time and its comparison with the value of the investment that was experienced at the beginning of the specific period (Croushore, 2007). The fourth determinant is the capital yield which is a term used to refer to the elevation in the dollar based value of a particular investment over a specific period of time. The last factors is the capital gains yield which is the capital gains that a particular inv estment has offered in comparison with the value of the investment at the start of the period in which the capital gains is measured. The most important