logo image

Contract Law Directions Essay

Under the law of consideration, there are elements of a contract that has to be taken into account such as: Legal Value – something of legally sufficient value must be given in exchange of the promise, and Bargained-for Exchange – the bargain belt between the involved parties.

It is noticeable that there is a lack of consideration; knowing that Daniel didn’t ask for the couple’s assistance and care. This is a good example of a Past Consideration, whereas the court treats it as unenforceable. This is of no consideration because the act occurred before the contract has been made. It was Fred who wants to return the favour to the couple as a token of appreciation for their act towards Daniel. The court determines this contract as “gift.”

In addition, the amount stated in the letter can be referred to as unliquidated debt – a debt for which the amount is undecided and unfixed. But the fact that the couple had a dispute for the amount to be received after accepting the offer, Accord and Satisfaction comes into play – both debtor and creditor agree on a lesser amount than what is originally owed. Since Fred sent a letter promising to pay

Need essay sample on "Contract Law Directions"? We will write a custom essay sample specifically for you for only $ 13.90/page

the couple $500 for the services rendered to Daniel, this settlement option is more likely to be applied.

On the other hand, an agreement should occur in order to validate the dispute, and for satisfaction to be achieved. This scenario requires deep dive examination in order to determine if the dispute of the couple is valid or not. Both parties must agree on the amount that needs to be settled. The couple has the right to hold Fred liable for the amount indicated on the letter, and may not ask for more.

The act has been made so there shouldn’t be any unexpected difficulties that may cause adjustment of the amount previously accepted by the couple. A court may decide to or not to apply the pre-existing rule in a contract. An unforeseen difficulty can only be applied, and may change the existing agreement if the act is currently happening or may occur in the future and not in the past.

Works Cited

Taylor, R. and Taylor D. (2007), Contract Law Directions, NY: Oxford University Press Inc.

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
|
Complete Buyer Protection
|
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy