Australian Contract LawQ1A sign is an conformity or a promise between two or more parties in which all parties to the contract are legally bound by the provisions of the agreement . Major elements of a contract dredge agreement consideration , intention and capacity . obligation is the outset key requirement of a contract (Benson , 2001 : 34 . apprehension consists of purport and acceptance . For an acceptance to be valid it has to be communicated and the communication mustiness reach the other society . It is real(a) to note that when an raise is made and whence the other fellowship makes a counter furnish , no agreement is reached . then in this case Tom made an offer of 5 ,000 to Dick . Dick said that this was too high lonesome(prenominal) he said he would give 4 ,000 for the roulette wheel .
This was a counter offer A counter offer has the effect of distinguishing the superior offer Thus , when Dick jilt the offer by Tom , it means that there was no agreement as the initial offer had been distinguished . In Hyde vs Wrench it was held that a counter offer had the effect of terminating the passe-partout offer (Victor , 2006 : 45-46Q2 reflexion is an important element of any contract . Consideration refers to the form of commitment that a ships company to an agreement or contract shows towards the other party (Carter , 1994 : 34 . The party must show that he has undergone some form of wrong or loss as a result of pass judgment the offer . The ...If you want to get a full essay, edict i! t on our website:
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