'For a contract to be legally enforceable certain essential elements must exist.'
Discuss this statement with reference to the rental of the premises by Shay Doherty for Atlantic Surf. - Leaving Cert Business - Question B - 2014
Question B
'For a contract to be legally enforceable certain essential elements must exist.'
Discuss this statement with reference to the rental of the premises by Shay Dohert... show full transcript
Worked Solution & Example Answer:'For a contract to be legally enforceable certain essential elements must exist.'
Discuss this statement with reference to the rental of the premises by Shay Doherty for Atlantic Surf. - Leaving Cert Business - Question B - 2014
Step 1
Offer:
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Answer
An offer is a promise by the person making the offer to be bound by the offered terms if the offer is accepted. In this case, the landlord's proposal to Shay regarding the rental serves as the offer. This offer can be made either in writing or by conduct. A clear indication of the landlord's willingness to enter into an agreement must be present.
Step 2
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The landlord communicated to Shay a suggestion of a more realistic price of €7,500.
Step 3
Acceptance:
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For a contract to form, Shay must accept the terms of the offer without any alterations. If Shay agrees to the rental terms as proposed, a binding contract can be created.
Step 4
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Shay was delighted when the landlord said yes to an annual rent of €8,000.
Step 5
Agreement:
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A clear, complete, and unconditional offer needs to exist for an agreement to be valid. Both parties must mutually consent to the terms laid out in the offer.
Step 6
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The necessary documentation for the rental was signed in the solicitor's office.
Step 7
Legality of form:
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Certain contracts, including leases, must follow specific legal requirements to be considered binding. This ensures the contract is recognized legally.
Step 8
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Shay secured the premises and paid €8,000 to the landlord.
Step 9
Consideration:
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Consideration is an essential element of a contract, involving the exchange of value. In this case, Shay's agreement to pay a certain sum for his lease constitutes the consideration.
Step 10
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Shay went into an agreement with the landlord to exchange money for the rental opportunity.
Step 11
Capacity to contract:
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All parties involved must have the legal capacity to enter into a contract. This means they should not be minors, mentally incapacitated, or otherwise restricted.
Step 12
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In April 2009, just before celebrating his twenty-eighth birthday...
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