Law of Contract

Topic 

Law of Contract

Instructions 

This assignment focuses on the first two ‘themes’ of the unit, namely, contract formation and contract construction.

The assessable quiz and non-assessable in-class role-playing scenarios will traverse similar concepts and content.  However, the problem-based nature of this assignment requires a deeper understanding of relevant principles and the ability to apply such principles to the facts of the hypothetical scenario.

Answer Preview 

Analysis:  During the acquisition of the business, there were various issues that were agreed upon by the parties. For example, the parties agreed on the purchase price as $75,000, as well as the period the managing director of the company would stay on, while the company transitioned (Hughes, Champion & Murdoch, 2015.p. 45). Nonetheless, there were vital issues that were not discussed or concluded, and before such a conclusion that contract was withdrawn.  As established for a contract to be created certain elements have to be fulfilled, first, in this case, it is clear that there was an offer of acquisition of the business by Events Management Ltd and Rigby Corporate Function Planner Pty Ltd.

Word Count: 1600