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Business Law Essay

1239 words - 5 pages



THE UNIVERSITY OF THE WEST INDIES

Undergraduate Coursework Accountability Statement (To be completed by student)

ACADEMIC YEAR: 2013/2014 SEMESTER: 1

COURSE CODE: MGMT 2021 TITLE: BUSINESS LAW

NAME: SALINA MOHAMMED

1. I hereby certify that I am the author of the attached item of coursework and that all materials from reference sources have been properly acknowledged.
2. I understand what plagiarism is and what penalties may be imposed on students found guilty of plagiarism.
3. I certify that this paper contains no plagiarized material.
4. I certify that this is my own work and that I did not receive any unfair assistance from others ...view middle of the document...

LL in February 2011 entered into another contract to build cupboard for Strongback Housing Limited at their housing site in Biche.

In April 2011 JLL announce an official increase in prices to $120 per plank. At this point LL requested a meeting with JLL to discuss this price increase and its effects on LL activities at its construction site in Paramin and Biche. After the meeting JLL submitted a revised contract with the new pricing arrangement.

LL accepted deliveries of the lumber planks from JLL which reflected the new pricing arrangement of $120 but paid the initial contract sum of $100 per plank and as such LL was in arrears to JLL. LL is adamant that they have a binding arrangement with JLL for two years ending 25th May 2012 to purchase lumber planks at $100 and JLL subsequent contractual arrangement in April 2011 failed for want of consideration.

The Lawyers for LL has indicated that JLL is already obligated to sell at $100 per plank before the new contractual arrangement in April 2011 to sell at $120. Lightwood Industries (LL) is owned by Mr. Lightwood your father and he is aware that you are currently pursuing Business Law and he sought you advice on the issue. Please advise Mr. Lightwood on the issue of consideration.

Answer:
Advice to Mr. Lightwood
What is the issue?
The issue in this case is whether there was a valid contract between Jack Lumber Limited (JLL) and Lightwood Industries (LL).Where JLL was contracted to sell lumber planks 10 feet long at $100 each for the period 25th May 2010 to 25th May 2012 to LL.
What is the law on the issue?
The law on the issue states a contract is an agreement between consenting, competent parties which will be enforced by the law (Brett L. J.). In the case, Wilson v Bury (1879-1880) a contract was defined as “a deliberate engagement between competent parties upon a legal consideration to do or abstain from doing some act.” In order for a contract to be valid there must be offer, acceptance, consideration and intent to create legal relations.
Consideration is the promise or agreement from one party in exchange for what is being promised or given by the other party. In this instance there was valid consideration as JLL was transferring the ownership of the lumber planks to LL. In consideration of this LL is paying $100.00 per 10ft long plank. It should be noted that there is consideration on both sides of the agreement and thus the contract is enforceable. Consideration can also be defined as either a...

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