Is There A Valid Contract Between Buyer And Seller

1564 words - 7 pages

Issue:
The issue here is whether there was a valid contract between buyer and seller. If this case goes to the court, who is likely to succeed. By assuming that the buyer prevails in his lawsuit against seller, what damages buyer is likely to receive when:
• Seller agreed to the buyer that he has to mail a cheque for $5000 and then pay the balance by 1 November.
• Buyer then mailed Seller a $5000 cheque later that day.
• Buyer's plans to borrow $20,000 from the investor to buy the van.
• Investor agrees to loan $20,000 to the buyer.
• When Buyer called Seller to pick up the van, seller refused and said someone had offered him $35,000 for the van. Seller had not cashed Buyer's cheque yet.
• Buyer claims he will not be able to start his courier service if he did not get the van.
• Later, Seller offered to deposit the cheque and give him the van if Buyer would pay Seller $20,000 now plus $400 a month for 25 months.
Rules:
The rule that will govern the first question would be contract law because it directs towards enforcing a promise. In order to form a valid contract there must be essential elements as follows: offer, acceptance, consideration, Intention to be bound, mutuality, capacity and legality. In this case when considering the issue between the two parties, buyer would be the one enforcing the promise and seller would be the promisee. In Commonwealth of Australia v Amann Aviation Pty Ltd(1991), the plaintiff is entitled to recover damages upon proof of breach of contract. A plaintiff isn’t entitled to be better off as a result of damages award. In Hyde v Wrench (1840), Wrench had Rejected Hyde’s counter offer and was in no obligation to sell.
The rule that will govern the second question would be remedies because it directs towards common law and equity. The main remedies for a breach of contract at common law and in equity are: rescission, restitution, damages, specific performance, injunction and mareva injunction. The normal common law remedy for breach of a condition, warranty or intermediate term. The object is to compensate the plaintiff for the loss suffered as a consequence of the breach by the defendant and put the parties in the position they would have occupied if the contract had been performed. A court can award remedies if damages are inadequate or perhaps unavailable. Since the award of an equitable remedy is discretionary, courts will take a number of factors into account to decide whether the plaintiff is worthy of a remedy. In Robinson v Harman (1848), it states, where a party sustains loss by breach of a contract, he is, as far as money can do it to be placed in the same position, with respect to damages, as if the contract had been performed.
Application:
An offer is an invitation to enter into a contract. The sign that says “For Sale” would simply not be considered as an offer; it is just an invitation to make an offer. Offer is when buyer called seller to enquire about the price of the van. Acceptance is the sign of...

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