Australian business law Essay Example | Topics and Well Written Essays - 1500 words

Australian business law - Essay Example The law of contract is perhaps one of the most important dimensions of the whole legal systems of any country. In Australia, a contract of Law, as in other countries, is concerned with the regulation of agreements, especially in relation to the exchange of goods and services for money or other considerations like goods or services. The law of contract, an important branch of Common Law, plays vital role in vesting legally enforceable rights in each party against the other party. The law of contract also states about the corresponding liabilities of both the parties and its impacts on both parties’ legal rights as well. This piece of paper presents a law-case analysis in relation to the main elements of contract including offer, acceptance and breach of contract. This paper analyzes whether a person, who entered in to contract and unknowingly breached the contents, will be legally rightful to claim and the other party will be legally liable for it. Anthony kept his laptop value d $3000 in a cloak room while he visited a casino. When he gave it to the cloak room, he was given a document. He signed on the bottom half of the document and top half has been given to him. He noticed that the bottom half of it has writing below the area identified for his signature, but he didn’t read it. He placed the top half of the document in his pocket and was lost while walking around the casino. When he claimed his laptop from the cloak room, he was told that his laptop has already been taken by somebody else. The writing, which he hasn’t read while signing, was stating that â€Å"The casino takes no responsibility for any loss incurred by the person(s) depositing goods into this cloak room whether by any act or omission of the casino, its employees or agents†. There has been a valid contract between Anthony and cloak room, including offer and acceptance. Anthony has accepted that cloak room is not responsible for any loss due to his mistake. While bot h these parties entered in to the contract, Clock room offering the safe-custody service and Anthony accepting it, clock room put a condition and Anthony signed on it, without carefully noticing what in it. The legal perspectives of this case will be detailed below: Case Analysis The elements of the law of contract The contract usually consists of basic three elements, offer and acceptance, consideration and intention to enter in to the legal relation between the parties1. There is no valid contract unless there are agreements between two or more persons. Offer and acceptance between two or more parties make a legal contract. Consideration is that each party in the contract has agreed to do some thing on behalf of the other. Normally speaking, it is the price one pays or agrees to pay to the other for the bargain. As its third element, the contract would be valid only if both the parties have intended to enter in to the contract while they entered2. When it comes to the case of Anth ony and Cloak room, it can be found that there has been a valid contract between both the parties. Cloak room has agreed that they will keep his Laptop valued $3000 until he demands. There were offer and acceptance between them too. Cloak room offered their service of keeping things in safe custody and Anthony accepted it for a certain consideration. Both the parties were in true intention to enter in to this legal contract as well. The contract between Anthony and Cloak room was therefore merely legally valid and genuine. According to the contract, Anthony must get back his laptop on his request. But, he didn’t get it back due to that he missed the document and that has been used by some one else to collect his laptop. During the contract being made, cloak room has put a condition that he must bring the document back to claim his belongings and he signed on the contract. His signature was legally an acceptance of the contract as well as the