Business Law Essay Example | Topics and Well Written Essays - 1500 words - 3

Business Law - Essay Example 2 In order to have a valid contract, an offer must sufficiently be accepted. In this case when Simon ordered the 20 coffee machines, there was already a valid offer to purchase the said product from the wholesaler. In order that the contract may be perfected, what is needed is the valid acceptance of the wholesaler. But since the wholesaler made no reply since the offer to purchase on Thursday, Simon had every right to change his mind. When Simon sent a telefax canceling his order on Tuesday thereafter, there was still no perfected contract. The general rule is, once the acceptance is made, the offerror can no longer revoke the offer. But the acceptance becomes binding on the offerree only when it reaches the offeror. In this case the telefax was sent on Tuesday, while the letter of acceptance, confirming the order was received the next day. In order for the contract to be valid, acceptance of the offer is needed to create legal rights and duties arising from such agreement. In this case Simon has revoked his offer prior having knowledge of the acceptance the next day. In the case of Entores Ltd. v Miles Far East Corporation (1955)3, where the parties where dealing on an agreement based on telex communication between parties, it was held that it was not until the message of acceptance was received by the offeror until the contract is deemed perfected or complete. Lord Denning, Master of the Rolls, provided that if a notice of withdrawal was sent during business hours, the withdrawal was effective as of the time it was received by the telex machine, regardless if the other party received it or not based on their own neglect.4 In our case it is obvious that after a number of days without confirmation of the request, Simon sent a telefax canceling his order on Tuesday, a day before there was a valid acceptance from the wholesaler. Hence, he had all the right to revoke his primary offer to purchase the coffee makers since there was no acceptance yet made, there was no contract yet perfected or created at that time. The telefax remains open to receive messages, there was also no confirmation made by the wholesaler that the request to purchase their product was even accepted, in addition to that there was no consideration or payment made. Simon had timely withdrawn his offer before any contract was created, hence he will not be liable for any demand based on breach of a contract that was never effective. The use of disclaimers in shops or place of business is generally allowed by law, but the rule is not absolute, as it does not include responsibility for negligence as provided in the Unfair Contract Terms Act 1977. Simon cannot rely on his general disclaimer from preventing himself to be sued based on negligence that resulted to damages. The law provides that although disclaimers are allowed, it cannot be made or put in general terms as to limit the liability of the owner in every case, as the limited liability depends on the nature of the obl igation and must be reasonable as not to cause boundless responsibilities. It was held in the case of Staples v West Dorset District Council (1995) 5that a disclaimer or notice to be valid must renounce responsibility based on specific issues6. In this case, Simon posted a notice renouncing all responsibility for

Discuss the regulatory intervention that took place in the US post Assignment

Discuss the regulatory intervention that took place in the US post 2008 crisis - Assignment Example ..13 Dodd-Frank Wall Street Reform- Credit Agency Reforms†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...14 Recommendations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..18 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..18 Abstract Policies are most essential feature within the government of any nation and their implementation is required to be foolproof for the development of nations. The great financial crisis which took place in United States in 2008 was the most dangerous crisis after the Great Depression in 1930. One of the major reasons for the financial crisis has been due to the policy crunch and implementation failure. After crisis broke , regulatory intervention has been made with a stringent manner by the US government. The paper deals with the policy intervention by the Federal government of United States of America post crisis of 2008. Focus is entailed majorly on the Dodd-Frank Wall Street Reform directed towards neutralizing the crisis situation. Introduction The Nobel Laureate and American economist Milton Friedman stated that the policies should be such that they should not be evaluated by their agendas or intentions but by their outcomes1. The worst financial crisis striking the United States of America (U.S.) in the herald of 2008 after Great Depression in 19302 made a perpetual adverse impression on the global economy and can be deemed primarily as a collapse of policy and regulatory interventions. Financial crisis with imprudent policy ramifications led to the loss of 8 million jobs, business failure, stupendously declining house process3, and wiping away personal savings of people leaving the global eco nomy and especially the US economy in a complete jeopardy4. The importance of policies is highly significant in the sense that regulation, policy formulations and their subsequent implications directly correlate with their effect5. Now it is also to be noted that according to common conscience where there is right, presence of wrong is indispensable. By assuming the financial crisis as a wrong and faulty mechanism, it is essential to analyze the policy formulation and their implementations as an endeavor to stabilize the economic conditions post crisis. It is required to realize that the new policies thus developed as coping strategies are fruitful to what extent or it is required to know the time frame in which the economy has been able to stabilize and reach a position of strong financial ground. This will help to realize the effectiveness and dynamism of policies6 But first of all it is strongly imperative to explore the causes that led to crisis generation. A wide array of facto rs, led to the generation of this financial crisis and to name a few of them are housing sector crash, credit mania, imperfect economic forecast and so on7. Now these factors are to be explored first and then the analysis of the regulatory intervention is to be analyzed to judge its effectiveness. In this paper the main target is to explore the regulatory