Coursework Case Study Example | Topics and Well Written Essays - 1750 words

Case Study - Coursework Example However, in case of violation of the legally binding contract, the non breaching party is permitted to take a legal action of filing a lawsuit to demand for the payment of damages incurred as a result of immature cancellation (Chitty 2012, p. 145). Alternatively, the breaching party is mandated by law to compensate the aggrieved party in this case Antony is obligated to pay Joyce and Taz for contravening the existing terms. Despite the measures in place to safeguard the success of any legally binding contract such as that involving a company selling goods and services, instances of violation are rampant because people do not comprehend the basics of law. According to common law, contracts operate within legal systems that entail forging a lawful accord where two or more members seek an agreement to conduct a given activity. Therefore, in Antony’s case, whether he has reached a legally binding contract with Joyce on the choice of supply depends on several factors worth noting. For example, Antony is in agreement with Joyce because there was an offer and acceptance where he promised to supply 100 pieces at the cost of ?350 per piece. This implies that the element of contractual law called the ‘meeting of the minds’ had been achieved to satisfy the wishes of both parties. Additionally, the exchange of promise from Antony signifies his willingness to provide clothe pieces at a subsidized price and hence expand the business prospects of his Rocco Company. Antony must also acknowledge the essence of ‘consideration’ in legally binding agreement that encompasses his promises and acts of assuring Joyce that she would receive the 100 pieces at a lowered price to elevate her business through increased sales and profits (Harris 2007, p. 110). This is called the enforceable contract and it often entails consideration as a binding word for the first party offering the promise such as Antony in his prospects of supplying Joyce with clothes. En forceable contract, according to legal experts, is achievable either orally as was done by Antony and therefore, cannot rescind his promise or through writing. However, in special instances as stipulated by state by-laws, some enforceable contracts are only legally binding in writing. Contrastingly, this does not overrule verbal contracts that are enforceable such as the case of Antony who stated in person that she would assist Joyce by cutting the garment prices from ?1000 to a manageable ?350 per piece. This suggests that while Antony’s main idea was to double the sale of Rocco products and establish strong image for his name, the verbal communication with House of Style Department fixed a contract that cannot be contravened under any legal terms (Koffman & Macdonald 2007 134). Interestingly, Antony’s decision to cancel the agreement is part of a legally enforceable contract recognized by the law and hence accorded Joyce an edge in upholding the agreement. An agreeme nt to perform a particular act such as supplying garment pieces also signified a binding agreement for both parties thus preventing Antony from altering his mind concerning his promise. Advice, therefore, in a legally binding contract requires all the members involved in the contract to find a neutral platform of amending the considerations before recalling any emerging obligations. Contrastingly, the conditions of agreement always