Essays on Business Law - Reasons for Termination of Contract Assignment

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  The paper "Business Law - Reasons for Termination of Contract" is a good example of a business assignment. While it is correct that a simple  contract  can be discharged by  word  of  mouth  even if the original  contract  was required by  law  to be in writing, one would need to understand the fact that for the contract to be correctly varied and  it is essential that the contract is in writing. This means in essence that the  variation  is in writing (Yorston,   Turner,   and Fortescue, 1990). For a variation in contract  requirement that a variation of the contract is evidenced by writing has given rise to further refinement between, for example, a variation to the contract or a change in the method of its performance requires that there be evidentiary support that is written for the formalization of the changes [Hartley v Hymans  [1920] 3 KB 475].   b.

Consideration   Consideration could be understood as being the third essential element of every valid contract. It is the bargain that supports the entire contractual relationship.   The idea innate to the concept of consideration is that their contract would be formed for the fulfillment of a transaction that results in a mutual exchange of some type (Helewitz, 2007).

Often, consideration comes in the form of a mutual promise. One  party  will promise to do something if the other party does something. This can mean that a party promises to buy, and the other party promises to sell. Consideration, or mutual exchange, can be any sort of mutual exchange as courts do not generally consider the adequacy of consideration. A contract, however where one agrees to a performance or the fulfillment of a certain aim while the other party has to promise absolutely nothing will not be enforceable because there is no mutual consideration. This case involved a subsidy scheme to assist local manufacturers to remain competitive in their use of wool.

Plaintiff claimed to have made purchases of wool "in pursuance of the said agreement", during a period for which the government was unwilling to pay. Here, the announcements were not from commercial motivation but from a government trying to deal with the aftermath of war - public money is involved. To what extent is this important in explaining the decision?



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