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Summary of Resolving Conflict in The Marketplace
Summary of Resolving Conflict in The Marketplace
Summary of Resolving Conflict in The Marketplace
Marketplace
This is only intended to guide a lesson! It is too text
heavy for students, so alter it if you intend to use in
lessons.
Key Points
1. Elements of a legally binding contract.
2. Terminating a contract.
3. Remedies for breach of contract.
4. Legislation protecting consumer rights.
5. Non-legislative ways of resolving complaints.
6. Legislative ways of resolving complaints.
Offer
Acceptance
Consideration
Intention to contract
Consent to contract
Capacity to contract
Legality of form
Legality of purpose
1. Offer
Can be done:
Verbally
In writing
By conduct
Terminating an Offer
Can be terminated if it is:
Revoked
Not accepted in time
Rejected
2. Acceptance
Meaning that the other person agrees
to all the terms of the original offer
without any conditions.
Can be communicated verbally, in writing
or by conduct.
3. Consideration
Is what each party offers the other as
evidence of their agreement.
Provides evidence of a contract.
4. Intention to Contract
Meaning that the parties to the
contract must have intended to create a
legally binding contract that could end
up in court if not fulfilled.
5. Consent to Contract
Meaning that each party must give
genuine agreement of their own free
will to the making of the contact.
6. Capacity to Contract
Meaning that the people agreeing to the
contract must have the legal right to do
so.
No Legal Right
If:
7. Legality of Form
Meaning that certain contracts must be
drawn up in writing before they can
become legally binding.
Includes hire purchase agreements,
property sales or insurance policies.
8. Legality of Purpose
Meaning that for a contract to be
legally binding it must be for a legal
purpose and not involve committing any
crime.
Terminating a Contract
Contract cant be legally enforced anymore
Can be terminated by:
Performance
Agreement
Frustration
Breach of Contract
Breach of Contract
Caveat Emptor
A legal term meaning Let the buyer beware.
It is expected that consumers use common
sense when buying goods/services to avoid
conflict.
Conflict can still arise, therefore consumers
must be protected.
Remedies Available
Repair
Replacement
Refund
Legislative Methods
Claims up to 2000
Hire a solicitor
Disadvantages
Recommendation is not
legally binding
If youre not happy with
outcome, you will have to
go to a full court hearing
complaints.
6. Legislative ways of resolving complaints.