Read the summary and the most important questions on Law for business students | 9781408287019 | Alix Adams.

• 2 How the law is made

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• What is national law about?

  • Legistative - 1st and 2nd Chamber, Parlement
  • Executive (army, police, head of state)
  • Juditial - enterpretation, implication, enforcement of the rules

• ECHR (the EU Convention of Human Rights

  Protection from the state, Saltzburg, 45 judges, protect individuals rights and freedoms

• What are the sources of European Law?

  • Regulations : They take affect in all member states immediately on being issued.
  • Directives : Directives apply to all member states and are intended to lead to harmonisation of law between member states, making it similar but not identical. 
  • Decision : affects only particular member states, companies or individuals. It may empower the party to whom it is issued to do something, or prevent it from doing something. 

• 4 the law of contract

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• Essentials of a binding contract

  • an offer
  • an acceptance
  • consideration ( each party will contribute something of material value to the bargain
  • intention to create legal relations

• Legally binding offer?

  • clearly stated terms
  • intention to do business
  • communication of that intention

  These must all exist for a valid offer to have been made.

• Clearly stated terms : A statement may be held to be too vague to comprise a valid offer

  1. The parties' previous dealings and the nature of the relevant trade
  2. Statutory implied terms. For example an offer to sell goods is valid even if no price is mentioned. Under the Sale of Goods Act 1979, s 8, if no price is stated, a reasonable price is payable
  3. Arbitration clauses; Sometimes the parties may purposely state terms vaguely and include provision for arbitration to settle disputes if and when they aris. 

• Two types of statement which may be confused with a legally binding offer?

  1. Invitation to treat
  2. negotiation

• The offer must be communicated to the offeree?

  The offeror must know of the offer to be able legally to accept. The communication of an offer may be written or spoken, but it may often be by conduct, such as taking goods to the supermarket checkout, or putting money into a vending machine. 

  The offeree must, therefore, know of the offer in order legally to be able to accept it. Coincidental performance of the terms of an offer, made in ignorance of its existence does not create a binding contract.

• 5 the law of contract: consideration

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• What is executory consideration?

  A binding contract may be formed by the exchange of promises to be carried out at a later date.

  The consideration in such a contract consists of the mutual promises and is described as 'executory' because the promises have not yet been executed (performed)

• What is executed consideration?

  No obligation to pay arises unless or until another party has executed their consideration. The consideration provided by the person who returns the cat is called executed consideration. Unilateral promise to pay money that will become binding on the performance (execution)