Law: The Legal Rights, Duties And Remedies Of Hfc, And Of Ian

CASE STUDY Name Date Instructor Course Date State Case Study Liam and HFC Every day, people are entering into agreements: settling disputes, selling and leasing properties or becoming independent contractors. But most of the time, people enter into agreements without considering the requirements of a legally binding contract. From the case, HFC had invited all season-ticket holders to renew their season tickets for the next season through local advertising. Liam had applied to renew his application within the provided timeline. The following discussion presents the extent to which the contract between Liam and HFC is satisfied by considering its provisions. * Offer This is an expression of willingness by a party to enter into an agreement with another party bearing in mind that the contract will only become binding if it is accepted by the other party to whom it has been offered to. The offer must be made public by either through public advertisement, or emails together with the terms of the contract. It must state the intent of the offering want to enter into an agreement. Secondly, it must identify the individual who is invited to the offer. Lastly, it must have a specific proposal which is certain in its terms. Based on this provision, HFC hand made an offer by inviting its season-ticket holders to renew their season tickets for the next season. Their intention is clear. Therefore, Liam and HFC’s contract satisfies this first provision. * Acceptance This is a final expression of consent to the terms of the agreement. For the offer to be legally binding, it must be accepted by the person to whom it was presented to and in a manner that was indicated by the offering party. Liam is an all season-ticket holder and he had accepted the offer by making a payment and posting the cheque as requested by HFC. Based on this provision, Liam and HFC’s contract satisfies the requirements of legally binding contract. * Competent Parties Only competent parties are allowed to enter into a contract. These are individuals with a sound mind. Minors, insane or incompetent or drunk people are not supposed to enter into a contract and if they do, it will be legally binding. Liam has no history of mind unsoundness and HFC being a corporate organization it assumes the status of a competent person. Therefore, Liam and HFC’s contract satisfies this requirement of a legally binding contract. * Lawful Subject Matter Fr a contract to be legally binding, its subject matter must be accepted by the law. HFC is a sports organization and sports are accepted by the law. Therefore, Liam and HFC’s contract satisfies this requirement as well. * Mutuality of Obligation For a contract to be enforceable, the parties must be willing to meet the contract terms. From the case, Liam had paid the renewal fee and posted the cheque as the terms dictated. On the other hand, HFC had accepted Liam’s renewal application. This implies that both parties had a common intent of meeting the contract terms. Their willingness ...