Law 531 Week 4 Business Law Assignment

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Part A 1. B 2. D 3. C 4. C 5. D 6. D 7. C 8. C 9. A 10. D 11. B 12. B 13. D 14. C 15. A 16. D 17. B 18. D 19. B 20. C Part B 1) i) The Constitution may be amended by (a) an absolute majority in both houses of parliament and (b) a referendum of all Australian voters where a majority of voters and a majority of States vote in favour of the amendment. ii) a) The precedent is not binding because the Local Court is lower on the same hierarchy. b) The precedent is not binding because the District Court is lower and in a separate hierarchy. c) The precedent is persuasive because the Federal Court is in a separate hierarchy.…show more content…
The parties are not required to exchange consideration. A simple contract is any contract. viii) An offer is a statement of the terms which the client (the offeror) is prepared to be contractually bound. The offer must be complete, specific and capable of being accepted. It must include the fundamental terms of the agreement with the intention that no further negotiations are to take place. An invitation to treat is different to an offer as it only invites the party to make an offer and it is not intended to be binding. ix) In contract law consideration is required as an inducement to enter into a contract that is enforceable in the courts. It is an essential element for the formation of a contract. What constitutes sufficient consideration, however, has been the subject of continuing legal debate. Contracts and courts generally use the term valuable consideration to signify consideration sufficient to sustain an enforceable agreement. In general, consideration consists of a promise to perform a desired act or a promise to refrain from doing an act that one is legally entitled to do. Thus, a person who seeks to enforce a promise must have paid or obligated herself to pay money, delivered goods, expended time and labour, or forgone some other profitable activity or legal right. For example, in a contract for the sale of goods the money paid is the valuable consideration…show more content…
Under the legal doctrine of premises liability, commercial establishments are responsible for keeping their property safe from defects and dangerous conditions that could cause injuries. This obligation, or legal duty of care, means they must do everything reasonably possible to create hazard-free environments. The duty of care includes using wet floor signs. Management's failure to place these cautionary warning signs on and around wet and slippery areas represents a breach (violation) of their duty of care. That breach is considered negligence. There's an exception to the duty of care rule, however. To be negligent, employees or management must have a reasonable amount of time to discover the wet floor. If they didn't have time to see the wet floor and place a caution sign, management may not be considered negligent and therefore not responsible for any injuries. Imagine the sprinklers above the produce area in a grocery store went on at 3:00 p.m. At 3:05 p.m., you walked down the produce aisle and you slipped and fell on water pooled under the lettuce section. It's plausible the supermarket is not liable for your damages. That's because five minutes isn't a reasonable amount of time for

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