Application of a cooling-off period

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Reference no: EM133559254

Assignment:

This analysis aims to ascertain the contractual rights of Ulysses in relation to Fagan's Motorcycles Pty Ltd, as well as the corresponding obligations of Roger under the common law framework.

Law: Common law contracts necessitate the presence of several essential elements, including offer, acceptance, consideration, desire to create legal relations, and certainty of terms. Moreover, these contracts must be devoid of any vitiating circumstances that could potentially invalidate their enforceability.

Application:

• Ulysses agreed to the proposal and provided a deposit of $500.

• The concept of consideration is conveyed through the act of making a deposit.

• The presumption of an intention to establish legal obligations is inherent in a business transaction.

• The Sale Agreement delineates the specific parameters pertaining to the motorcycle.

• There exists a possibility of deception as to the current state of the motorcycle.

• The application of a cooling-off period and statutory warranty is relevant in this context. Conclusion: Ulysses is in possession of a legally binding contract, which may be subject to scrutiny due to suspected instances of misrepresentation and non-disclosure. There is a possibility that Fagan's Motorcycles Pty Ltd and Roger have committed breaches of contract.

Reference no: EM133559254

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