Reference no: EM131636567

a) "All contracts are agreements, but all agreements are not contract" Discuss the statement explaining the essential elements of a valid contract.

b) "The law of contracts is not the whole law of agreements, nor is it the whole law of obligation". Comment

c) Invitation to offer is not an offer." Elucidate the statement

d) Marc Lusajo offered to sell his laptop to Micah Lugano for $1000. Micah Lugano accepted the offer by post. On the next day Micah Lusajo sent the telegram revoking the accepting which reached Marc Lusajo before the letter. I s the revocation of acceptance valid? Would it make any difference if both the letter of acceptance and the telegram of revocation of acceptance reach Marc Lusajo at the same time?

e) "No consideration, no contract." Explain

f) One guy offered a reward to anyone who can rescue his wife from a burning building. A fireman risking his life brought out wife's dead body. Is he entitled to recovery of the reward?

g) A contract to Marry Fellister in two years time. Shortly afterward he breaks off the engagement without Fellister's consent. Fellister writes repeatedly beginning him to adhere to the contract. Just before the expiry of two years, a change in law makes it illegal for Matthew marry Fellister. On the expiry of two years, Fellister sues Matthew for breach of contract. Will she succeed

h) "Delivery does not amount to acceptance of goods." Comment

i) Explain the term "penalty" and "liquidated damage". If the parties to a contract have agreed on the amount of damages payable in the event of its breach, can the court enhance or reduce that amount?