• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

PQ Awards Nominations

Please help us to win one of the PQ Magazine awards and send in the voting form >>
You can nominate us in any or all of the following categories: Online College of the Year, Study Resource of the Year, Private Sector Lecturer of the Year, and Accountancy Personality of the Year.

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

Acceptance and Consideration

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Acceptance and Consideration

  • This topic has 1 reply, 2 voices, and was last updated 6 months ago by MikeLittle.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • August 5, 2022 at 6:32 am #662488
    Arslanziad
    Participant
    • Topics: 2
    • Replies: 0
    • ☆

    Dear Sir,

    In Acceptance , it is said in case of Household Fire Insurance Co v Grant

    that Postal rule applies (shares case)

    and outcome was “posting acceptance creates a ‘meeting of minds’, which created a binding contract”

    but defendant never paid for shares which he was allotted by letter.

    and in consideration it says

    “Consideration is a two-way thing in simple/parol contracts”

    so if defendant did not pay for shares , the transaction was not completed hence contract was not complete due consideration being one way only.

    The concept of Executor also comes in

    please clarify if i am mixing up two different things.

    Thanks

    August 5, 2022 at 7:21 am #662494
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22705
    • ☆☆☆☆☆

    I believe that the point at issue here is whether Grant owed money in respect of the shares that had been allotted to him. Was there a contract (offer and acceptance) and, if so, was that contract satisfied by the passing of consideration?

    Yes, there was a contract (postal acceptance created the contract) Did both parties fulfil their obligations? No, Grant didn’t pay the money that was due

    Then Grant died. Is death an acceptable way of avoiding one’s debts? No! So the executor had to include the debt to HFI Company in the reckoning of dead Grant’s estate

    Better?

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • John Moffat on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures
  • John Moffat on PM Chapter 13 Questions Standard Costing and Basic Variance Analysis
  • abdallah254 on FA Chapter 2 Questions The Statement of Financial Position and Statement of Profit or Loss
  • Iby2012 on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures
  • Iby2012 on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy