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Acceptance & Consideration

Forums › ACCA Forums › ACCA LW Corporate and Business Law Forums › Acceptance & Consideration

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by mrjonbain.
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    Posts
  • August 2, 2022 at 7:49 am #662312
    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.

    please clarify if i am mixing up two different things.

    Thanks

    August 2, 2022 at 1:03 pm #662324
    mrjonbain
    Moderator
    • Topics: 3
    • Replies: 1851
    • ☆☆☆☆☆

    Welcome to the Opentuition forums. This is primarily designed for students to help one another. If you want the tutor to answer your question please ask on the following forum-

    https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-lw-exams/

    Hope this helps.

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