Business Law Assignment Example | Topics and Well Written Essays - 1500 words - 1

Business Law - Assignment Example From section 21 of the ACL, it is evident that this law is aimed at leveling the bargaining power difference between the buyer and seller. Accordingly, Section 22 of the law deals with commercial transactions in protecting consumers from unconscionable conduct. According to section 18, misleading or deceptive conduct is prohibited, where the section sets out the elements that must be settled if contravention is to be proved. These elements are the conduct by the corporation or person, the activity of trade or commerce and conduct that misleads, deceives, or purports to mislead or deceive. This section is not only restricted to consumers, since it can be enforced by suppliers and competitors against other suppliers and competitors. A contract between two is generally dictated by two important factors, the offer of a contract and the subsequent acceptance of the contract by the other party. These two factors are important in contract law since they determine the time, place and contents o the agreement that make up the contract. An offer is determined by several factors, including the intention to be bound by a contract, a promise to adhere by the contract and communication of the offer to the other party. An offer must be distinguished from an invitation to treat, which is just an offer to consider the offer and cannot create a valid agreement. The distinction between an offer and an invitation to treat is done to set the intention of the offerer and offeree. The offer must also be communicated to the other party, in which case, the other party chooses to accept or decline the contract. The offeree to the contract has the option of accepting or declining the offer, and for an agreement to be reached, the offer ee must indicate intention to accept the contract. For an acceptance to be in line with the law, the acceptance must strictly adhere to the original offer, and of the offeree includes some new conditions, and then it