Business Law Individual Assignment

1. Doctrine of precedent: Doctrine of precedent means that similar cases should be treated alike, while dissimilar cases should be treated differently. This causes the practice of judges being bound by the decisions of higher courts where the facts of the two cases are the same or similar.

Common law: Common law is based upon the customs of the people and evolved from judges through the courts’ decisions. It also concerned with the strict application of the law.

Ratio decidendi: Ratio decidendi refers to the statement of law applied to the legal problems raised by those facts.

2. ABC must deliver the goods before she sue can Chan for the $12,000. If Chan fails to pay, ABC can sue Chan to recover the loss.

3. This is an anticipatory breach, since Timothy has informed Freddie that he cannot provide the shipment on time. If, prior to the date of performance, a party to contract states that he does not intend to carry out his side of the contract, or puts himself in a position whereby he will be unable to perform. Since Timothy has informed Freddie that he cannot provide the shipment on time. Freddie should sue Timothy to claim damage for the breach of contract, because Timothy has failed to perform his contractual promises, Timothy is at fault for the breach of the contract. So, Freddie – the innocent party is entitled to claim damages. Freddie should claim the shipment and the loss that has been generated due to the delay of the shipment.

Section C

Firstly, Howard is the offeror, and his consideration is 1000 business cards at first and 250 business cards at last. While, Ron is an acceptor and his consideration is the $1000 from who was posted the invitation to trade. This may be a voidable contract because Howard has made mistake in offering and his consideration.

Moreover,