Case Study Problem Assignment Example | Topics and Well Written Essays - 2000 words

Case Study Problem - Assignment Example Put differently, business relations are governed by a set of legally binding rules and regulations that seek to ensure that all parties involved operate within the confines of the legal provisions. To a great extent, this has helped in maintaining sanity, ethics and morality within this sphere of specification. It is against this background that this paper provides an in depth review of the Faye’s case study. To enhance coherence and objectivity, this is done in light of the legal issues that arise from the case study. The type of law that the case study relates to is the law of contract. It is widely agreed that the law of contracts is at the center stage of most business dealings. Essentially, a contract refers to an agreement that is characterized by distinct terms between either two or more individuals or two or more entities. In this, one party promises to undertake a certain task for another party in return for a certain valuable benefit that is legally referred to as co nsideration (Atiyah, 1979, p. 67). For a contract to have a legal standing, there are certain factual elements that it has to contain. These include; an offer, the acceptance of the respective offer that culminates in meeting of the involved minds, a definite promise by the accepting party to perform the respective task, an invaluable consideration, an event or time that allows the particular parties to meet their commitments, performance of the respective task and the terms as well as conditions that govern the respective performance. There are different types of contracts that are suitable for particular scenarios. One type of contract that is apparent in the case under review includes the publishing contract. In this respect, there is a contract between Faye, who is the writer and Merrymac & Co., the publisher. Faye requires Merrymac & Co. to publish a book for her. Another type of contract from the case scenario pertains to the author of the book contract. According to Barnett ( 2003, p. 72), this is offered by the publisher in instances where the writer or client is the author of the book as opposed to being the illustrator or artist. Relative conditions in this regard would refer to Faye as the actual author of the entire book, inclusive of the illustrations presented therein. As aforementioned, an offer is one of the critical and factual elements of a contract. From a legal point of view, an offer constitutes a demonstration of the willingness of a party to enter into a certain bargain that has already been made in a bid to justify another party and make it understand that the former’s assent to the respective bargain is accepted and would be concluded accordingly (Atiyah, 1979, p. 83). In other words, an offer refers to a clear expression of willingness of one party to contract under specific terms that are presented by the other party with the view that if the respective offer is accepted, the former party would be bound by the contract. In this regard, there is dire need for acceptance of the offer as it is. For instance, A offers to publish and market a book for B. B on the other hand accepts the publishing and declines the marketing aspect. In the preceding scenario, B has not accepted the offer as it is; rather, he has offered a counter offer to what was initially offered. In light of the problem case study, an offer