Business Law – Using the four-step process, discuss whether the elements of intention to be legally bound and consideration required for the formation of a contract can be established

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Case 

Misty takes over the family company ‘Nu-Shoes Pty Ltd’, which manufactures handbags, shoes and wallets.  At the family Christmas party Misty was discussing with her father that she needs to purchase new computer software to keep track of all the sales and inventory to make the company more efficient, as the system already in place is not working. Her cousin, Jackson overhears the conversation between Misty and her husband. He is a director of ‘Comp-Sales Pty Ltd’ which supplies computers, technology and software packages to businesses.  Early Monday morning Jackson approaches his cousin offering to sell Nu-Shoes Pty Ltd computer software that will make the company more efficient. He says that he is prepared to sell the computer software to the company for $50,000 and that the offer will remain open until 5pm Friday. He further states that acceptance could be by post, fax or email.  On Tuesday, Misty on behalf of Nu-Shoes Pty Ltd sends Jackson an email accepting to purchase the computer software for $50,000.  Jackson delivers the computer software to Nu-Shoes Pty Ltd for installation and hands Misty the invoice for payment.  Misty says: ‘Thanks Jackson I will instruct the bank to transfer $45,000 to your account straight away. I’ve decided to deduct $5,000 as a family discount.”  Jackson demands the full amount of $50,000. Misty says that as they are family they don’t have to strictly follow the agreement.

Question 

Assume that the element of agreement required for the formation of a contract exists. Using the four-step process, discuss whether the elements of intention to be legally bound and consideration required for the formation of a contract can be established. Consider whether Jackson can enforce the contract against Nu-Shoes Pty Ltd.

Word count: 1925 words

Chicago Referencing to be used.

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