GSP165: (The Law and You) Identify the basic principles of law in the selected areas of course study: Law of Contract, Family Law and the law relating to Wills

Module / Subject / School:

GSP165: The Law and You

Singapore University of Social Sciences (SUSS)

Requirements: 

Elon recently placed an order for a Tesla 3 with the dealer by signing a form agreeing to the listed price of $250,000 including COE. It will take two months for the vehicle to arrive.

One month later, the news report that Tesla is no longer the leading electric car brand, and also COE prices had fallen by 25% which means Elon will be over-paying for the car. He wishes to cancel the order.

(a) List and apply the legal principles for formation of contract to Elon’s case and explain whether Elon is bound to a legally binding contract.

(15 marks)

(b) Explain what consideration is in contract law and whether Elon can avoid a bad bargain.

(8 marks)

What we score:

78%

Our Writer’s Comment 

This assignment tests students on their understanding of the concepts.

Based on the assignment requirements provided, here are some comments to help students score well on this assignment:

Start with Legal Principles

When tackling part (a), make sure you clearly list and explain the relevant legal principles for contract formation—offer, acceptance, consideration, intention to create legal relations, and capacity. Apply each of these principles directly to Elon’s situation. For example, highlight how Elon’s signing of the form constitutes an offer and acceptance, forming a binding agreement. Be precise in explaining how each element is met or not met in this case.

Analyze the Binding Nature of the Contract

Don’t just state that a contract exists; delve into whether Elon is bound by it. Discuss if there are any potential loopholes, such as misrepresentation or changes in market conditions, though these are unlikely to affect the validity of the contract. Clearly articulate why Elon remains bound or if there’s any scope for arguing otherwise.

Understanding Consideration in Part (b)

For part (b), ensure you explain the concept of consideration thoroughly—it’s the value exchanged between parties. Discuss how Elon’s agreement to pay $250,000, including COE, is the consideration he provides, and why the change in COE prices doesn’t invalidate the original agreement. Address whether the contract can be voided due to a “bad bargain,” emphasizing that typically, courts do not intervene in poor bargains unless there’s evidence of unfairness or deception.

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Sample Assignment

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