Research Paper on:
Financial Assessment of Continental Airlines in Late 2007

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needs to take place. In looking at the case study provided by the student the method of determining whether or not a contract is in place is to look at  these issues, It is worth noting the law is gradually changing a contract is in the traditional view an agreement that requires an identification of a valid offer and a  valid acceptance. However, this application has been challenged by the courts in several cases with deciding issues. In Gibson v. Manchester City Council (1978)1 WLR 520) and Butler Machine  Tool co Ltd v Ex-cello Corp Ltd (1979), 1 WLR 401 Lord Denning argued that the providing parties were agreed on all material points, then there was little or no  need for the traditional analysis (Furmston, 1996). The traditional view was also challenged by Lord Justice Steyn in his obiter dictum, of Trentham Ltd v Archital Luxfer (1993). LJ  Steyn stated that a strict analysis of offer and acceptance was not a necessity in an executed contract within the commercial setting. However, the traditional view was applied by the  House of Lord in Gibson v. Manchester City Council (1979). Lord Diplock recognised that there was some exceptional contracts which did not  sit easily into the analysis of offer and acceptance as in multipartite contracts such as Clark v Dunraven (1897), stressing that in most contracts the conventional approach of seeking an  offer and an acceptance must be adhered to. Therefore, this is an appropriate approach in this case. A contract must also contain an Intention to create a legal relation, the  capacity within the parties to have the legal capacity to make or form a contract. Consent must be true and honourable and must not contain any form of fraud or