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If all the elements are in the contract along with good faith then the contract is complete and must be honoured or a breach of contract law may be present. Good faith is present within all types of contracts whereby it refers to the honest intent to act without taking an unfair advantage over the other person within the contract. If there is a defence of frustration then Mr. Smith has no action. Therefore the Sale of Goods Act 1979 and Sale and Supply of Goods Regulations 2002 need to be looked at, where there will be protections for Mr. Smith. As the company is in liquidation this may make it hard for Mr. Smith to get anything than what the company offers Mr. Smith; therefore the Insolvency Act 2000 and the Sale and Supply of Goods Regulations 2002 need to be discussed in order for Mr. Smith to receive a fair judgment.
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