BUSINESS LAW

Business laws in United Kingdom

Business laws in United Kingdom

Answer 1

There are a number of elements of a contract. At first, it is essential to identify if there is a contract or not. This is a significant step, which takes into consideration the following elements. The initial two are extremely obvious and play a significant role in binding the contract legally:

An offer: an offer is an intention or willingness to express a contract, which consists of the establishment of terms and conditions. It is the offer or who makes the terms. In addition, the offer or realizes that if the other party accepts the offer, then he will abide by the contract.

Acceptance: Acceptance refers to an agreement to the terms and conditions established in the offer. Moreover, acceptance can be in an oral or written form. It is essential that the acceptance reflects the original offer (Denis 2002, p. 90).

A counter-offer: it is not similar to an acceptance. When it comes to a counter-offer, it destroys the original conditions and terms of the offer or the offer itself.

A request for information: on the other hand, a request for information is not a counter-offer. For instance, if a purchaser makes an inquiry about the offer for clarification, then it does not destroy the original offer. The purchaser will still have the liberty to accept the offer.

Consideration: Consideration is the most important element in the formation of a contract. Offer and acceptance is subscribed within consideration, and when consideration is established, intention to create legal relation would ordinary be present. For consideration to be valid (thus making the contract valid, if all the other requirements for the validity of a contract are met), the things exchanged must be of some legal value (Blum 2007, p. 633).

Answer 1.2

There are unlimited number of types of contracts that can offer a legal system that has freedom of contract, as almost infinite are the rights and obligations that can create the parts, including doing so pure and simple, or subjected to any modality. However, the legislation civil of the majority of countries have regulated the most important of these, either in their civil codes , or in laws special, you create a system of typical contracts or nominees , whose essential regulation stated in the laws and is withdrawn from the parts of the contract , for purposes of safety, security and balance of any subject. The "typicality of contracts" is paid by the "principle of integration contract ', applied either in accordance with the formulation that the parties have attributed to his contract, or as is evident from the contents of the clauses of the text, if WHATSOEVER dark the terms under which the contract was made ??by the parties.

The form can be decisive, sometimes the validity and enforceability of contracts. Contracts can be verbal or written , verbal, if your content is preserved only in the memory of the participants, or written, if your content has become reflected or recorded on permanent and durable ...