Business Law Assignment



Executive Summary

This assignment discusses about contract law, which is one of the vital branches of private law. The main aim of this assignment was to gain a better understanding related with the theory and application of the contract law.

Similarly, the main discussion of this assignment examined different facets of contract law such as its development, matter, terms and conditions and measures included for dispute resolution between both the parties.

Likewise, one of the key learning derived from this assignment stated that two different contracting parties can effectively complete the tenure of the contract through keeping open communication amongst each other. This also helps in avoidance of any major issues or disputes.

Business Law Assignment

Introduction

This assignment presents a scenario where a hypothetical organization enters into a contract with another party. This assignment fulfills the aim of providing an in-depth discussion related with how contracts are formed and managed. This would help the reader to grasp and understand the intricate process and dynamics of creating and entering into a contract by an organization. For ease of discussion, the organization name is JKS Co., which is a medium size building firm. The scenario depicted in the paper represents JKS Co., entering into a project delivery contract with Little Blossoms Chain of Nursery Schools. Conversely, more discussion relevant to the contract formation of this scenario is presented in the following section.

Discussion

This section of the discussion highlights different components of a contract.

Offer and Acceptance Phase of the Contract

According to Rabinowitz (2013) contract is a legal document which entails an agreement between two or more parties, involving an exchange of value. This could be either money or physical goods. Conversely, acceptance of a contract is termed as that unequivocal statement by the offered party agreeing to the offer been made. This acceptance of offer could be in terms of oral, written or through conduct. Moreover, without a clear offering and acceptance of the contract, either of the respective parties signing the contract cannot be held bound to its terms and conditions (Australiancontractlaw.com, 2013).

Similarly, the contract outline was drawn by the legal representatives of JKS Co. In addition, the first draft of the contract was shared with the other party. Both the concerned parties' legal representatives discussed the terms and conditions. After they were, expressly agreed and the signing of the contract was initiated. Furthermore, the contract accompanied all the necessary documents that were required to be incorporated. In addition, the clause for revocation of the contract were too mutually discussed and included within the contract.

Subject Matter of the Contract

It is vital that the contract, regardless of whatever purpose it had been drawn up, should not contain any vague or ambiguous conditions. In case, that it is ambiguous then it cannot be held as a binding contract to be issued. Moreover, it is a general rule that all the respective involved parties must come to a deal with the essential terms and conditions for the agreement. Failure to do so, results in the contract not ...