LAW

Aspects of Contract & Negligence for Business

Aspects of Contract & Negligence for Business

Introduction

Over time, the modern and civilized societies of mankind have devised numerous rules and laws, for making the societies, even more livable and acceptable, rendering fairness and justice to everyone, in every possible regard. This assignment aims to undertake numerous instances in the domain of business and analyze them in the light of laws.

Task 1

Essential Elements Of A Valid Contract In Business Context

With respect to the business contract, there are five imperative elements and constituents of a valid contract. These elements pertain to Offer, in which the terms dictated by the offer make part of the contract. Second element pertains to acceptance, in which the party, to whom the offer had been extended, conforms to the stated terms and conditions. The third element denotes, consideration, which relates to the bargain constituent of the respective contract. The fourth element, intention, reflects the acknowledgement of both the parties of a legal binding through this contract. The final fifth element, certainty, articulates the clarity and precision of the contract to be enforceable.

Different Types Of Contracts Law To A Modern Business

The different types of contracts that have found their way in the modern business arena are bilateral contracts, in which both the parties render promises of their own respective sides; Unilateral contract, in which the promise pertains to performance. Express contract denotes the verbally agreed or a written contract. Implied contract, takes a bit of detour from the conventional aspects of the contracts and results in a contract that takes place due to the voluntary actions of the respective party. Quasi contract enforces the placement of a contract, in absence of one, primarily because the behavior of both the parties reflected existence of a contract.

Various Elements Required For The Formation Of A Binding Contract

the first and foremost element that is believe to be rather essential for the formation of a binding contract pertains to the existence of legality or a legal relation of the contract between the two parties, rather than a verbal or social acceptance of dealing. Moreover, in the binding contract the identification of the elements or constituents of the contract must be explicit and agreeable by both the parties.

Explain The Following In Relation Contracts

Terms And Representation

Routledge v McKay [1954] denotes the pivotal difference between these two terms refers to the point, where an aspect or facet becomes a formal constituent of a contract. However, on the other hand, if a feature or an aspect (of a product or anything else) was a mere an illustrative description and not part of the contract, then it comes under the heading of representation, and does not hold a legal binding.

Conditions And Warranties

Poussard v Spiers (1876), Conditions are the pivotal aspects of the contracts, on which the constituents of the contract find their basis, and violation of which lead to the claim of damages. However, warranties on the other hand do not ...