Aspects of Law: Essential Elements, Types, and Terms of Valid Contracts

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ASPECTS OF LAW
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INTRODUCTION
Business law is the very important aspect in order to survive business activities and function.
UK government has developed some law and legal rules related to employment, business, customer,
employees which considered by every business organisation. It can be said that law is a system of
rules and regulations that are enforced through social institutions. Law assists in raise important and
complex issues concerning equality, fairness and justice. In the context of business, legal rules and
regulation assist in protecting business as well as employees. In this project report,essential
elements of valid contract has been discussed (Blum, 2007). Furthermore, implication of various
contract on the business enterprise also studied in this report. The major objective of this report is to
understand the legal obligation of business enterprise. In the last part of this report provide the
knowledge about defence of tort liability so that neglectful action in the business can be overcome.
Apart from this, vicarious liability of the employer has also studied in this project report.
TASK 1
1.1 Various essential elements of valid contract
Business law provide the protection to business enterprise against the illegal activities. In
this manner, contract and agreement play a very important role through which two or more person
can engage in the legal considerations. According to the legal aspect, all contracts is an agreement
but all agreements are not contract. As per the UK government, a valid contract must includes all
essential elements. A contract which is enforceable by law is known as a valid contract. Various
elements of valid contract are as follows- Offer and acceptance- According to the legal aspect, offer and acceptance are the elements
which required for the formation of a legally binding contract. If two or more persons
engage into the contract then there must be some kind of acceptance and offer. A proper
offer is a proposal by one party to another party. That proposal must includes some terms
and condition related to the contract (Cross and Miller, 2011). The person who offer or
proposed some one is known as offerer. On the other hand the person who accept that
proposal is known as offeree. As per the business law, when one person offer to another for
create a legal contract then there must requires a proper acceptance. Acceptance must be oral
and written and that must includes terms and condition which made by offerer. The offer
must be accepted unconditional because if any additional requirement includes in the
contract by offeree then contract being made by counter offer. Intension to create a legal contract- According to the UK government, when two or more
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