Essential Elements Contract law Business - Assignment
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Added on 2019-12-03
Essential Elements Contract law Business - Assignment
Added on 2019-12-03
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TABLE OF CONTENTSIntroduction......................................................................................................................................3Task 1...............................................................................................................................................31.1 Importance of essential elements of contract.........................................................................31.2 Description of different types of contract..............................................................................41.3 Applicability of provisions in given case scenarios...............................................................4Task 2...............................................................................................................................................52.1 Application of the essential elements of contract in given case study...................................52.2 Description of contractual terms along with its impact.........................................................52.3 Implications of contractual terms in the given case scenario................................................6Task 3...............................................................................................................................................73.1 Contrast between contractual and tort liability......................................................................73.2 Nature of liability in negligence............................................................................................73.3 Vicarious liability of business................................................................................................8Case study....................................................................................................................................8Task 4...............................................................................................................................................9Defenses provided by negligence law..........................................................................................9Case study..................................................................................................................................10Conclusion.....................................................................................................................................11References......................................................................................................................................122
INTRODUCTIONBusiness legislation is formulated to prevent fraud and protect interest of parties in orderto promote fairness in the commercial environment. Law of contract and negligence is importantof business legislation because it describes standard obligations of parties (Clarkson, 2010). Allindividuals and business organizations are required to act in accordance with guidelines in orderto prevent obligation for payment of damages. Present project report is focused on evaluation ofgiven case scenarios by considering suitable provisions. In order to provide appropriaterecommendation reference of previous case precedents will be considered.TASK 11.1 Importance of essential elements of contractContract is a legal enforceable agreement which binds two or more parties to provideappropriate performance in accordance with contractual terms and conditions. For theformulation of valid contract parties are required to insert following elements-Offer- Offer is a proposal given by one party to another for entering into legalrelationship. It should be supported by justified objective and certainty. Offeror canprovide offer either to specific person or in general where all individuals are entitled forthe acceptance (Adams, 2010). However, invitation to treat will not be considered asoffer in any circumstances.Acceptance- It can be defined as consent given by the offeree to initial party on the offerproposed by them. Offeree is required to accept offer in similar sense without making anymaterial alteration in the subject matter. In situation where modified acceptance isprovided by parties then, it will be treated as counter offer (Hyde v Wrench(1840) 49 ER132). Consideration- In legal terminology, consideration is known as pro-quo which meanssomething in return. Contractual agreement of parties is required to be supported bymutual exchange of beneficial promises (Rush and Ottley, 2006). However, considerationis not required to be fair but it should be as per the mutual agreement. 3
Intention- Parties should intend to create legal agreement to fulfill promises made bythem. By considering these aspects, domestic and charitable agreements are not legallyenforceable. 1.2 Description of different types of contractParties entering into contractual relationship can select different types of contract inaccordance with their convenience and objective of agreement. Description of different types ofcontract along with their impact is enumerated below-1.Face to face and distance contract- Face to face agreement is formed in scenario whereall individual are present at common place for the negotiation of terms. In this contract,quick acceptance is expected from party else offer will be terminated (lapsed). Distancecontract is selected in situation where parties are apart from one another (Entorres vMiles Far East [1955] 2 QB 327). Due to aspect, agreement is created on the basis ofverbal and written communication. In this contract, postal rule is applied to determinevalidity. As per this rule, acceptance is to be valid if it is appropriately communicated tothe offeror.2.Written and verbal contract- Written contracts are supported by contractual deed inwhich entire terms and conditions are described. These contracts are comparatively moreformal and specific (Treitel, 2003). In contradictory situation, this deed is considered bystatutory parties to provide relief to aggrieved party. Verbal contracts are formed on thebasis of trustful relationship between parties (Holwell Securities v Hughes[1974] 1 WLR155). In which terms are discussed through oral communication due to which there is noevidence of initial terms. In this agreement, dispute is resolved by interpreting situationinstead of focusing on initial agreement.1.3 Applicability of provisions in given case scenariosLegal aspects of case studyAs per the described case study, unilateral offer (offer to entire public) is given by theTechno products in the form of advertisement (Carlill v Carbolic Smoke Ball co[1893] 1 QB256). In the provided advert, it was stated that initial 10 customers on 12th September 2013 willbe entitled to buy high quality customers at the rate of £1.00. On the basis of this advert, Peterwaited outside the shop entire night in order to get considered in the first ten customers. On 12th4
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