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Legal requirements and demands of the business operation

   

Added on  2019-12-03

10 Pages2693 Words250 Views
ASPECTS OFCONTRACT

TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................1SCENARIO 1...................................................................................................................................11...................................................................................................................................................12...................................................................................................................................................23...................................................................................................................................................24...................................................................................................................................................35...................................................................................................................................................3SCENARIO 2...................................................................................................................................41...................................................................................................................................................42...................................................................................................................................................43...................................................................................................................................................54...................................................................................................................................................55...................................................................................................................................................66...................................................................................................................................................6CONCLUSION................................................................................................................................6

INTRODUCTION Global expansion of business operation makes it difficult for the organization to updateits knowledge regarding legal needs and demands. The legal obligations of the country orbusiness units may create wide impact on the growth of the company and may impact the brandimage of the company (Chen-Wishart, 2012.). Present report provides an in-depth knowledgeabout contract law and tort law as well. This helps in updating the legal knowledge andimplications of these issues on various business firms.SCENARIO 11Contract is a legal document which indulge the parties involved in the contract in legalobligation for meeting the purpose of a contract. It focuses on effective performance of thecontractual terms to attain the objective for which contract is made. The essential elements of avalid contract are:Offer: It is an expression of desire to enter into the contractual obligations with theparties involved. Offer is a proposal which expresses the terms and conditions of acontract clearly and specifically for the parties (DeMitchell, 2006). Case referenceHarvey and Facey (1893) mentions clearly that Facey mentioned the lowest price of thepen in his telegram without actually showing the intention to sell it thus offer was notconsidered. Acceptance: This represents the expression of acceptance of the terms an conditions ofthe contract in the exact manner without any further alterations. Any modification in theexisting terms of contract is said to be a counter offer. Acceptance may be oral or writtenbut must involve the original terms of the contract. Consideration: A contractual relationship between the parties is developed to gainsomething in return (Lawful consideration,2011). Considerations is said to be a benefitthat both the parties will have by performance of the contractual obligation (Faure,2009). Intention: This element states that the parties willing to enter in the contract must havethe intention to bound into a legal obligation. The contractual obligation of the partiesmust not involve any outside persuasion or influence. The case law Balvour v Balvor1

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