Aspects of Contract and Negligence for Business (Doc)

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Added on 2021-02-22

Aspects of Contract and Negligence for Business (Doc)

Added on 2021-02-22

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Aspects of Contractand Negligence forBusinessTable of Contents

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INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Explain significance of vital elements necessary for creation of a valid contract along withcase examples..............................................................................................................................11.2 Discuss the impact of various kinds of contract....................................................................21.3 Analyse term in contract with reference to their meaning and effect...................................2TASK 2............................................................................................................................................32.1 Apply the elements of contract in given business scenario ..................................................32.2 Apply the law on terms in different contracts by explaining................................................42.3 Evaluate the effect of different terms of law.........................................................................4TASK 3............................................................................................................................................53.1 Contrast liability in tort with contractual liability. Support your answer with refernce tocases and clear explanation of legal principles...........................................................................53.2 Explain the nature of liability in Negligence........................................................................53.3 Explain how business can be vicariously liable....................................................................6TASK 4............................................................................................................................................74.1 Apply the elements of the tort of negligence and defences in different business situations.74.2 Apply the elements of vicarious liability in given business situations.................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

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INTRODUCTIONA contract is an agreement between two parties formed to create legal obligation andwhich is enforceable by law. It is formed to complete a transaction by legally binding the partiesinvolved. There are terms and conditions along with a consideration which is to be paid as perthe contract (Stim, 2016). On the other hand, negligence occurs when a person has failed toexercise ethical rules or care in particular situations. The report includes elements of a validcontract, its impact, meaning of various terms and application of the components in differentcircumstances. In addition to this, liability in tort, nature of liability in negligence and applicationof principles of liability in negligence to several events. TASK 11.1 Explain significance of vital elements necessary for creation of a valid contract along withcase examplesA valid contract can be formed when essential elements are taken into consideration informing it. Elements of a valid contract along with its importance are as follows:Offer- It is defined as a promise which is made by one party and communicated to otherin order to form a valid contract. There are two parties viz. Offeror and offeree (Harvey vFacey (1893). Without an offer, no contract can be formed. Acceptance- There should be an acceptance which means that offer made by offerormust be accepted by offeree. Acceptance can be made orally or in writing (Payn v Case(1789). In other words, there should be an approval of offeree for the terms incorporatedin contract. It is important from the point of view of law. Capacity- The parties to contract must be legally competent to enter into a contract. Inother words, the parties must have attained majority i.e. must be a person of 18 years.Furthermore, the person should not be of unsound mind. A minor cannot execute orbecome a party in the contract (Bellamy, 2013). Intention to create legal relations- This element states that parties would go to courts indisputes or conflicts so as to be legally enforced. There will be lawsuit against a contractin absence of legal intention (Balfour v Balfour (1919). Without this element, terms ofcontract can be legally bound. 1

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