Contract Law and Business Operations
Added on 2020-02-12
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ASPECTS OF CONTRACTAND NEGLIGENCE FORBUSINESS
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................31.1Formation of contract and importance of various elements...................................................31.2 Types of contract...................................................................................................................31.3 Types of terms of legal contract............................................................................................4TASK 2............................................................................................................................................52.1 Apply elements in given case scenario.................................................................................52.2 Effects of terms on legal contract..........................................................................................6TASK 3............................................................................................................................................63.1 Similarities and differences of liability.................................................................................63.2 Negligence liability...............................................................................................................73.3 Vicarious liability..................................................................................................................7TASK 4.......................................................................................................................................84.1 Apply the elements of negligence of tort in the given case scenario....................................84.2 Vicarious liability in the given case......................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONContract is the legal term in which two or more parties are comes in the contractualrelationship. It is the written or spoken voluntary legal agreement which is enforceable by law.Contract law is concern with the rights as well as duties which is arise from the agreement.Parties are bound to follow their legal rules and duties which are imposed on them as per thecontract act. There are various types of essential elements which are involved in legal contractsuch as offer, acceptance, intention and also capacity of contract. Different types of contract hasbeen formed such as face to face, oral and written (Wong and Deubert, 2010). If any party isfound that he is liable for the breach of condition then court needs to imposed penalty on them.Consideration must be involve in this legal term. TASK 11.1Formation of contract and importance of various elements.Contract is an agreement which is arise among two or more parties. This contract islegally enforceable if it is executed as per the requirement of law. Here, parties mutually comesin the contract and they have to fulfill rules and regulation which are imposed in the legalcontract. There must be legal agreement which is signed by both parties and try to maintaincontractual relationship as well (Zamore, 2016). In the given scenario, Peter Abraham is able toarise legal contract with building contractor. Both the needs to prepare written agreementaccording to the requirement of law. But have to but Peter Abraham must ensures that varioustypes of contract elements needs to be present in the contract are as defined below:Offer- It is the important element of every contract. One parties send offer to anotherparty and that party have to show their free consent. If they reject the offer then contract is notformed. On the other hand, if they accept then it becomes contract as per the law. Acceptance- Intention- In order to create legal relation it is one of the main requirement of validcontract. It is the common intention of parties which is enforceable by law.Consideration- It is the essential part of every legal contract. It means the other party isliable to giving back in return (Marks, Marks and Jackson, 2013). It is consider as exchangeswhich is made among promissor and promisee. If consideration is present in contract then it isconsider as valid according to law.
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