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Aspects of Contract & Negligence for Business (pdf)

   

Added on  2021-01-01

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Aspects of Contract andNegligence for Business

Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................11.1 Importance of the essential elements required for the formation of a valid contract.......11.2 Impact of different types of contract................................................................................21.3 Analysation of terms in contracts with reference to their meaning and effect.................3TASK 2............................................................................................................................................42.1 Elements of contract in given business scenarios.............................................................42.2 Apply the law on terms in different contracts..................................................................52.3 The effect of different terms in given contracts...............................................................6TASK 3............................................................................................................................................63.1 Contrast liability in tort with contractual liability............................................................6Contractual liability................................................................................................................63.2 Nature of liability in Negligence......................................................................................73.3 How a business can be vicariously liable.........................................................................8TASK 4............................................................................................................................................94.1 Apply the elements of tort of negligence and defences in different business situations.94.2 Apply the elements of vicarious liability in given business situations...........................10CONCLUSION .............................................................................................................................11REFERENCES .............................................................................................................................12

INTRODUCTION A contract can be simply defined a concord which lies between two or more people. Thisis a kind of agreement which usually permits different parties to perform a service, offer variousgoods & services or commit to an act (Thompson, 2012). If a contract comprises of all of therequired components, it is considered as valid and is enforceable in a tribunal of law. Theessential elements of a valid agreement are offered, acceptance, consideration, lawful subjectmatter, certainty of meaning etc. The present report is highlighting the several aspects ofcontracts and the consequences which may occur after negligence of any aspect of an accord.Importance of different components of a valid contract is described in this assignment to light onvarious contracts laws. Additionally, some light has been thrown on impacts of various types ofagreement. Nature of liability in Negligence is also described in this project. TASK 11.1 Importance of the essential elements required for the formation of a valid contractValid contracts are lawfully binding promises made between minimum of two parties tofulfil obligations in exchange or dealing for something of value. It can be presented in variousforms such as written, verbal or an integration of both. A valid agreement assures people thattheir interests are protected by norms and laws since both the parties who are involved in accordwill fulfil each obligations as promised. Every agreement is not treated as valid contract. In-fact,only those agreements which are enforceable at law is considered as a contract. This is to benoted that each and every valid contract comprises of certain elements which is discussedbelow :Offer and acceptance : For creating a valid contract, existence of a legitimate offer ismandatory which is provided by one party. Additionally, legal acceptance of similar isalso necessary from the side of another involved party. Intention to create legal relations : This is important to have an intention of forming alegitimate relationship amongst the members who are willing to form an accord. In theabsence of such kind of relation, that accord is not treated as valid which is why this issignificant for a valid contract (Weber, 2017). 1

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