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Aspects of Contract and Negligence for Business (pdf)

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Added on  2019-12-18

Aspects of Contract and Negligence for Business (pdf)

   Added on 2019-12-18

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Aspects of Contractand negligence forbusiness
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Table of ContentsIntroduction ..............................................................................................................1Task 1 ........................................................................................................................1Task 2 ........................................................................................................................3Task 3 ........................................................................................................................4Task 4 ........................................................................................................................6Conclusion .................................................................................................................7References ..................................................................................................................8
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INTRODUCTIONIn modern scenario of developments, civil law is considered to be the mandatory principles usedin society for their betterment and to maintain discipline among them which helps them to livetogether with peaceful coexistence. In the wide area of civil law the law of contract is proved tobe work efficiently in business activities as there are plenty of disputes between individualswhile doing their business activities and therefore to minimize the liability of parties and clarifyeach and every term between them to make a general consensus, the existence of law of contractis there (Ayres, I. and Schwartz, A., 2014.). In this particular report various aspects andcontentions which relate them with a valid contract are broadly explained with the help of quotedexamples.Task 1 1.1Emphasis of elements which are essential for a contractOffer and Acceptance: When a person signifies his assent to do or not to do a particularact then it is said that an offer or proposal has been made and an acceptance is supposedto be done when that person to whom an offer is made will communicate his free consent.Consent of both the Parties: To make the contract effective and working it is mandatorythat parties should have a mutual understanding and it comprises with free co00nsent ofboth the parties to enter in a contract.Intention to form an obligation specifically legal: Both parties must have the intention toenter into a legal contract which clearly shows their willingness also (Furmston, M.P.,Cheshire, G.C. and Fifoot, C.H.S., 2012.).Consideration: It is in form of money or any other which is equivalent to it and also it is akind of exchange between them during the performance of contract.Capacity to make a contract: This implies that parties to a contract to form must be, majori.e., parties should be greater than the age of 18 years and have a sound state of mind aswell to fulfil the competency.Agreement: When the promise made by both the parties will comprised of with anadequate amount of consideration than it is said to be an agreement. For example Bob wants to buy a book which he saw in shop of Sam and at that time the bookwas on display. He took that book and wants to pay for that book but Sam told him that the1
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