Aspects of Contract & Negligence for Business - Report
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Added on 2020-01-07
Aspects of Contract & Negligence for Business - Report
Added on 2020-01-07
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ASPECTS OFCONTRACT ANDNEGLIGENCE FORBUSINESS1
TABLE OF CONTENTSintroduction......................................................................................................................................4Task 1...............................................................................................................................................41.1 Essential elements for formulation of valid contract.............................................................41.2 Impact of various contracts....................................................................................................51.3 Various terms associated to contract......................................................................................6Task 2...............................................................................................................................................72.1 Applying the contract terms in given business scenario........................................................72.2 Applying the law terms in different contracts........................................................................72.3 Evaluating effect of different terms of law............................................................................8Task 3...............................................................................................................................................93.1 Contrasting tort and contractual liability...............................................................................93.2 Nature of liabilities in Negligence.......................................................................................103.3 Making a business vicariously liable...................................................................................10TASK 4 .........................................................................................................................................114.1 Application of elements of tort of negligence .....................................................................114.2 Application of elements of vicarious liability .....................................................................11CONCLUSION..............................................................................................................................12References......................................................................................................................................132
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INTRODUCTIONThe main motto involved in principles of contract and negligence in business terms is toget a detailed knowledge about the different aspects of law & their purposes within a business(Ashcroft, Ashcroft and Patterson, 2016). Law & order are the driving forces of the any businessactivity or association. Both the parties involved within a contract need to stay abide by the rulesand regulations of laws enforced by legal authorities in order for the success of contract therebydepicting mutual concern. Without effective & proper law every business will come under theinfluence of a chaotic situation. Henceforth, the report focuses upon the various elements inassociation with business contracts and also on the importance of liability aspects in context tonegligence within businesses. TASK 11.1 Essential elements for formulation of valid contractA valid contract accounts to be an expressible agreement between two parties forproviding a service or product within a business. The following elements are essential :1.Proper Offer & Acceptance : Among the two parties, a “lawful offer” must be donefrom one and “lawful acceptance” in context to same should be shown by another. Ascontextualized by Section 2(a) of Contract Act, offer is : ' the significance of willingnessshown by one person for doing anything in order to obtain other person's consent'. Whileparticularly referring towards the Section 2 (b)of the Contract Act, it could be stated that,'When individual to whom the offer is made shows his agreeing regarding that offer then,it is said to be acceptable'. 2.Intention for creating Legal Relationship : Ifno such intentions on involved partiespart is there then, no contract is there (Elements of a Contract, 2016). Legal relations arenot taken in consideration by social/domestic agreements.3.Lawful Consideration : The parties involved within a contract have to provide valuableassets regarding business which will further indulge the other party to enter agreement.This value exchange procedure is termed as consideration. If one of the two partiesinvolved within a contract agrees to give recompense to another then it is also regarded asconsideration. It can also be contextualized that price plays as a factor for bringing up of4
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