Aspects Of Contract and Negligence- Sam and Bob Case
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Added on 2020-01-28
Aspects Of Contract and Negligence- Sam and Bob Case
Added on 2020-01-28
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ASPECTS OF CONTRACTANDNEGLIGENCE FOR BUSINESS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1...........................................................................................................................................11.2, 1.3....................................................................................................................................22.1...........................................................................................................................................22.2, 2.3....................................................................................................................................3TASK 2............................................................................................................................................43.1...........................................................................................................................................43.2...........................................................................................................................................43.3...........................................................................................................................................54.1, 4.2....................................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONBusiness contracts can be stated as the form of mutual understanding or consent amongtwo or more parties in order to develop a legal contract. However, it is essential for the parties toagree upon the prescribed responsibilities and duties with the aim to enhance future performance(Fried, 2015). Also, form the present research it develops the understanding regarding thedifferent elements of contract. TASK 11.1From the given case scenario on Sam and Bob it can be assessed that it is based on validcontract. It can be stated that the contract is enforceable by law and thus involves differentessential element of a valid contract. Following are the necessary elements of valid contractwhich are as follows- Mutual obligation- It can be stated that mutual obligation is the contract among twoparties on a joint perception regarding the terms of the contract. However, if there is adifference found in the understanding of the actual offer which is made to the partiesthen, it creates a legal challenge for them (McKendrick, 2014). Competent parties- The parties who are involved in making the contract need to becompetent i.e. they must be in their absolute state of mind at the time of entering intocontract. Legal considerations- It consists of a lawful exchange of something in return for the aimto fulfill the promise or obligation. For instance, when one party promises to benefit otherparty in order to execute the offer and acceptance then it is stated as a valid contract(Karagonlar, Eisenberger and Aselage, 2015).Legal formalities- It is crucial for any legal contract to carry out varied formalities suchas registration, receipts etc. so that it can help in forming a valid contract. From the given case, it can be assessed that refusal was made by Sam to Bob regardingselling of book. This presents that there is absence of valid agreement among them. Thus, thereis no offer and acceptance among offeror and offeree. Further, it can be determined that there isabsence of lawful association between both the individuals. In addition to this, the stated casedoes not showcase both free acceptance and legal consideration. Lawful formalities and1
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