Aspects of Contract Law - PDF

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Added on 2019-12-03

Aspects of Contract Law - PDF

Added on 2019-12-03

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Aspects ofContract

TABLE OF CONTENTSIntroduction..........................................................................................................................................3Task 1...................................................................................................................................................31.1 Essential elements for formation of a contract in UK...........................................................31.2 Types of contracts and their impact.......................................................................................42.1 Applying various elements of a contract in the given scenario.............................................5Task 2...................................................................................................................................................61.3/2.2 Expressed and implied terms with reference to the case laws.........................................62.3 Effect of Express and Implied terms as per the above cases.................................................7Task 3...................................................................................................................................................74.1 Elements of tort......................................................................................................................73.1 Contrast between nature of liability in contract and tort.......................................................83.2 Nature of liability in negligence with respect to ‘Donoghue v Stevenson 1932’ case..........8Task 4...................................................................................................................................................94.2 Vicarious liability in case of employing a minor...................................................................93.3 Application of Vicarious liability in case of no fault of an employee.................................10Conclusion..........................................................................................................................................10References..........................................................................................................................................112

INTRODUCTIONLaw is the most essential element in today's business environment (Bennett andGibbeson, 2010). This project deals with contract and its legal aspects which are depicted usingrelevant case laws. Contract prevents people from behaving in a certain manner which may havea negative impact on others.TASK 11.1 Essential elements for formation of a contract in UKOffer: It refers to any offer made by a person to another. As soon as the offer is acceptedit becomes a contract and creates a legal binding (Zhang, 2006).Acceptance: Any offer made by the party should be given a proper acceptance in order toconvert it into a valid contract (Boundy, 2000). If acceptance of offer is done by inserting somespecific conditions, then, it is known as a counter offer. If an offer is not accepted before aparticular time lapse, then it gets expired for acceptance.Lawful Consideration: Consideration is the reward for work done by the parties to acontract (Zhang, 2006). It refers to the legal value of a contract. Consideration may be monetaryor non-monetary. Any contract without a lawful consideration is void.Intention: Parties entering into contract must have intention to create legal obligation forthe completion of promise made by them. This element is not expressly described in contractualrelationship of parties as it is assumed to be present. However, in domestic and charitableagreement this element is not assumed.Capacity of parties: It states that the parties must be competent enough to enter into alegal transaction. A party is capable in every case if it is not of unsound mind, not a minor, and isnot disqualified to enter into a contract. Any contract by above disqualified parties is void. Privity of contract: Privity of contract refers to a situation in which no one other than theparties to a contract can sue each other (Boundy, 2000). No other person except the parties tocontract can impose obligations on one another.Importance of essential elements of a contractContracts outline the general business and set the expectations of all the parties out ofthat contract (Lockwood, 2011). 3

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