Aspects of Contract- Doc
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Added on 2020-01-28
Aspects of Contract- Doc
Added on 2020-01-28
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ASPECTS OF CONTRACTSTUDENT NAMESTUDENT IDPROFESSOR NAME1
Table of contents2
IntroductionEvery country follows some legal frame work for the citizens of the country so that people canlive their like by maintain some rules for the betterment of the country. there is an another reasonit helps to protect their rights, if any mishaps they can execute their rights. For every specificgrounds there are many legal frame work is maintained. As per the topic of the study deals withcontract (Chamallas, 2014). Therefore, depended on the laws that are made by the governmentthe contracts can be formed properly. In order to build any kind of contracts, there are variouslaws. For the particular contract, it is important to fulfil all the appropriate requirements that arenecessary as per the law of the contract. In the time to build any cases and to respect the correctjudgement, the maintenance of the law is essential. The laws of government are created in orderto provide all the legal rights to the people of the country and to make clear the unnecessarythings that are illegal to practice.LO 1AC1.1 Importance of elements that are needed in formulation of a validcontractThe word contract is a very common word as without any contract a business transaction can'ttake place. According to Bordia et al. (2015, p.212), it is necessary to build any kind of contractby following the rules and regulations. A contract comes into legal existence when an agreementis enforceable by law.The Contracts (Rights of Third Parties) Act 1999 states the valid contractbetween the parties provides the legal rights of the parties to conducting any work. Beforecreating the contract the parties need to ensure so many things that are necessary to include inthe contract. By following all the process appropriately, the parties can build valid contract forthe need. The important elements for the valid contract are following:agreement must be needed to constitute a contract.it must include two parties one will offer while other will acceptconsent must be freelegal formalities must be fulfilled to enter a contractagreement must be supported by lawparties must be competent as sound mind to enter a contract3
parties must establish legal relationshipThe above-mentioned elements are necessary to build the valid contract between the parties. Theproposal and acceptance process ensures the reality of e-contract. By the proposal, the partiesmake clear the requirements for these contracts. Accepting the proposals, the parties ensure thatthey agree with the proposal of each other. In order to make it real the proposal and acceptanceprocess is important.The clearness of the subject of the contract is important to make clear the contracts importanceand validity as seen in case of Director General of Fair Trading v First National Bank [2001]. Byfollowing the rules and regulations of the government properly, the parties can make theircontract valid. The formations of the valid contract can be built by following and fulfilling all therequirements of the laws (Glover and Kusterer, 2016, p.56). As per the law, the parties need toensure all the important documentations. The completion of the contract can be possible with thewitness. In the formation of the contract, a third party is essential. In any negative incidentsoccurred ten with the help of the third party the proper solution can be built easily.AC1.2 Different types of contract and their impactsUnilateral contracts- In any contracts the performance of term namely offer would be decided asaccepted the given offer, here the offer like some prize must be included that is called theUnilateral contract (Wellin, 2016, p.23). In the case of FR ltd v Federal Trade Spa [2001], theoffers have been considered as accepted and even after the offer acceptance is remained theparty. An insurance party can use the Unilateral contracts where the insurance organisation couldmake a promise to provide some amount of money to their clients if the clients make theirinstalment at right time.Bilateral contracts- Bilateral contracts are where both the party can make a deal by making apromise to complete the obligations (Lee and Han, 2015, p.629). Here both the party can beincluded under the legal considerations. In most of the business organisations, the Bilateralcontract can be used. For example, a contractor can make an offer to the buyers and the buyerscan accept the offer.Written and Oral contracts- Oral contracts are such as when the contracts could be made orallyinstead of any written documents between the two parties (Lipson, 2016, p.173). On the otherhand, the written communication is all about when the contracts can be made between the two4
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