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Aspects of Contracts and Negligence in Business Environment Report

   

Added on  2020-01-28

14 Pages4125 Words74 Views
ASPECTS OF CONTRACTAND NEGLIGENCE

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Importance of essential elements required for the formation of valid contract ...................11.2 Impact of different types of contracts...................................................................................21.3 Analysing the contractual terms with reference to their meaning and effect........................3TASK 2............................................................................................................................................32.1 Applying elements of contract in given case scenario..........................................................32.2 Applying law on terms in different contracts........................................................................42.3 Evaluating the effect of different terms in given case scenario............................................5TASK 3............................................................................................................................................63.1 Contrasting the nature of liability in Contract with the nature of liability in Trot................63.2 The nature of liability in negligence.....................................................................................63.3 Examining the vicarious liability of a business organisation................................................7TASK 4............................................................................................................................................74.1 Applying elements of tort liability of negligence and defences for given scenario..............74.2 The elements of vicarious liability in given situations..........................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONThere is tough competition prevailing between various corporate entities in today'smodern world. As per the present scenario, agreements and contracts have become an importantelement in trading activities that assist companies in performing business operationssystematically. It reflects inclusion of rules and regulations within business environment of thefirm. It has become mandatory for all enterprises to imply legal and regulatory framework in aneffective manner. This helps organisations to maintain competitive and winning edge in themarket. They are enrolled with several contracts in a written form that should be abided by themin a legal structure. In the present world, negligence is increasing considerably with respect to compensationfor accidental issues and injuries. Present report highlights crucial aspects of contracts andnegligence in the business environment (Sweet and Schneier, 2012). There will be properevaluation and analysis of theoretical concepts of contracts and practical implication made bybusiness enterprises and individuals. It reflects proper systematic approach of adopting rules andregulations in the organisation. TASK 11.1 Importance of essential elements required for the formation of valid contract When two or more parties are bonded within a legal agreement in a regulatoryframework, it is referred as contract. It establishes a legal relationship between parties as theyfollow certain rights and promises. Thereby, it gives a lawful obligation to either do or not to dokind of peculiar thing. There are certain essential components required for the formation of avalid contract which is given as below:Offer: This refers to the term of agreement that precisely and clearly instructs essentialnorms and conditions of contract to offeree. It also demands for suitable consent fromboth the parties involved in agreement (Marks, Marks and Jackson, 2013). There is alegal statement on which the offeror is bound on his statement to the offeree.Acceptance: This simply refers to the desire of accepting obligations mentioned in thecontract. It is stated as an aspect of willingness and desire to perform the duties andresponsibilities of contractual relationship. There is an unconditional consent that iscommunicated to the offeror by offeree with intention of accepting offer.1

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