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Assignment On Elements Of Contracts

   

Added on  2020-02-05

12 Pages4616 Words46 Views
Aspects of Contract & Negligencefor Business

Table of ContentsINTRODUCTION...........................................................................................................................3Task 1...............................................................................................................................................31.1 .........................................................................................................................................3Element of contract ................................................................................................................31.2 ..........................................................................................................................................4Impact of different type of contracts......................................................................................41.3...........................................................................................................................................5Contractual terms ...................................................................................................................5Task 2...............................................................................................................................................62.1...........................................................................................................................................6Abel's case .............................................................................................................................62.2...........................................................................................................................................6Eric's case...............................................................................................................................62.3...........................................................................................................................................7Eric's case as per terms ..........................................................................................................7Task 3...............................................................................................................................................73.1...........................................................................................................................................7Contracts liability in tort with contractual liability ...............................................................73.2...........................................................................................................................................8Nature of negligence ..............................................................................................................83.3...........................................................................................................................................9Vicarious liability ..................................................................................................................9TASK 4............................................................................................................................................94.1...........................................................................................................................................9Denis's case ............................................................................................................................94.2.........................................................................................................................................10Vicarious liability as per denis's case .................................................................................10Conclusion ....................................................................................................................................10Reference.......................................................................................................................................11Books and Journals .............................................................................................................11

INTRODUCTION Contract law is important for the business purpose to ensure the rights of employer andemployee. Agreement between two or more parties of certain terms and the conditions that isknown as contract. Contract law provide safeguard to the rights to their employee and employer.To form a contract there must be agreement between the parties. A contract is formed with thevarious elements of the contract. Contract is an official agreement between the parties it could bewritten or even it could be in oral. The contract between the parties are the promise made by boththe parties and they both bound to perform by the law. Negligence in the business imposedifferent liability on the employee or on employer ( Marks, and Jackson 2013).Task 11.1 Element of contract Contract is a promise made between the parties and that allow the courts to make thejudgement. Formation of valid contract between the parties there are certain terms and theconditions In the contract and there are elements which has to be there in the contract. These are-Offer in order to create a valid contract there must be a valid offer or a lawful offer by one partyto another party. The offer is binding contract deals with promise made by the parties. To make avalid offer it is must that a party would make an offer to other party .offer can be make forspecific person it can be for the whole world (ACCA, 2016).Acceptance this second element of a valid contract it means that after having a offer in thecontract there should be acceptance . To make the contract the offer and the acceptance must bein the contract. These elements require in every contract. Other party accepts the offer when theyunderstand the offer made by the party. In between the offer and the acceptance party negotiateon the consideration and when both the parties negotiate as they want than they give theiracceptance.Consideration Consideration this is also the very important element of the contract.Consideration means that the other party is would be giving back something in the return.Consideration is not always in monetary that could be a promise to other party. And if theconsideration in the contract than the contract will be legally valid (Chomsky, 2014).

Capacity parties who make the contract they must be capable to come into contract it means thatthey must have the legal capacity to come into contract. Like minor who are below the age of 18they have no capacity to enter into contract and other like people those who are unsound mind,and the person who is bankrupt.Lawful object The contract is made on the lawful object. It is necessity of the intention to createlegal relation.Agreement to make the contract there must be agreement between the parties it can be oral orwritten. In the agreement all the terms and the conditions are mention in and to prove theagreement it is easy to prove when it is in written format ( forster, 2010). 1.2 Impact of different type of contractsBilateral agreement and Unilateral agreement Unilateral agreementThe unilateral simple terms,unilateral contract involve an action undertaken by oneperson or group alone.In contract law,in unilateral contract only one person to make a promise oragreement. Bilateral agreement means a bilateral contract is an agreement between a least two orgroup. Most of the business and personal contract fall into that category. The most differencebetween both the contracts is the number of the parties (Wills, and napier-munn, 2015).Difference between contract under seal and simple contractmost contract made in writing will be simple contract but some will be deeds. Deeds areused because either the law requires their use or because a deed has certain advantage . Thedifference between both of them is a simple contract can be entered into orally but a deed mustbe in writing. Contract have a statutory limitation period of six years. Deeds have a limitationperiod on twelve year. Written contract and verbal contractwritten contract are the contract which are made on the legal paper and signed by theparty(Friedman, 2011).written contract and verbal contracts are binding where two or moreparties agree on services to be performed and on remuneration for said services. The differencebetween both of them is there must be an offer by a party to enter into a contract on certainspecific terms. There must be consideration in both the contract so something in exchange forwhat is being offered. Written contract are more clear than the verbal contract(Blackman, andBenson, 2010).

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