Contract Laws and Remedies: A Study

BUSINESS LAW AND
ETHICS

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Advise Hilary as to whether binding contracts exist between herself and each of the following
people: Eleanor, Amy and Olivia...........................................................................................4
Explain and discuss the various remedies available to the parties.........................................5
CONCLUSION................................................................................................................................6
REFRENCES...................................................................................................................................7

INTRODUCTION
Contract laws are those laws that are formed to make financial relationship of
organization or parties strong. These laws are very important from view point of providing
smoothness within the working process of an organization. Agreements are the basis of forming
an contract and requires elements that provide stability within an agreement. Also makes it legal
in the eyes of law. In the essay contract law has been taken as a subject of study and a case
scenario has been present in relation to law of contract. Various questions is being answered
regarding the contract. Under which elements, definition and remedies has been covered.
MAIN BODY
Contract laws are that kind of laws that is dealing with such transactions that mainly
focused over influencing business in appropriate manner. These laws are focused over various
aspects that is related to helping in growth and success of business that is helpful in making
transaction possible within legal manner. In other words contract laws are considered to be that
type of rules and regulations which are being formed in order to make sure that parties forming
agreement should be bound with certain duties and rights. Contract are considered to be legal
agreements that has been agreed by both parties. Contract is legally formed only when certain
elements are present within it and they are offer, acceptance, consideration and legality. In offer
one party expresses idea to another, in acceptance offer made is being accepted by the parties.
Then comes consideration in which both parties discuss over various aspects existing and
purpose for which contract is formed. In legality the contract and its clause are checked that
makes it a valid contract within the eyes of law. An contract can be both in implied and
expressed form. A contract is formed only when there is any kind of business activity or
transaction related to money takes place.
In UK various kinds of laws exists regarding the context of aspects existing within UK
and these laws are existing within them. Legal system of UK has been formed to deal with
crimes and wrongs that has been accruing within the country on regular basis. These laws are
there to deal with both civil and criminal acts that is impacting society in negative manner. Laws
in UK are very complexed in nature and process involved within them is also very lengthy to be
applied for giving punishments. There exists various loopholes that has made legal system in UK
not comparable with modern laws of same nature(Mahoney, 2016). In order to make these law