Essentials of a Valid Contract and Court System in the UK

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BUSINESS LAW AND
ETHICS

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TABLE OF CONTENTS
1. INTRODUCTION...............................................................03
2. EXPLAIN THE VARIOUS ESSENTIALS OF A VALID
CONTRACT.......................................................................03
3. EXPLAIN COURT SYSTEM OF UK AND ADVISE PARTIES TO
WHICH COURT THEY CAN APPROACH.................................
05
4. ADVISE HILARY WHETHER CONTRACT EXIST BETWEEN HER
AND OTHER PARTIES: ELEANOR, AMY AND OLIVIA.............05
5. EXPLAIN ALL THE AVAILABLE REMEDIES UNDER CONTRACT
LAW..................................................................................06
6. CONCLUSION.....................................................................06
7. REFERENCES.....................................................................07

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INTRODUCTION
Every business is governed by various laws and Law of Contract is one such law which
is widely used in the business transactions. Generally, the law of contracts is used for
determining the various rights and obligations of the contracting parties. All these laws are
passed by the Parliament of United Kingdom to make sure that all the activities which are related
to the business must work in a smooth and efficient manner. In this essay the researcher will try
to explain the blue print of the valid contract by describing various essentials of the contract
which are necessary to be present in a valid contract.
The researcher will also try to discuss the existing court system of United Kingdom and
will advise the parties that where they can approach if the contract they entered has been
breached.
In this essay different fact based problems will be examined and it will be seen whether
the valid contract lies between the parties or not. At last all the available remedies will be
discussed which are available to the contracting parties under this contract law.
MAIN BODY
Explain the Various Essentials of a Valid Contract
A “Legally Binding Agreement” will be known as a contract. In a valid contract all the
contracting parties will make an agreement with a free will regarding certain subject matter and
this document of contract will determine the rights and duties of the contracting parties. A single
person cannot make a contract in himself which means that for the formation of a contract
minimum 2 people are required. There is no maximum limit on the number of people while
entering into a contract. The contract law in United Kingdom has enumerated various essentials
of the contract which should be present in a valid contract (Abd Rahman, 2019).
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When two or more parties enter into a contract they become bound by the terms of the
contract. If any of the party violates the terms mentioned in the contract, it will be considered as
the breach of contract. The party who suffers the loss due to such breach can approach the court
to claim the compensation for the breach of the contract. The court will examine the agreement