Business Law and Ethics: Contracts, Court System, and Enron Case Study

Business Law and
Ethics

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Contract law and description of all blue prints of a contract.......................................................3
2. Court system in respect of English legal system and types of court each part needs to follow
.....................................................................................................................................................5
3. Analysis over binding contract that is between following peoples such as Amy, Eleanor,
Olivia and Hillary........................................................................................................................6
4. Various remedies available for each party...............................................................................7
TASK 2............................................................................................................................................8
Overview on Enron Case study...................................................................................................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Business ethics and law are the major elements of the company growth and success.
However, business law comprises different regulations and rules that guides how to establish and
operate a business firm. It comprises all the legislations and laws that administers how to start-
up, manage and exist any type of business in precise manner. On the other hand, business ethics
is the process of implementing right practices and policies of the business to deal with
controversial topics. There are various issues that arises during discussion of ethics such as
trading, corporate governance, social accountability, fiduciary accountability as well as
discriminations. This brief study is classified into two tasks wherein one task will provide high
understanding about different laws i.e. contract law, different blue prints of contract. It also will
explain about court system in the context of English legal system.
It also defined logical recommendation to all parties about court response to follow. It
will explain suggestion in the context of Hilary as to whether binding contracts between other
parties and herself and will discuss over different remedies accessible to Amy, Olivia and
Eleanor.
TASK 1
Contract law and description of all blue prints of a contract
Contract law is the part of law that can be governed, formed and interpreted agreement in
the form of exchanging goods, services, properties and resources. Agreement refers as a law is
made between two or more than two parties or corporations, wherein there is a commitment to
do something extempore which will bring mutual benefits or gains, is legally binding. Contract
law is the major element of lots of business dealing and contracts between parties which binds
them to follow all rule and regulation (Al Junaibi, 2020). This contract law usually governs
legality of contract which made between two and more than two corporations or individuals
wherein exchange of procedures takes place. there are various companies which works in
collaboration in order to gain advanced benefits. So, they take support of legal contracts because
these are governed by government and builds trustworthy relationship between two parties.
There are some examples of agreement ventures such as employment agreements, bills of

discount, exchange of product or money and purchase orders. A contract is comprised several
key steps or components that are known as a blue print-
 Offers
It is the prime component of business contract or agreement. An organization can have an issue
from existing offer which can be treated by putting commitment that helps in accepting business
deals. In other word, when any business looks for to sign with other business then they should
offer something valuable and precious so that highly interested employer or company can be
stated their expectation and preferences (Alder and Wilkinson, 2016).
 Acceptance
It is another element of the business contract blue print. According to this element, when
someone has decided to accept best offer of others. It is a term that defines procedure of agreeing
offer of other party who is highly interested in it. It is a type of proposal that made by business
owner which is needed to accept by another owner to form a legal contract between them. There
is a great example of given case study that defines acceptance component. Eleanor has disagreed
with the contract to pay £15,000 instead of this she said that she will like to pay £13,000.
 Consideration
According to this element, before making any legal business contract, there should be some
amount of this element i.e. object, payment and services that means both parties requires to pay
something in the contract either product or anything (Dibra, 2016). This element is effectively
defined by given case study wherein there is no transaction or exchange of goods or services
through which it can be understood that there were no contractual deal takes place between them.
 Legality of subject matter
There is various type of contracts that are generally formulated with legal purpose in the same
time statutory regulations which are considered by both parties or employers so that contract can
become legal. However, it is considered one of the major elements of the contract blue print. In
the given case study, there was no legal contract between Hilary and other parties have been
done in the form of payment exchange of goods or services.