Business Law and Ethics: Contracts, Court System, Remedies, Enron Scandal

Business Law and
Ethics

Table of Contents
INDIVIDUAL ESSAY....................................................................................................................2
Introduction.................................................................................................................................2
Contract law and its blue prints ..................................................................................................2
Court system in relation to English legal system and advise the parties above which court
action to pursue...........................................................................................................................4
Advise Hilary as to whether binding as whether binding contract exist within herself and each
of following people i.e., Eleanor, Amy and Olivia.....................................................................5
Explain and discuss various remedies available to the parties....................................................5
Conclusion...................................................................................................................................6
INDIVIDUAL REPORT ................................................................................................................6
Introduction ................................................................................................................................6
Discuss this case in relation to ethical corporate governance and the Sabance-Oxley Act of
2002.............................................................................................................................................6
Conclusion...................................................................................................................................8
REFERENCES..............................................................................................................................10

INDIVIDUAL ESSAY
Introduction
Business law as well as ethics is determined as law that makes sure business related
activities or function. Business ethics is defined as a method that helps in carry out activities of
organisation in proper way. This part of assignment will make sure that appropriate law and
legislation and also court procedure that is adopted for resolving particular case study in better
way (Bu, 2019).
Contract law and its blue prints
The contract is considered as “an agreement that must be legitimately binding on both
contracting parties”. Therefore, it has been analysed that contract law is considered as the
important law that is adopted by an individual person in their working life. The contract must be
in form of verbal and also in printed form (Alderand Wilkinson, 2016). For taking entrance in
particular contract, it is significant to have two parties that made a particular contract. A contract
describes various rights and responsibility and also explains different terms or policies of
particular agreement. It is important for both contracting party to obey different terms of contract
and if any party wants to contravene the contract then it is the duty of that party to provide
reimbursement to affected party. Apart from this, it is important for affected party to provide
evidence in the court that there is a valid contract between both parties and due to contravention
of contract the loss is suffered by one party only. To determine the information that there is a
valid contract exist between party, the court will identify information whether there is a contract
between two parties are exist or not.
The constitution related to contract must be prevailed in particular agreement and for
accepting it valid and binding contract includes acceptance, offer as well as consideration that
assist in take entrance in legal relationship. Offer is considered as “a sign of willingness or
eagerness to agree on certain condition from one party to another.” Invitation to offer is differ
from give offer to other party. It is determined as a first level of offer. It is differ between two
judgement of landmark of Harvey vs Facey (1893) that arise because of telegram was sent by
complainant invent enquiry for low price of property. The complainant determines the low price
and forwards it through telegram only. After this, the complainant forward email that signifies he
agrees to purchase property at low price determined which was concealed disapproved by

defendant. Therefore, the plaintiff approaches court and this signifies that the suspect has
breached the contract. Hence, the Privy Council has affirmed that telegram in which low price
was determined considered as an invitation to offer and the offer which is made by plaintiff
approved by defendant. Therefore, there is no valid contract among both parties. The Other
landmark judgement is named as Fisher vs Bell (1961) in which court has mentioned everything
shows in shops or showrooms is considered as a invitation to offer and the person who eagerly
purchase those things is determined as offer to retailer.
In order to form a contract the next step is determined as acceptance. The person accepts
someone's offer is considered as acceptance. It is important to convey acceptance in better way.
In context of revocation of acceptance, it is only revoked by offeror when it comes in knowledge
of a person. The acceptance can't revoke after it is knowledgeable in context of transmission and
when both parties get bound by contract only.Moreover the consideration is considered as a
second thing for valid contract. It is something which is given by both parties in order to form a
contract. It is in the form of finance and also there are various promises with each other in order
to do or abstain from doing anything (Ghahramani, 2018).
It is important or significant for both contracting party to have a purpose of entering into
legal relationship while forming a contract. Generally if the contract is made by husband as well
as wife or father and son and so on then that contract is considered as void. The landmark
judgement named as Balfour vs Balfour mention that there is an agreement between wife and
husband then the court mentioned that there is no legal purpose between wife as well as husband
and it is not determined as a valid contract.
Court system in relation to English legal system and advise the parties above which court action
to pursue.
In current context the nation emphasized on using legal practices for maintaining peace in
particular country. Generally, English legal system emphasized on taking proper decision for
achieving positive results. In order to resolve such type of cases, Judiciary system is very
important as they distinguish between two parts which is named as criminal and civil. The
explanation for particular judicial system that is given beneath:
Civil Proceedings: it is determined as an important proceeding that is resolved in
particular Judiciary premises. The Civil matters are determined as a less complex that must be
resolved by given judgement by judges of court. During civil proceeding, there are different