Business Law and Ethics: Case Study on Breach of Contractual Relations and Remedies

Business Law and
Ethics

Table of Contents
INTRODUCTION ..........................................................................................................................3
Main Body ......................................................................................................................................3
Possible remedies available for Raymond..................................................................................4
If Samantha had paid £200 to Raymond three weeks prior is there any Difference in answer
and would Raymond agree to the same.......................................................................................4
The legal position if Raymond had requested a £400 payment from Samantha as full and final
settlement....................................................................................................................................5
Advice that can be given to Samantha........................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................6
Books and Journal.......................................................................................................................6

INTRODUCTION
Business law also popularly termed as Commercial law is a set of rules and regulations
used to manage business activities and transaction system. As it helps in managing transaction
and activities of business, it has direct relationship with trade, industry and commerce and
include all the laws applicable such as insurance act, Company law, intellectual property right,
contract law, etc. Contract law is a set of rules and legislation which are enforced between parties
who are entering into a valid contract and also contain regulations in which concerned parties are
bound to follow in order to frame a proper contract(Fotaki, 2020). To establish a valid contract a
contract should contain various essential elements such as an offer which is accepted by other
party, a legal objective and consideration, free consent, etc. On the other hand, business ethics
are set of rules and regulation which governs the behaviour of individual and include arguable
matters like discrimination, equality, etc. and ultimately helps in increasing productivity by
raising moral of employees. An ethical company which works on business ethics would always
maintain the contractual relations. This report contain a case study to explain the breach of
contractual relations and its remedies.
Main Body
Contract is an agreement which is enforceable by law(Prasad, Kumar and Kapoor, 2020).
It is a legal agreement with essentials of contract held between two or more parties. In addition it
can be stated that “All contracts are agreements but all agreements are not contract”. There are
various essential elements to enter into a valid contract such as offer and acceptance of
agreement, willingness to establish a legal relationship, free consent, lawful object and
consideration, etc. Consideration is an essential element to create a legal contract as no contract
can be established without any legal consideration and also both the parties should agree to enter
into a legal relationship. Contract law plays an important role in providing security and
confidentiality to the business against performance of contract as it contains remedies for the
breach of contract(Alderson and Morrow, 2020). Remedies which are available for breach of
contract are Sue for Damages, injunction, repudiation, etc.
In the given case, Raymond runs small consultancy firm related to taxation. Samantha is an
struggling artist and she enters into a contract with Raymond to draft a business account for a
consideration of £800 which she will pay after completion of work. But afterwards she denied to