Business Law and Ethics: Contract Law, Court System, and Remedies
Verified
Added on  2023/01/06
|8
|1961
|65
AI Summary
This report discusses the concepts of contract law, court system, and remedies in business law and ethics. It covers the formation of a contract, the principles of contract law, the English legal system, and the available remedies for breach of contract. The report provides insights into the application of these concepts to specific case scenarios.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Business Law and Ethics
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Table of Contents INTRODUCTION...........................................................................................................................3 Contract law and its blue prints.............................................................................................3 Court system in relation to the English legal system and advise the parties above which court4 Advise Hilary as whether binding contract exists..................................................................5 Explain and discuss various remedies available to the parties...............................................5 Conclusion......................................................................................................................................7 REFERENCE...................................................................................................................................8
INTRODUCTION Business law & ethics is law that is related to commercial transactions that are taking place between two parties. It is used for the purpose of enhancing business transactions to enhance the performance of business(Ahlinder, 2017). Present report is based on the discussion of court procedures and legal laws that are related to contract law applying to the present case study. There is discussion of the contract law, its blue prints, English legal system governing all the cases. Further there is application of such clause on the present case study where contact of Hilary is in relation to three different parties. Lastly there is analysis of remedies available to parties in situations of breach of a legal contract. Contract law and its blue prints Contract is a agreement that is legally binding two parties and there are certain basic principles that are governing all formal contracts: There has to be offer made byone party.Other party should accept theoffer. In between there shroud exist aconsiderationthat is a promise to pay a monetary amount, do something, nit to do something or a promise to provide something else of a value. The contract has to be made with aintention tolegally bound with the agreement. Parties should posses acontractual capacity that is recognized by law such as companies, Limited liability partnerships and the age should be minimum 18 years. If all such element are existing than it leads to creation of a legally binding contract(ASOCIAriON, 2017). There should be no vitiating factors like misinterpretation that can lead to impairing of the contract validity. It can lead to reversing of the legally bounded contract and can be declared as void ab initio that is law was never made and the remedy present in such a situation is Rescission. Considerationis one of the most crucial aspect of a valid contract as it is something that is part of dealing in both the contracts. In financial aspects both parties have to fulfil all the promised that is to do something or to not to do something that has been mentioned in the contract(Schelhaas, 2017). There has to be always aintentionto enter into a lawful relationship by both the parties who are part of the contract. Such as in the most famous case of Balfour vs Balfour where there was a landmark judgement. It was a agreement between husband and wide. Here court declared
that there was no lawful intention behind formation of the contract and thus, this contract is not legally binding both the parties. Court system in relation to the English legal system and advise the parties above which court Formation of a contract: In present situation the country is having focus on adoption of some lawful practices so that there can be maintaining of peace. English legal system is aimed at taking timely decisions to achieve some specificoutcomes(Davies,2018). For solving these cases judiciary system plays a very crucial role as it is divide in two parts that is civil and criminal. The description of judiciary system is mentioned below: Civil proceedings: It is a very crucial aspects that has to be resolved in judiciary premises. All civil matters are to be considered that are less difficult and to be resolved with judgement provided by judges. In civil proceedings there is need to focus on type of courts such as country court, magistrate court, supreme court and many others, the maximum number of cases has to be resolved by country court(Stack, 2018). Civil law is dealing with country courts and complex cases a judge before trying a civil case is relating the relevant cases and trying to become familiar with all the details. There is a need to manage the civil cases to ensure its processing are starting within specified time period. After assessment of the case there is a need to enhance the value of court procedure that is very necessary to take court assistance(Freedland, and Dhorajiwala, , 2019). The court has benefits if the case is solved according to early made agreements. If the disputed parties is not able to solve the issues if country court then there is a need to take timely assistance from another court to reach to some specific conclusions. If the disputed party is approaching to another court then it might lead to a long procedure to reach some specific conclusions. There is legislation that is the Act of parliament, the principal legislation is based on UKL parliament. This body has the power to pass lawsthat is applied on four countries. Parliament consist of house of common and House of Lords(Fowler, 2018). There are 650 members on house of common and 800 in House of Lords. Common law is derived from judicial decisions and similar tribunals.The English legal system of England & wales is common one law.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
UKlawisfurtherclassifiedinPublicandprivatelaw.Publiclawisgoverning relationship between citizen & state. Private law govern the relationship between a individual & a private organisation. Advise Hilary as whether binding contract exists Case 1:In the provided case the advertisement that was used by Hilary will be considered as an invitation to offer a sale. In case of Prtridge vs Carttifner court made a statement that a advertisement on any public Platform that is easily accessible by anyone is always a invitation to offer, in present case offer was made by Eleanor that Hilary further counted the offer and it lade to offer becomingceased. After which the offer made by Hilary again and getting rejected by Eleanor there comes a situation of no conflict among both parties has there has been invitation but was followed by no acceptance of the second part to the contract. Case 2: The general rule is based on a exception that if acceptance is sent via postal means then acceptance can never be revoked if it has been already in transmission mode as both parties are bounded by contract. This application based on facts will be conclude that Amy did not revoked the acceptance as she posted the acceptance letter already. This can be understood by the judgement passed in case of Entores vs Far miles east corporation. In present case Amy herself wanted to revoke the contract and fax reached before the post so the contract became void at that point itself. Case 3: Notice by Hilary will be considered as offer invitation. In the case of contract between Hilary and Olivia, Olivia made a offer that was rejected by Hilary so there was no acceptance of the offer and that again lead to no formation of a legal binding contract between both the parties. Explain and discuss various remedies available to the parties There are basic two types of remedies available in acontract law that specific performance and compensation. Compensation is a remedy that is awarded by court in case there is breach of contract and there is awarding of compensation by part who is sufferer and must observe that loss has been foreseeable.
Another remedy that is thespecific performanceof the original contract that occurred at the time of offer and acceptance between both the parties and are now legally bounded. As there are many times situations where the compensation is not enough. In such cases court can order that there has to be specific performance of the original contract (Jennifer, 2018). These remedies have to be considered according toPresent situationthere are remedies available according to the situation. Such as in case of contract between Hilary and Amy there can be request of compensation by Hilary as Amy earlier excepted the offer and the letter was already posted before fax(Pasculli, 2016). In case of Eleanor and Hilary there was no acceptance byEleanorsotherecanbenodemandofeitherspecificperformanceoranytypeof compensation as Eleanor already declined the offer and there was no acceptance that lead to no formation of bay type of legal contract between both the parties. Boththeaboveremediesareavailableforcourtbeforethedeclarationoffinal judgements. In this major considered points are the basis on which contract was created.
Conclusion From the discussion of above mentioned scenarios of various aspects that are part of contract law. It can be concluded that business law and ethical law are the two most vital concept that are part of every contract that takes place between both the parties. There are some crucial aspects of contract law that actually lead to legal bound on both parties. If all the elements are Present in a contract in that situation only there can be demand of ether two remedies that is specific performance or compensation. In these cases it depends on the discretion of legal courts their decision is final after there has been detail consideration of different aspects of the contract.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
REFERENCE Books & Journal Ahlinder, E., 2017. Business tenant protection-For whom? For what? How? Security of tenure within UK, Swedish and Australian law.Australian Property Law Journal,26(2), pp.159- 194. ASOCIAriON, U.L.S., 2017. LEGAL ISSUES JOURNAL. Davies, P.L., 2018. Related party transactions: UK model.European Corporate Governance Institute (ECGI)-Law Working Paper, (387). Fowler, J., 2018. UK Case Law Update.Int'l J. Franchising L.,16, p.21. Freedland, M. and Dhorajiwala, H., 2019. UK response to new trade Union strategies for new forms of employment.European Labour Law Journal,10(3), pp.281-290. Jennifer, P., 2018. Debt Restructuring in the UK.European Company and Financial Law Review,15(3), pp.449-471. Pasculli, L., 2016. A Right Turn in the English Criminal Law: No More Anomalous Forms of Complicity. An Important Lesson from the UK Supreme Court.An Important Lesson from the UK Supreme Court (May 22, 2016). Diritto Penale XXI Secolo,1, pp.116-129. Schelhaas, H.N., 2017. Penalty Clauses and the Recent Decisions by the UK Supreme Court in Cavendish v. Makdessi & ParkingEye v. Beavis.European Review of Private Law,25(1). Stack, K.M., 2018. Overcoming Dicey in administrative law. Online CiviljusticeinEnglandandWales,2020[online],Available through<https://www.judiciary.uk/about-the-judiciary/the-justice-system/jurisdictions/ civil-jurisdiction/>