Business Law and Ethics: Contract Law, Court System, and Remedies

Business Law and
Ethics

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 court 4
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 by one party. Other party should accept the offer. In between
there shroud exist a consideration that 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 a intention to legally bound with the agreement. Parties
should posses a contractual 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.
Consideration is 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 a intention to 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