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

Business Law and
Ethics

Table of Contents
INDIVIDUAL ESSAY..............................................................................................................3
Introduction............................................................................................................................3
Contract law and its blue prints..............................................................................................3
Court system in relation to english legal system and advise the parties above which court
action to pursue......................................................................................................................5
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...............................................6
Conclusion..............................................................................................................................6
INDIVIDUAL REPORT............................................................................................................6
Introduction............................................................................................................................6
Discuss this case in relation to ethical corporate governance and the Sabance-Oxley Act of
2002........................................................................................................................................7
Conclusion..............................................................................................................................9
REFERENCES.........................................................................................................................11

INDIVIDUAL ESSAY
Introduction
In relation to current business environment, business law and ethics can be defined as
those rules and laws which are formulated to ensure ethical practices in business organization
and commercial activity. This also helps in performing business in appropriate manner. In
present report, there is discussion about laws and procedures for solving particular case given
under case study (Tanner, 2019).
Contract law and its blue prints
The contract can be define as “an agreement which is lawfully binding upon
contracting parties”. Contract law is most significant law which can be used by individual
in day-to-day working. In relation to contract law a contract can be defined within both oral
and written format. In relation to beginning a contract, it is important to involve minimum
two parties so that a contract can be formed. It involved different kind of rules and
regulations and write to the both parties in terms of agreement which has to be fulfilled by
both the parties(Hampton, 2017). Contract can also involve more than two parties it depend
on the nature of contract. It is must for each and every party within the contract to follow the
terms and conditions so that at two ways relationship can be established by establishment of
common interest. If there is any error within the contract in form of breaches, the party which
breach the contract has to pay compensation to the unfortunate party regarding breach of
contract. Therefore, it become liability of suffering party to prove the breach of contract in
the eyes of law so that it can get compensation for the losses at suffer from the breach of
contract. After that, identify the validity of the contract by using different constituents within
the contract (Sisk, 2017). Under this process court will assess the fact related to the contract
as well as the reason behind breaching the contract and then provide the judgement related to
breach of contract. Contract existing in the agreement for making it valid as well as
identifying the consideration related to acceptance that help in establishment of lawful
relationship between both the parties. Offer signifies “as giving proposal with willingness to
other individual person.” Giving offer to a person is completely different to the invitation of
the offer. In relation to the case study of harvey vs facey (1893), this concept is completely
hided among the two judgements. Reason behind this is related to forwarding of telegram by
plaintiff and enquiry related to low cost of property. Ulterior disapproved by defendant
because all the transaction is based on a misunderstanding where the suspected used to
mention the lower cost and send it by the telegram (Pearce, 2017). After that, the plaintiff

send email in relation to showing interest in buying the property at the reduced cost which are
mentioned under the telegram message. In relation to the complaint approach court, it is
invalid agreement and contract because suspect has broken the contract. The complainant
approach court signifies that suspect has broken the contract. Therefore, the Privy Council
has declared that telegram by which reduced cost was mentioned was invitation to offer as
well as offer made by complainant who will disapproved by defendant, thus there is no
contract made among parties. The other judgement in relation to landmark is fisher vs bell
(1961) in that court has declared every items displayed in showroom as well as shop is
determined as invitation to offer and the individual person who willingly buy those items is
considered as an offer to its shopkeeper.
Acceptance is the next level in relation to formation of a contract within two parties.
Here is the individual person for the party going to contract has to accept some offer given by
some other person. It is mandatory for the parties to ensure a proper communication system
so that they can easily communicate the acceptance. Acceptance can be easily removed by
following the proper process. There is also limit for in the acceptance which involve non
reporting system after it has been keep in the terms of transmission by both the parties and
now they are bonded to fulfil the contract.
In a valid contract there is also existence of consideration. It can be defined as
something which is directly related to both the parties who are dealing with the contract. A
consideration can be both financial and non-financial terms where both parties have to agree
on different promises to each other for fulfilment of consideration and achieving objectives of
contract (Luetge, Armbrüster and Müller, 2016).
It is necessary for all the parties involved within the contract to enter into a lawful
relationship but formation of a contract and fulfilment of rules and regulations of a contract.
Basically, contract is based on establishment of a relationship between two parties so that
lawful relationship can be established. There are different kinds of contracts which involve
different parties like husband wife father son and so on. The judgement in relation to this
landmark Balfour Vs Balfour is there is an agreement among wife as well as husband
therefore, the court declared that, there is no lawful intention among husband and wife and it
was not considered as a valid contract (Swanson and Frederick, 2016).