Business Law and Ethics

Business Law and Ethics

Table of Contents
INTRODUCTION.....................................................................................................................................3
PROJECT 1...............................................................................................................................................3
Define the Contract and Discuss its Essential Elements..........................................................................3
Explain Court System of UK and Advise Parties to Which Court they can Approach............................5
Advise Hilary Whether any Valid Contract Lies Between her and Other Parties that are Eleanor, Amy
and Olivia................................................................................................................................................5
Discuss Various Available Remedies Under the Contract Law...............................................................6
PROJECT 2...............................................................................................................................................6
Discuss this case in relation to ethical corporate governance and the Sabane-Oxley Act of 2002...........6
CONCLUSION..........................................................................................................................................9
REFERENCES........................................................................................................................................10

INTRODUCTION
Business law and ethics is defined as the law which ensures about the commercial
activity. On the other side, business ethics are defined as the way of performing business activity
in fair and ethical manner. It is necessary for any of the person that while conducting any of the
commercial transaction, business law and ethics must be considered as it plays the vital role. Any
of the entity fails to perform their part of work as per the requirement of law and ethics may have
to face serval penalty. Talking about the project, it has been divided into two section. The first
section will ensure that proper contract law and court procedure is used for resolving the case
study. At the same time second section will focus towards Enron Fraud Scandal where Sabane-
Oxley Act of 2002 will be also considered in it.
PROJECT 1
Define the Contract and Discuss its Essential Elements
The contract can be defined as “an agreement which is legally binding upon all the
contracting parties”. Contract law is such an important law which people use in the daily life.
The contract does not need to be in written form only, the contract can also be in the oral form
too. For entering into a contract it is necessary that there must be at least two contracting parties
who will form a contract. A contract is formed for the purpose of determining various rights and
duties of the contracting parties and terms and conditions of the agreement. Each contracting
party would be bound by the terms of the contract and if any of the party breaches that, that party
will be liable to pay the compensation to the sufferer party. The party who has suffered the loss
should prove in the court of law that there exists a valid contract between both the parties and the
loss suffered has been caused due to that breach only. To determine the fact whether valid
contract was existing between the parties the court will examine the fact whether all the
essentials of the valid contract are present or not. The essentials of a contract which should be
present in an agreement while making it a valid and binding contract are Offer, Acceptance,
Consideration and Intention to enter into legal Relationship. Offer can be defined “as
nothing but giving proposal or showing willingness regarding something to some other person”.
Offer must not be misunderstood as invitation to offer as both these things are different (Luetge,
Armbrüster and Müller, 2016). The invitation to offer is just a pre stage of offer. The Privy
Council has distinguished between these two in the landmark judgement of Harvey vs Facey