Business Law and Ethics

Business Law and Ethics

Table of Contents
MAIN BODY...................................................................................................................................3
PROJECT-1(ESSAY)......................................................................................................................3
Introduction of Essay..................................................................................................................3
Following question is to be answered .............................................................................................4
Define contract law and describe all the blue prints of a contract..............................................4
Explain the court system in relation to the English legal system and advise the parties above
which court action to pursue.......................................................................................................4
Advise Hilary as to whether binding contracts exist between herself and each of the following
people: Eleanor, Amy and Olivia................................................................................................5
Explain and discuss the various remedies available to the parties..............................................6
Conclusion of essay.....................................................................................................................6
PROJECT 2(INDIVIDUAL REPORT)...........................................................................................7
Introduction of report..................................................................................................................7
CORPORATE GOVERNANCE................................................................................................8
SARBANES-OXLEY ACT OF 2002.........................................................................................9
Conclusion of Individual Report...............................................................................................10
CONCLUSION..............................................................................................................................10
REFRENCES ................................................................................................................................11

INTRODUCTION
Business laws are the laws that is related to forming of business organization within an
country. These laws are focused over providing concrete framework that makes organizations to
be formed within the laws that has been defined by the government of a country. Such laws helps
in providing legality to all process and activities that has to be performed by business
organizations. Such laws help in providing certain guidelines and rules that has been able to
make stability in an organization. Ethics consists of those rules and regulation which provides
discipline with order at workplace. These steps bound to be followed by an organization in order
to solve disputes and eradicate factors that has been disturbing environment of workplace.
Contract law, corporate governance and SOX Act 2002 has to be covered. First part is in essay
form and second part based over making individual report on a case study of Enron scandal.
MAIN BODY
PROJECT-1(ESSAY)
Introduction of Essay
The following essay consists of case scenario that is based on contract law. These laws
are there for making an agreement turned into valid contract. Laws has been formed to make
transactions related to money to be made possible between parties willing to come into contract.
Scope of such laws are wider as they cover various aspects related to business organizations and
nature is dynamic due to its impact over relationship exiting between parties. Essay a case
scenario is been given and questions based on it is required to answer (Boatright, 2017).
Case scenario: In this case Hilary advertising over printing press and is specialized in it.
They charge £15,000 for advertising. Further an offer was made to by Eleanor to Hilary for
printing press of £10,000. Regarding this post was written to her which she replied that £10,000
offer is acceptable to her. Suddenly her mind changed and she send a fax stating to ignore letter.
Hillary putted summer sale in her gallery with a long notice stating that painting by Trumpeter is
to be sold for £1 to customer coming first to her gallery. Olivia in order to get the painting waited
outside the shop for two days. As the sale commenced it was told by Hilary that painting is not
for sale now.

Following question is to be answered
Define contract law and describe all the blue prints of a contract
Contract laws are the laws that has been helping in providing legality over agreements
that has been formed between parties. Such laws has been helping in developing of strong
relationship among parties willing to come into contract. An contract can be in written an oral
form or implied and expressed. Rules and regulations with duties has been defined under
contract law which parties are bound to follow (Brenkert, 2019). All these things are completely
dependent upon situation that has lead to formation of contract. In other words contract laws
makes parties willing to come into contract bound with legal obligations mentioned under the
law. A contract can take place regarding exchange of goods, services or promise that has to be
made between parties. For providing justification over contract law an statement is given that
states “ an agreement can be a contract but a contract cannot be considered as an agreement”.
Contract is considered to be valid only when all elements are presented in it these
elements are offer, acceptance, consideration and legality. Offer means presenting an idea top
form a contract to another party and acceptance is accepting the offer that has been made. Then
comes consideration that means discussing all rules related to contract. End legality is there
which makes legal contract in eyes of law.
In the following scenario it can be seen that invitation to treat has been formed which
means only invitation to create an offer is done. In offer an idea is presented.
Explain the court system in relation to the English legal system and advise the parties above
which court action to pursue
Legal system is having laws that has been formed to deal with various kinds of problems
existing in a country. These are being formed for covering of various kinds of wrong and crime
that has been happening within an country. For making sure that laws are applied in effective
manner judicial system has been formed. Judicial system gives power to various courts as per its
jurisdiction. Supreme court has been considered to be highest court of appeal and then comes
High Court under which Queen's bench takes matter that is related to crime, Court of appeals that
takes matters of civil nature and family division which takes issues related to marriage and
divorce. After this comes Bounty courts that are responsible to take look at cases in first instance.