Business Law and Ethics

This study material covers topics such as business law and ethics, contract law, the court system in the English legal system, and remedies available to parties. It provides expert advice on binding contracts and more. Suitable for students studying business law and ethics.

Business Law and Ethics

INTRODUCTION
Business law and ethics ate those kinds of ethics which are responsible for smooth and
balanced functioning of an organization performing business. These ethics are very important
over the purpose of maintaining discipline and order at workplace. Such rule and regulation is
very important and is helpful in making discipline in an organization. Nature of these ethics is
dynamic as they impact functioning of an organization by keeping balance through standard.
This report is based on solicitor and barrister. In this things that are to be covered is based upon
contract law with various aspects related to it.
MAIN BODY
TASK
Case study: In this case Hilary has advertised over printing press which is specialist in trade
journal for £15,000. Eleanor wrote to Hillary upon offering to buy the same for £10,000. The
Hilary replied that by return of post saying that she would accept same for £13,000. As she did
not heard anything from Eleanor and again wrote over showing acceptance over £10,000. Now
Elenor says that she does not want to buy printing press. Hilary wrote to Amy over making offer
for sale of office computer for £1,000. In morning the letter was received by Amy agreeing to
buy over asking price. In this letter had posted before been delivered Amy changed her mind and
sent Hilary a fax asking her to ignore the letter. Hilary decides over holding grand summer sale
at within her gallery. Large notice is been put over windows gallery stating that stating that a
valuable painting by Trumpeter, a famous artist, would be available for only £1 to the first
customer who came into the gallery at the commencement of the sale, together with a free signed
print of another Trumpeter painting. Olivia was waiting outside two days before shop for sale to
start getting the painting and as she entered the shop Hilary told her that painting by Trumpeter
was no long for sale.
Define contract law and describe all the blue prints of a contract.
Contract laws are those laws that help in providing stability to an agreement and make it
legal in the eyes of laws. These laws are more helpful in formation of business relationship with
other party and enforcing of laws which has been formed by government in legal manner. Also

these laws can be more justified with a statement that is “All agreements can be contract but all
contracts cannot be agreement”. This is considered to be an legally binding promise which can
be written or oral by one party to fulfill an obligation towards another party in exchange of
consideration. Basic binding of contract must comprise of four key elements that are offer
acceptance, consideration and intent to create legal relations. Elements of contract have been
explained as follows:
 Offer and acceptance: An offer is the starting point of a contract. For creation of
contract there has to be offer and a well defined offer by one party (that is going to make
realize about the willingness of offeror’s action). Also there should be clear acceptance
of the same party. While making an offer the offering party has to specify the time limit
over the validity of a contract. If under special circumstances it has not been specified
then logical time period can be considered or the existence of a contract. Acceptance of
an offer and means to full acceptance over what is being offered and this gives validity to
an offer in tars formation into contract. All the elements should be present for contract
creation but only offer and acceptance make the basis of contract that it actually lays
base towards an legal agreement between parties (Xue, Tang and Walters, 2019).
 Intention to create legal relationship: Contract is required by the parties to enter into
legally binding agreements which means that parties that has entered into contract is
willing to form an legal relation and fully understand that an agreement can be enforced
through law. If an contract has been taken place between two parties then he can sue the
other party if provisions are not followed properly.
 Competency or ability to get into a contract: The law is not giving everyone liberty to
enter into a contract. Rather certain specific qualification is prescribed for achieving of
the competency for gaining a contract. To be legally competent for entering into contract
one must have attained the age of majority, should have sound mind and has not been
disqualified bat an law.
 Free consent: Free consent is very much essential element for validation of contract. An
agreement can only be formed when a common goal has to be achieved by both the

parties. Free consent should be there. Free consent cannot be caused by coercion, undue
influence, fraud misrepresentation and mistake (onathan Boyarin, '2017).
 Lawful Consideration: There has to be a valid consideration to form a contract.
Consideration has to be given to each party on other this has to be agreed over the price
for other promises. Consideration has to be given on other agreed price for other
promises and it is not necessary fro it to be an consideration in payment of money, this
can be anything that is related to ethics and law. Money, goods and services are the most
common examples of consideration.
 Lawful Object: The objective of an agreement should be lawful and has to be valid
within the eyes of law. Objective and purpose of the contract has to be over legal matter.
Explain the court system in relation to the English legal system and advise the parties
above which court(s) action to pursue.
Laws of UK gone through lot of changes and many flaws are still left unnoticed.
Modification done into the field of law is able to moderate crimes but has not been able to create
a strong impact within the society. Modern system of law is very complex and is difficult to
understand. Due to existence of different parts under laws of United Kingdom has made it
difficult in formation co-ordination in the legal provisions. With the existing modern system of
law in other countries, it is still considered to be outdated. This reduces tendency of legal
applications and rules in appropriate way. Thus, it can be said that, still lot of improvement is
required for reducing complexity and significant changes has to be made in order to enhance
effectiveness in legal system. The legal system of Unjted kingdom contains three main organs
which are legislative, executive and judiciary. In England two main laws exists which are
Criminal and civil law which is been operated by judiciary through its jurisdiction within which
Supreme Court is highest court of appeal. High court is the court which contains various kinds of
division in which queen bench handling criminal laws, chancellery division handling civil cases
and family division taking care of family related cases. Then come small courts known as court
of first instance (Yang, Luo and Ji, 2016).

Advise Hilary as to whether binding contracts exist between herself and each of the
following people: Eleanor, Amy and Olivia.
In this case scenario it can be observed that binding contract does not exists only
invitation to treat exists. Under invitation to treat only offer is been made in the form of
advertisement but no acceptance is there. Hence there is no binding contract between Eleanor,
Amy and Olivia.
Explain and discuss the various remedies available to the parties
In contract breach happens which is been deal with various kinds of remedies that is
damages within which money is gained in the form of claim. Then com injunction in which only
discretion is there with the judges of court. Then come specific performance in which special
condition is been maintained(Yuan, Ng and Sou, 2016).
CONCLUSION
From the above discussion it is clear that business laws are the laws which is been used
over formation of business organization in more effective manner. Ethics means those rules
formed for making discipline within an organization. In this report things covered is based over
contract law with various elements of it. Then in this file legal system with its courts of England
is been covered. The in the end remedies is been covered related to contract.

REFRENCES
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