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

Business Law and Ethics

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Project 1...........................................................................................................................................3
Q1. Define contract law and describe all the blue prints of a contract.......................................3
Q2 Explain the court system in relation to the English legal system and advice the parties
above which court(s) action to pursue........................................................................................4
Q3 Advise Hilary as to whether binding contracts exist between herself and each of the
following people: Eleanor, Amy and Olivia. .............................................................................4
Q4 Explain and discuss the various remedies available to the parties........................................5
PROJECT 2......................................................................................................................................6
LOOPHOLES THAT RESULTED IN SCANDAL...................................................................9
CORPORATE GOVERNANCE................................................................................................9
SARBANES-OXLEY ACT OF 2002.......................................................................................10
CONCLUSION..............................................................................................................................10
REFRENCES ................................................................................................................................11

INTRODUCTION
Business laws are the laws that has been helping in formation of business that has made
establishment possible of an business organization in an country. It consists of various rules and
regulations that has been helping in making establishing of organization possible according to
the legal framework existing within an organization. Laws related to this parts makes
establishment of business organization possible in legal form. Ethics are those kind of law that
are there for defining steps and rules for maintaining discipline within work place. These kind of
laws also seeks benefits for making behaviour of individual to be monitored and creating healthy
work environment possible. Scope of such laws has been is wider and covers various aspects
regarding the laws. This file is based on contract law, corporate governance and Sabane-Oxley
Act of 2002. Further in this file in first part case scenario is given and questions related to
contract has to be answered. Then in second part a case study is given that is based on financial
scandal and has to be explained in relation to corporate governance and SOX Act 2002.
MAIN BODY
Project 1
Q1. Define contract law and describe all the blue prints of a contract.
Contract law are the laws that is based on agreement that gives rise to legal obligation
that is recognized under law. An contract is established only when offer is being made by one
person and is acceptable by other person. As per this communicating of offer is done in order to
begin a contract (Silver, 2020). It contains four elements that is offer, acceptance, consideration
and intention of creating legal relation between the parties. Further these elements are explained
as follows:
Offer: In this the basis of contract is been explained to a group or whole of the world.
Termination of offer can be done in following manner like withdrawal, rejection, lapse of time,
failure of condition and death.
Acceptance: Acceptance is been done over the offer that has been presented by the other party.
The express of words can be conducted under following terms and they are as follows:
 offerer waives communication of acceptance.
 parties agree that silence of offerer is acceptance.
 acceptance made under postal rule.

Consideration: This is one of the most required elements that has been paving way for forming
a contract in legal manner. Without consideration no contract is considered to be a valid contract.
Intention: Agreement is not going to be considered binding till intention to form an contract is
not an legal activity.
Q2 Explain the court system in relation to the English legal system and advice the parties above
which court(s) action to pursue.
In England judiciary has been given jurisdiction through courts over various kinds of
issues that are been described as follows:
The subordinate courts Magistrate courts hear minor criminal cases, youth courts hears case of
offenders to the age of 10-17 years. Family proceeding courts deal with family matters and is
presided over by magistrate's court. County courts deal with civil cases and it is presided over by
District judge.
The senior courts High court is appellant court that deals with civil and criminal cases from
subordinate courts. It also has three divisions namely Queen's Bench, Chancery and family
division. Crown court has both original and appellate jurisdiction of criminal cases and certain
civil cases of first instance (Sewu, 2019).
The Supreme Court is the final court of appeal for civil cases and criminal cases. Civil procedure
has an extensive reform in recent years. A new set of rules and new legislation for modernising
the courts and legal services were framed and put in operation from 1999.
Under the case scenario contract law is considered to be main law for consideration. So,
the parties are advised to seek County Courts and for aggrieved decision subordinate. In this
Court of appeal holds jurisdiction over it.
Q3 Advise Hilary as to whether binding contracts exist between herself and each of the
following people: Eleanor, Amy and Olivia.
Contract between Hilary and Eleanor -
At first instance Eleanor offered Hilary to purchase printing press for £10,000 and then
Hilary instead of accepting the offer gave counter offer to sell the printing press for £13,000.
Eleanor did not respond to the offer of Hilary that leads to no acceptance from Eleanor's side and
Hilary has offered her price of £10,000 but Eleanor rejected the offer so there is no acceptance.
Without acceptance to the offer there is no binding obligation on the parties and there is no such
contract between the parties. In Hyde v. Wrency, the court held that Making a counter offer