Business Law and Ethics

Business Law and Ethics

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
PART1(Breach of Contractual Relationships and Remedies).........................................................3
Advise Raymond on possible remedies available to him............................................................3
Would your answer be any different if Samantha had paid Raymond the £200 three weeks
earlier than the debt was actually due, and Raymond had agreed to this?..................................4
What would be the legal position if Raymond had requested a £400 payment from Samantha
as full and final settlement?.........................................................................................................5
What advice do you have for Samantha?....................................................................................5
CONCLUSION ...............................................................................................................................6
REFRENCES ..................................................................................................................................7

INTRODUCTION
Business laws are considered to be those laws that helps in establishment of an business
organization as per the laws set by an country for it. These laws helps in providing framework
that makes an organizations achieve its goals and objectives while following legal procedure
embedded within law. Ethics are those rules and regulations which helps an organization to
make its business environment better in terms of discipline and order within it. Scope of both
laws is wider as they cover important aspects regarding business within an organization. Nature
is dynamic as it makes business environment to be more healthy with improvement within it that
makes employees more efficient in there working within an organization. In this essay contract
law is to be explained in relation to breach of contract and remedies regarding it. An case
scenario has been given with relevant questions required to be answered.
TASK
PART1(Breach of Contractual Relationships and Remedies)
Case Scenario: Raymond work as an part-time basis for a firm of accountants in its
taxation department and also runs a small consultancy business. As he is the sole proprietor for it
and specialising in personal taxation advice. He entered in a contract with Samantha a struggling
artists and agreed to prepare some draft to be covered in last three years for sum of £800.
Raymond completed work and then Samantha told him that she could only pay £200 that was
stated as full settlement of debt. Now Samantha's paintings began to be sold at very high price
and Raymond read in newspaper that her latest work has been sold for £20,000. Now he wishes
to claim the remaining balance of £600 from Samantha.
Following questions required to be answered regarding above scenario:
Advise Raymond on possible remedies available to him.
Contract laws are the laws that has been formed between two parties or individual in
order to make sure financial transactions are done smoothly. These laws has its basis over an
agreement formed between parties (Mann–Whitney, 2020). In contract law most commonly done
wrong is breach of contract which takes place when parties have violated any condition
mentioned in a contract between two parties. Such kind of wrong is based upon nature of breach
and various remedies in relation to this is been given under contract laws. Remedies means those