Business Law and Ethics: Contract Law, Court System, and Ethical Corporate Governance

Business Law and
Ethics
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1...........................................................................................................................................3
Contract law and description of all blue print of a contract...................................................3
Court system in relation to English legal system and direction to all parties about which courts
action they can pursue............................................................................................................5
Advise Hilary to whether binding agreements exist between her and each of following people;
Olivia, Eleanor and Amy........................................................................................................5
Several remedies accessible to parties....................................................................................6
TASK 2............................................................................................................................................6
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Business law and ethics are key elements of greater organizational success and growth.
Business laws encompass all of the regulations and rules that dictate how to form and operate a
business company. It includes all of laws that governs how to begin, manage, exquisite and close
any kind of business. While business ethics refer to implementation of appropriate practices and
policies of a company in context of arguably controversial topics. Some problems that come up
in a discussion of ethics include insider trading, social accountability, corporate governance,
discrimination and fiduciary accountabilities. The current study will divided into two tasks, task
one will explain contract law, all blue prints of contract, and will describe court system in
context of English legal system.
It will justify appropriate suggestions to all parties about which court action to pursue. It
will define recommendation in regard to Hilary as to whether binding contracts exist between
herself and other parties and will also explain different remedies accessible to Eleanor, Olivia
and Amy. Furthermore, this report will discuss given case in relation to Sabane Oxley 2002 and
ethical corporate governance.
TASK 1
Contract law and description of all blue print of a contract
Contract law defined as part of law that governs, formed and interprets agreements in
context of exchanging products, resources, services and properties. According to this agreement,
a law made between two or more parties or business organizations, in which there is a
commitment to do something turns for a benefit or gain, is legally binding (Savelyev, 2017).
Contract law is main element of many business dealings and contracts and anyone entering into a
agreement should that failing to abide by it, even by unintentionally can outcomes in major
challenges. It usually governs legality of contracts made between two and more companies or
individuals where there is an exchange procedure of some sort intended to take place. In mostly
all business deals and transactions, legal contracts are formed. Such agreements, even when
made by verbal contract, are legally enforceable as an obligation to meet terms and conditions of
conformity has been developed. Employment agreements, exchange of products or money,
purchase orders and bills of discounts are included in list of examples in context of agreements in
ventures (EVDOKIMOVA and STEPANOVA, 2019). A contract is consist of key components
or steps that is called a blue print-
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Offers-
The first component of a business agreement or contract is offer; a company can issue an
existing offer to treat by putting their commitment out that it is open to accepting business deals.
In simple words, when one party seek to sign contract with other one, they must offer something
really precious and valuable so that interest organization or business owner can stated their
preferences.
Acceptance-
It is the second element of the contract blue print, acceptance mean that someone has
decided to take up the best offer for other one. It is a term that defines process of accepting offer
by other party who is interested within it. It is a proposal made by owner which required
accepting by other person to make legal contract between both of them. Example taken from case
study defines acceptance element. Eleanor has not accepted contract to pay £15,000 instead she
say that she will like to pay £13,000.
Consideration-
Before making a legal business contract there must be some amount of this element such
as services, object and payment that means both parties in a contract need to pay something to
each other either product or anything. In three above given cases there is no exchange or
transaction of services or goods and consideration among interested parties has been done so
there were no contractual deal between them.
Legality of subject matter-
Any types of contract are mainly developed with legal purpose at same period statutory
regulations also considered by both parties so that agreement can become valid. It is the main
component or step of contract blue print. In respect of given case study, there was no legal
contract between Hilary and other two parties has been done in context of payment exchange of
products.
Contractual intent-
In order to make a valid agreement both parties require being interested or intended in
buying services or products offered by other parties. Such as in case of Hilary has intention to
sold gallery paintings but Eleanor and Amy are not interested to have these.
Contractual capacity-
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