This article explores the concepts of business law and ethics, focusing on contract law, remedies for breach of contract, and a case scenario. It discusses the importance of legal formalities in business and the application of laws in commercial transactions. The case scenario involves a contract between two parties and examines the rights and obligations of the parties, as well as the available remedies for breach of contract. It also discusses the concept of promissory estoppel and its application in the case. Overall, the article emphasizes the significance of following legal norms and ethical practices in business.