Business Law and Ethics: Essentials of a Valid Contract, Court System, Binding Contracts, Remedies

BUSINESS LAW AND
ETHICS

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Define the “Law of Contracts” and What all are the Essentials of a Valid Contract..............3
2. Explain the Existing Court System of UK and Advise the Parties to Which Court to
Approach.....................................................................................................................................5
3. Advise Hilary as to Whether Any Binding Contracts Exist between Herself and Each of the
Following People: Eleanor, Amy and Olivia..............................................................................6
4. Explain Various Remedies Which are Available in Contract Law.........................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business and ethics are two things in the modern era which are closely
connected. It is necessary that each business organisation should follow the
basic principles of ethics while carrying the business transactions. If the
business organisation will follow the ethics it will help in enhancing the brand
image of the company. Also business has to follow various laws and
regulations. The law of contract is one such law which a business has to
follow. While doing every transaction of the business whether it is with the
suppliers of raw materials or with the customers the contract has to be
formed which can be either written or oral. In this essay essentials of the
contract will be discussed which must present in the agreement in order to
determine the duties and obligations of the contracting parties. Also various
fact based problems will be examined in order to find out whether a valid
contract exist between them or not and what are the available remedies to
them.
MAIN BODY
1. Define the “Law of Contracts” and What all are the Essentials of a Valid
Contract
Contract can be defined in simple terms such as “A legally
binding document which determines the rights and obligations of
the contracting parties”. A contract can be formed between two or more
parties for a thing which is not prohibited by law in which offer will come
from one party which needs to be accepted by other party(Cartwright, 2016).
On the formation of a valid contract each party get certain rights and duties
and both the parties becomes bound to follow the terms and conditions of
the contract. If any of the party breach that contract the compensation will