Business Law and Ethics: Essential Elements, Rights, and Remedies in Contract Law

This report covers essential elements, rights, and remedies in contract law, with a case scenario analysis. It also discusses the importance of business law and ethics in promoting the smooth functioning of an organization.

Business law and
ethics
(part 1)

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
Contract law................................................................................................................................3
Essential Elements Of Contract..................................................................................................3
Case Scenario 1...........................................................................................................................4
Rights of contract........................................................................................................................4
Case Scenario 2...........................................................................................................................5
Remedies in contract law............................................................................................................5
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Business law is the important areas which promotes the strategy in which they can
outgrow all the challenges and also maintain the performance of the organisation, as according to
which they can evaluate smooth functioning of the company. It use to generate all the methods
and the ways in which the company can make all the legal formation through which the
strategies can be made, as business law used to have different variable laws like employment
law, IPR, companies act, contract law etc. when the individual decides mutually to enter in an
agreement they will have to make an legal obligation with the agreement enforced under it so as
to make the work legally binding to all (Pierce, 2018). This report will cover a case scenario
with general elements and the rights and remedies in the contract law.
TASK
Contract law
This is a general agreement which is bing made between the parties as in order to create a
binding affect and also to enforce some general contract with which the parties can make all the
required areas and legal essentials to be fulfilled. Contract law helps the parties to protect their
rights and to avoid all the breach that can happen in the contract. It generally applies on two or
more individuals who are ready to enter in an agreement and to make a contract which will be
enforced between them (Siliquini-Cinelli and Hutchison, 2019).
Essential Elements Of Contract
In order to complete a contract it is important to complete 4 important elements that are
required to be fulfilled so as to create a binding effect in between they it is been mentioned
thereunder: Offer- It is an invitation of treat which is been affixed by one of the party as for
completing or for performance of any task which will help out to maintain the growth and
the welfare. It is generally the offer made by party to complete any task with the help of
another person or to make any important or wilful deed to be completed. Acceptance- This generates an agreeing consent by the other party for the invitation to
treat made between them. As this serves out to promote the consent of the another party
for the assigned work made between them. The consent given by the individual for all the

assigned work can be expressed or implied and it can also be given in writing, orally or
with the help of mails. Consideration- The sum or the amount which is being affixed between the individuals as
to complete the contract is known as consideration. This is the generated set of value
which is being decided between the parties so to complete the task or for the performance
of act. Legal intention- This is generally the intention to create a legal relation between the
parties as in order to make a contract or agreement they will have to for a proper contract
in which the consent should have to be given with full knowledge and their should not be
any kind of issues that is being raised in it. As in all the social and the domestic contracts
their will not be any kind of legal relation being taken if there is no consent or the
presumption being made by the party (Arvind and Steele, 2020).
Case Scenario 1
As in the case of Avril and Belinda there is no contract being made between them. As
Avril has made an offer of €750 and for which the stipulation which was discussed was for 7
days but Belinda has not even accepted the offer and after the time being lapsed she
communicated that she will accept that offer but till that time the prior offer was lapsed and Avril
has told to make the contract in €900 as if she wants to accept she will have to agree on all the
terms laid on it. And the contract will only be framed if their seems to have acceptance of the
new offer made by Avril.
As in the case of Ramsgate Victoria Hotel v. Mntefoire, court held that there is general
time lapse in the offer then the contract will not be framed and it will not be treated as a contract
(Salehijam, 2020).
Rights of contract
 The party can at any time make the right to enter in the contract and their can be raised a
claim for all the kind of damages and the remedies that are being available in the contract
and it also help out to obligate and maintain the contract between them. In all the general
loss their can be a remedy which is being made available for all as through which all the
party can ask for damages, rescission, repudiation and many more.
 Right to fulfil promise is the major right which should be applied by the parties as all the
organisation or the parties involve in the company should try to make and fulfil all the

obligation made in it. Their should not be any kind of reasonable changes and the
activities lied in it.
 Right to be truthful and fair towards the work which is being given to them, as their
should not be hiding of any kind of information or details. They should tend to disclose
all the material facts to the party.
 There should not be any threat or coercion used at the time of contract is being made
between the parties as they should take the consent with the party in legal manner.
 Right to timely consideration is an important right as for which all the person who are
being binding in the contract should always given the consideration which is being fixed
between the parties in timely manner (Yin and et. al., 2020).
As in the case of Avril and Belinda there is no contract being made between the parties so
there are no right which can be used by them.
Case Scenario 2
In this case scenario Charlie and Eddie are in the principle agent relationships there is a
common law rule in which Darwash has emailed Charlie about the general wire replacement and
he said that there is an eventual contract which is made between them so Eddie will work. All the
acceptance and the further address and responses led in it. Through which it can be seen that
there is a principle agent relation between the parties. And their was also been seen that at the
time of agreement being made between the parties they had also asking for the extra amount
which is being required by them, which was nit being affixed in consideration.
As in this Charlie will be liable for all the non completion of the work and the unfair
means that he was unaware about the electrical fitting and there means and even after that he had
not made and shown any kind of interest in it. And Darwash is liable to take some important
remedies in the contract as through which they can come up with an agreement and the
compensation for the loss which is being made to him.
Remedies in contract law Damages- This is generally the loss which is being provided to the aggrieved party for all
the loss that are being incurred due to the action of the other party. As in context of that
there is being seen that both the parties will have to make the work to be done in legal
manner and compensation should be given as an adequate relief to them.

 Specific performance of act- This is an equitable remedy which s given by the court
when the party is not fulfilling all the obligation of the contract and there is failure of
performance of work. It is making the party to do the act on which they had made a
breach. Recession- This remedy is to bring back parties to their original position as on which
they were earlier. It generally provides the remedy to avoid the contract and also to
prevent the loss to the party (Smits, 2017).
 Injunction- This remedy is provided to all the person on the basis of making them
restrain from a particular act or to make them complete their obliged duty. It is restraining
order given by court to the parties.
Thus, Drawash can go to the court and ask for the loss or the damages that has been
suffered by him due to the act of Charlie and Eddie. He can claim for damages or specific
performance of act. As there are some important rights of him they are like Right to disclosure
of information, this is an important right as both the parties should give information regarding
the material facts. And even though Charlie had no knowledge about the electrical fitting he hide
that from Darwash so he will be liable.
CONCLUSION
From this above report it is analysed that, business law is an implemented ideas and rules
for all the companies and their business practise. Contract la frame an agreement which helps the
party to be legally binding among all. There are rights in contract like right to consideration ,
disclosure of facts etc. it is also concluded that it have remedies available for the breach like
injunction, damages and many more.

REFERENCES
Books and Journals
Smits, J.M. ed., 2017. Contract law: a comparative introduction. Edward Elgar Publishing.
Yin, K., and et. al., 2020. Contract Law. Cambridge University Press.
Arvind, T.T. and Steele, J. eds., 2020. Contract Law and the Legislature: Autonomy,
Expectations, and the Making of Legal Doctrine. Bloomsbury Publishing.
Siliquini-Cinelli, L. and Hutchison, A., 2019. More Constitutional Dimensions of Contract Law.
Springer International Publishing.
Pierce, B., 2018. Contract Law Govern the Recruitment Process and Enable Enforcement of
Verbal Commitments. JL Bus. & Ethics. 24. p.127.
Salehijam, M., 2020. Mediation and Commercial Contract Law: Towards a Comprehensive
Legal Framework. Routledge.
Trstenjak, V., 2019. Book review: European Contract Law and the Charter of Fundamental
Rights, edited by Hugh Collins.(Cambridge: Intersentia, 2017). Common Market Law
Review. 56(4).