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

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