Business Law and Ethics: Case Scenario and Remedies for Breach of Contract
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This report discusses the essential elements of contract law, counteroffer, and parties' rights in a contract. It also provides a case scenario and remedies for breach of contract.
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Business Law and Ethics (Task 1)
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TABLE OF CONTENT INTRODUCTION...............................................................................................................................3 MAINBODY........................................................................................................................................3 CONCLUSION....................................................................................................................................5 REFERENCES....................................................................................................................................6
INTRODUCTION Businesslawisimportantsetofruleswhicharebeingregulatedinallthe organisations in order to frame proper function of business organisations and to maintain growth and advancement by implementing legal implementations and laws. It helps to give all the transactions in agreement to be implemented in a proper manner. Some of the important laws which are being covered under it our company law, contract law, employment law, IPR etc. Contract law is a mutual agreement made between two or more individuals in order to perform any agreement which is being enforceable by law. This used to have important remedies given by court for the breach of contract(Qanavati and et. al., 2020).This report will deal with a case scenario with all the essential elements that are being available in the contract and their general rights with remedies. MAINBODY Case Scenario Contract lawis mutual agreement meet between two or more individuals or parties in order to complete any task into bind themselves in contract. This used to cover obligations which are being enforceable with the law and are also complied with all the legal binding made in it.Essential elementsmade in contract without which no agreement can be framed as legal are like, firstlyoffershould be given by one individual which will be treated as an invitation to treat to perform an agreement or to enter in a contract. This is an invitation given by one party to another party to bind in a contract. Secondly acceptance which is the mere assent given by an individual for the offer which was being given to him earlier. It can be expressed and implied or can also be given with the help of mails. When theacceptancefor the invitation to treat which was being given by the or free then this element is being fulfilled. Thirdlyconsiderationused to be the most important set of agreement as it is the value which is decided between the parties in order to complete the agreement or two for the performance of contract which was being made between them(van der Sluijs, 2019). The parties will have to fix a particular amount in order to complete the task or deed. There cannot be any kind of contract without consideration. Fourthlylegal obligation to do sois an important in final element of contract as when both the parties are entering in a contract, they should have a legal intention towards that agreement made between them. No consent will be excepted if it is given by fear or threat. Both the parties will have to agree with proper and clear intentions.
Counter offeris termination of prior offer which was being made earlier at the time of framing a contract. When one party used to in negotiate at the time of coming in an agreement in order to make the contract according to their own satisfaction and comfort at the time the counteroffer is being made (Thomas,2020). Once the counteroffer is implemented the original offers are being revoked no parties will fix any deal or contract on the prior offers. These generally used to take place at the time of business transactions and practises for the consideration fixation. It is rejection of original offer with negotiation made between the parties for the general terms of contract. InHyde v. Wrench (1840)Court held that, there will not be any contract applied between the parties if new agreement or counteroffer is implemented. Once the counter offer it’s applied at the time of negotiation made between the parties all the agreements that were being binding earlier will no longer be enforced and all the new agreements will be according to the counter offer that is being made later. So, defendant will not be liable between the parties as original offer is being revoked when the counteroffer is being made, and all the clothes and the essential elements made between the parties earlier will not be in existence. If the party want to come in an agreements, then they will have to function according to the counter offer which is being made (Goh and et. al., 2018). According to this it can be framed that Avril has initially made an offer of £750 And that is for the quotation period of seven days in front of Belinda that she can decide whether to come in an agreement or not. She has taken the quotation period and has not responded to the contract offer which was being made by Avril and later on he increased his consideration to £900. It can be seen that there is no breach made from Avril As he has given us sufficient time period to Belinda and she is not responded and what is the contractual counter offer is being made then she will have to agree on the new amount which is being fixed later on. And all the prior agreement will be of no use. She can even negotiate with him which will be a new counter offer made from her part. Case Scenario 2 Breach of contractis being awarded with some specialremedies by courtin order to protect the individuals from any kind of breach and illegal happenings. Some important remedies given are like,Damagesit is a compensation provided by court to all the parties who had suffered loss with the actions of another party that has made breach in contract. This is a kind of substantial damages which is awarded when the party was injured has fulfilled all
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the terms of laws and has identified the amount which was being loss suffered because of the breach made.Specific performance of contractis equitable remedy used to help out where court orders the parties to perform act and compel them in order to enforce and maintain with equitable and fair manner. Court used to order the party was made reach to perform the act which was been agreed between them (Craven, 2019).Injunctionis restraining order provided by court for avoiding all the breach that were being made in the agreement. These can be permanent or temporary as it restrains the party from doing any kind of breach and protect another party from all the laws that can be suffered. It is a kind of equitable remedy provided by court.Recessionis the termination of contract made in the parties in order to make them enter in the original position in which they were earlier as when the contract was being framed. It helps out to remove the loss that is being suffered between the contracts. Darwash was in a contract so he can use all the remedies and can ask for the court in order to give him damages which is being made by Charlie. It is an equitable remedy that can be provided by court for the loss which is being suffered by him at the time of contract. Parties right in contract Right to file suitis given as when any of the party has made breach at the time of contract then the aggrieved party can file suit against it and can apply to the court for the breach of contract.Right to timely considerationis a major right as it is being given and being fixed as when the consideration is being maintained between the parties they will have to provide it at the time of agreement that is being decided there cannot be any kind of delay in payment of consideration.Right to exclusive ownershipis given to both the parties in the contract as they have a right for ownership which is enforceable by law provided by court (Kötz, 2019). Right to disclosure of fact providesthat all the parties will have to disclose the relevant information regarding to the contract out agreement in which they are going to enter and no party can hide any kind of material side which is being linked with the contract made between them.Right to monetary paymentis that parties should get timely services and a fixed payment which was being decided between them earlier. Darwash can apply to court and file a suit for the non-disclosure of facts by Charlie. As they said made him too suffered loss in the contract as Charlie has, not disclosed all the important information that he has no knowledge of electrical fittings and because of which the work of Darwash was majorly being affected.
CONCLUSION From this above essay it is seen that contract law provides two or more parties to be binding in an agreement which is being enforced by law. This used to have some essential elements like legal obligation to do so, offer, acceptance, consideration. Counteroffer is revocation of the prior offer made between the parties. Furthermore, it is also analysed that specific performance of contract, injunction, recession or some important remedies that are being given by court for the breach of contract. The parties will also gain right to timely consideration, right to disclosure of facts for the contractual terms. REFERENCES Craven, P., 2019. 5. The Law of Master and Servant in Mid-Nineteenth-Century Ontario. InEssays in the History of Canadian Law(pp. 175-211). University of Toronto Press. Goh and et. al., 2018. Contract law.SAL Ann. Rev., p.312. Kötz, H., 2019. Comparative Contract Law. InThe Oxford Handbook of Comparative Law. Qanavati and et. al., 2020. To be Reasonable as a Legal Principle in Contract Law. Thomas, R. ed., 2020.The evolving law and practice of voyage charterparties. Taylor & Francis. van der Sluijs, J., 2019. Transparency in the insurance contract law of Sweden. InTransparency in insurance contract law(pp. 257-277). Springer, Cham.