Business Law and Ethics: Essential Elements of Contract and Remedies

This report covers the essential elements of contract law, including offer, acceptance, consideration, and legal intention. It also discusses the remedies available in contract law, such as damages, specific performance, and injunction. The report concludes with a discussion of the general rights of parties in a contract.

Business Law and
Ethics

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

INTRODUCTION
Business law provides regulatory impositions of laws in which all the legal regulations
and the structure which is necessary for the corporate areas are being implied. This generates the
methods and the manner in which company can frame the necessary requirements in which all
the work and the structure with analysis if all the set of rules can be depicted. This generally
considers some important laws which are like contract law, employment law, IPR, companies act
and many more (Svyatoshnyuk, 2019). Contract act is one of the most important framework of
essential elements through which the companies can make the rules and general working
principles. This report will cover case scenario in which their will be discussion about all the
essential requirement to frame an contract and also will give the remedies which are being
available in the contract law.
TASK
Contract law
As when individuals are in general business practises and they are trying to make the
agreement or some kind of deal through which they can embellish all the necessary areas and the
requirements in order to make the functioning smooth and to avoid all kind of breach which is
being drawn between the parties they can take the help of contract law for future arrangements
and programs. Contract law is generally being made or adapted between two or more individuals
who are interested to enter in an agreement which is being made between them. This provides to
make the agreement enforceable by the legal implications or law (Iamiceli, 2019). And it also
promotes the parties to be legally binding towards one another.
Essential elements of contract
Their are 4 essential elements to be applied as without which no contract can be made
possible. They are like mentioned thereunder: Offer- This is an invitation to treat which is being made by one of the party to the other in
order to invite them for some essential or important work. It provides the vary nature in
which they can apply by the offerer to perform some work by the help of offree. Acceptance- It is generally when any kind of offer is being given by one of the party or
the invitation is being provided by any of them at it mutually agreed by all or the consent

is being given by the acceptor regarding to complete the task or the work which is made
between the. Acceptance can generally be expressed or implied and it can be in written or
can also be given through mails. Consideration- This is the value or the amount which is decided between the parties for
the completion of task. As no party can frame a contract without discussion the adequate
compensation for their work. It is the value or set of money made between them. Legal intention- It is the intention made by the parties in order to performance of the
contract as this is the fair and reasonable mindset of person for the performance of any
task. It provides the obligation and the working nature. Both the parties should be well
aware and have to be fully aware about the contract and its requirements (Zhang, 2019).
Case Scenario
In this case scenario where Avril has made the offer of €750 and has also made the
quotation which is being decided between the parties for 7 consecutive days to Belinda to make
the work to be made in proper manner. And Belinda has not responded in that particular time
period and she replied after the end of that quotation period about getting the task done for which
Avril increased the amount for about €900 which embellish that there is no contract being made
between the parties, as all the essential elements are important in the contract and their was no
such contract undertaken in between them. And in this case the offer was not being accepted and
if for now she wants that contract to be made between the parties she will have to make the new
contract with the offer which is being served.
In case of Ramsgate Victoria hotel v. Mntefoire, court held that it the time lapse has
been taken place at the time of any of the essential requirements in the contract then their will not
be any issue or contract being made between the parties (Trstenjak, 2019).
Rights in contract law Their should be right to timely consideration as all the individuals who are in contract
should always provide the consideration which is being affixed between them on timely
manner. Their should not be any kind of delay in between them. Right to fulfilment of promise is another right in which the parties when serve a contract
when will have to fulfil the general agreement being made between them and their should
not be nay kind of issue in their working process.

 Right to free consent is a major right as no person will be allowed top give the consent
with any threat, coercion etc. as contract can only be made with legal and fair manner.
In case of Avril and Belinda their cannot be any kind of contract being made between
them so they have no right to be used in this case.
Case Scenario 2
In this case, Charlie was a principle of Eddie and they were in the principle agent
relationship so all the faults and the action are to be taken according to it. And when Darwash
has told him about making the work to be completed for the electric fittings and Charlie even
when have no knowledge about that service still made that work to be done and asked Drawash
to pay the amount and Eddie on the other hand asked for the extra pay as they made an eventual
contract between them.
When analysed by Darwash the work was incomplete and they were unaware about all the
fittings and made a huge loss for him by their act. So, Darwash can take remedies in the contract
like:
Remedies Damages- It is the adequate relief given by the person as to the loss which was suffered
by them in the form of compensation (Ge, 2019). Specific performance of act- It is an equitable remedy which is given by court for all the
adequate loss by making the other party to perform the act. This helps out to make the
work made between the party because of which loss was being made to be redone.
 Injunction- This is a genera; remedy in which restraining order are being given by the
court to avoid all the loss in the parties.
Other then that there are general rights of parties for the contract like:
 Right to disclosure of facts- As both the parties should give the material facts details
which are being relevant with the case scenario and the parties should not hide any
important information about case.
 Parties have the right to be treated fairly in rather contract as their should not be any kind
of issue between them and them tends to make the contract between them to be adversed
and fair without any unfair means.

 Both the parties have the right to file suit against person in any kind of breach which is
being made between them as this is the general clause and both the parties can go to the
court for any kind of issue which is being laid in between them (Ossa, 2019).
Thus, Darwash can take the help of court and ask for damages or specific performance
for the loss accrued to him and for the non-disclosure of facts that Charlie has no knowledge
about the work.
CONCLUSION
In this above report it is concluded that, contract law is the most impactful for all the
agreements and the promise being made between the parties. Their are general rights and
remedies given in the contract for all the parties like damages, injunction, recession are important
remedies. And right to disclosure of facts, file suit are some important rights. Further more it is
also concluded that all the parties should be fair in their work.

REFERENCES
Books and Journals
Svyatoshnyuk, A.L., 2019. Principles of Contract Law of Ukraine: Concept, Contents and
System. JE Eur. L., p.74.
Iamiceli, P., 2019. Online Platforms and the Digital Turn in EU Contract Law: Unfair Practices,
Transparency and the (pierced) Veil of Digital Immunity. European Review of Contract
Law. 15(4). pp.392-420.
Zhang, M., 2019. Contract Law in the Chinese Tradition. In Chinese Contract Law-Theory &
Practice, Second Edition (pp. 33-67). Brill Nijhoff.
Ge, J., 2019. Sources of Consumer Contract Law. In A Comparative Analysis of Policing
Consumer Contracts in China and the EU (pp. 33-74). Springer, Singapore.
Ossa, R.R., 2019. Transparency in the Insurance Contract Law of Chile. In Transparency in
Insurance Contract Law (pp. 295-313). Springer, Cham.