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

Business Law and
Ethics.

TABLE OF CONTENT
INTRODUCTION...............................................................................................................................3
MAIN BODY.......................................................................................................................................3
Essential elements of contract.........................................................................................................3
Counter offer....................................................................................................................................4
Remedies in breach of contract........................................................................................................5
Rights of parties in contract law.......................................................................................................5
CONCLUSION....................................................................................................................................6
REFERENCES....................................................................................................................................6

INTRODUCTION
Business law is regulation of rules through which the organisation used to follow all the
important laws and legislation that are being imposed on all the companies. It is mainly a
civil law which is being practised in all the business transactions in order to maintain a safer
deal with the parties. It mainly covers IPR, contract law, employment law etc. Contract law is
an agreement with a legal transaction which is made between parties in order to maintain a
contract and also to avoid any kind of breach and dispute between the parties. This mainly
provides general remedies through which individuals can be protected from all the breach and
issues raised in contract (Merkin, 2019). This report will deal with a case scenario which
provides essential elements of contract and also the rights and remedies made in contract law.
MAIN BODY
Case Scenario 1
Contract law provides a legal enforceability between the parties in all the agreements
that are being made between two or more individuals in order to create a contract. This
mainly provides out important obligations and rights through which agreements can be
enforced in the parties with the help of law.
Essential elements of contract
Contract law Provide some important elements without which no contract can be made
between the parties they are like,
 Offer this is mainly a willingness to do an act or an invitation to treat that is being
given to another party by an individual in order to do a task to perform a specific
function in contract.
 Acceptance as this is mainly and assent which is being given by the party to another
party when an invitation of treat is being made an offer is been given to an individual.
This can be expressed or implied and it mainly impose a legal effect by providing a
communication for the offer which is made by the party (Knapp, Crystal, and Prince,
2019).
 Consideration is the value which is being assigned for an agreement that is being
fixed for the party and a promise which is being made between the party in order to
fulfil that contract certain value or amount is being fixed in terms of payment. There
cannot be any kind of contract being made without the consideration as it is important
for the parties to decide accurate value for the agreement that is being made.