Business Law and Ethics: Rights and Remedies in Contract Law

Business Law and
Ethics

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAINBODY....................................................................................................................................3
Contract Law...............................................................................................................................3
Essential Elements of contract....................................................................................................3
Case Scenario..............................................................................................................................4
Rights in contract........................................................................................................................4
Case Scenario 2...........................................................................................................................5
Remedies in Contract..................................................................................................................5
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Business law is a general set of rules which helps out to promote the growth and the
development in all the areas like for the organisation and for the individuals who are engaged in
business practises it is important for all of them to apply business law in all their agreements and
daily practises. This make the working smoother and also focus on making all the deals and
transactions to be safer and smoother. Their are some major laws which are applied in it they are
like contract law, company act, employment law, IPR and many more. Contract law gives the
individuals a right in which general agreements and the transactions can be made without any
issue validation (Mitchell, 2019). This report will cover all the rights and the remedies available
in the contract and the general case scenarios.
MAINBODY
Contract Law
When two or more individuals mutually agrees to carry a task or for the performance of
an act with which they will make an agreement in which the law is generally being enforced then
it will be concerned to as Contract law. In order to enter in a contract both the parties will have to
complete the essentials requirements without which no contract can be made, and their are
several remedies and rights available in it for the protection of party from breach ( Kötz, 2017).
Essential Elements of contract
Some of the major elements in the contract are like:
 Offer- This is an invitation of treat offered by one of the party for completion of task or
some important work related to that individual or for making an agreement with the
invitation.
 Acceptance-When the consent is given by the party for the invitation which was being
given by the other party in order to perform a task. This is the consent or the approval by
the other party for the offer being made. Acceptance can be expressed or implied and can
be given in any methods like calls, mails etc.
 Consideration- This is the value or the amount which is fixed for the performance of an
act, it means that all the person will get the set of money for making the assigned work to