Business and Corporate Law

Business and Corporate Law

Table of Contents
Business and Corporate Law.......................................................................................................1
INTRODUCTION.......................................................................................................................3
Issue.........................................................................................................................................3
Contract...................................................................................................................................3
Rules of Offer..........................................................................................................................4
Rules of Acceptance................................................................................................................5
Rules of Revocation................................................................................................................6
Postal Rules.............................................................................................................................6
Application..............................................................................................................................7
CONCLUSION............................................................................................................................8
REFERENCES............................................................................................................................9

INTRODUCTION
Business and corporate law are laws that govern rights, relation and conduct of
persons, companies and businesses. These laws include rules and regulation related to all these
factors which are undertaken and affect corporate operations. These laws thus encompasses
the formation, funding, governance and death of the corporate. This means that entire life
cycle of corporate are governed and managed by the corporate and business laws. This report
also includes such a case which reflect conduct of a person and how does it affect the forming
of contract in these parties. This report for the same purpose includes contract law and what
are its essential elements which affect a valid contract and what makes the contract invalid.
Issue
This case features James and Elizabeth in this James writes a latter to Elizabeth offering to
sell his Van for £3000. Elizabeth receives the latter and send post card to James on 12 Dec,
2019 this latter includes proposal of Elizabeth which states that Will James accept £2900 for
the Van. Elizabeth sends this post card to James ensuring a next day arrival. But on the same
some time later Elizabeth changes her mind and write another latter to James which states
accepting the offer of James in £3000. But James reads the first post card. This requires
finding whether a valid contract have been made between James and Elizabeth or not.
Contract
An agreement in two people and parties is known as contract which bind them legally
for carrying out or not carrying out a task and activity (Beale and et.al., 2019). A valid
contract have some essential characteristics which make the contract valid. These essential
elements are-
Offering
Accepting the offer and
willingness to build Legal relation
consideration