Essential Elements of Contract (PDF)
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Added on 2019-12-03
Essential Elements of Contract (PDF)
Added on 2019-12-03
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ASPECTS OFCONTRACT 1
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1 ................................................................................................................................................31.1 Essential elements required for formation of valid contract .....................................................31.2 Different types of contract ........................................................................................................41.3 Different forms of contractual terms .........................................................................................5TASK 2 ................................................................................................................................................62.1 Essential elements of contract....................................................................................................62.2 Applying law on terms to the scenario ......................................................................................62.3 Evaluating remedies which are available to Mary ....................................................................7TASK 3.................................................................................................................................................73.1 Contrast of liability in tort with contractual liability ................................................................73.2 Explain the nature of liability in negligence..............................................................................83.3 Explain how a business can be vicariously liable .....................................................................94.1 Applying elements of tort of negligence ...............................................................................104.2 Applying law on vicarious liability ........................................................................................10CONCLUSION..................................................................................................................................10REFERENCES...................................................................................................................................122
INTRODUCTIONLegal laws and regulations are introduced by government with the aim to reduce the level ofunfair transaction and this directly prevents organizations from indulging into unethical activities.Further, it is beneficial for the entire commercial environment and safeguard interest of the weakerparty. Further, in this regard law of contract and negligence has been introduced by Britishparliament (Gillies, 2004). Moreover, provisions present in this act provides description of standardduties of parties which has to be necessarily considered at the time of carrying out businessoperations. The present report being prepared totally focuses on describing the provisions so as toprovide suggestions to different parties as per the scenario given. Apart from this, aspects ofcontract and negligence law has also been considered as per the cases provided. TASK 1 1.1 Essential elements required for formation of valid contractContract is regarded as an legal agreement which is developed by two or more parties so asto fulfil expectations of one another. Further, it may be possible that all the agreements are notenforceable by law it is because of validity of essential elements. So, in accordance with theprovisions present in English law, an contract is said to be legal if following elements are present init which are as follows: Consideration: In every agreement it is must that consideration must be present whichrepresents mutual benefit of both the parties (Jennings, 2010). Further, consideration can bein any form such as in monetary or non monetary one. Moreover, it is not necessary to bearm length price but it may have some sort of value in the eyes of law. Offer and acceptance: Essential elements of a valid agreement is offer and acceptancewhere offer is given by one party to another (Pharmaceutical Society of Great Britain vBoots [1953]). Further, main stress is on accomplishing their consent for completion of theoverall performance. Generally acceptance is regarded as the consent which is given byofferree in relation with the offer given by offeror. Moreover, it is necessary that offer mustbe unconditional and in appropriate manner. Other elements: In every agreement it is necessary that parties must be capable enough toenter into contractual relationship (Kelly and et.al., 2013). Moreover, aims of the contractmust be legal and this will prevent third party to claim for performance on contractingparties. Intention: All the parties in agreement must enter into contract in order to fulfil promisesmade by each other. Further, this element is regarded to be one of the most crucial part of3
contract made by parties. 1.2 Different types of contractWritten contractThey are the best kinds ofcontracts where no confusionarises relating to the terms andclarity of a contract. They aregenerally the best types ofcontracts as they provide proof.Example: Sale deed. Oral contractIt refers to a contract whoseterms are discussed orally butstill they can be enforced bycourts. It may be part writtenand part oral (McKendrick,2012). These contracts arealways prone to some riskfactor because of the difficultyarising in proving the terms of acontract as they lack writtenproofs. They are less impactful andcertain when compared to awritten contract. Some oralcontracts are evenunenforceable by law. Itinvolves maximum fraud andrisk. Example: Maritalsettlement contracts. Distance contractIt is a kind of contract in whichthe parties communicate ornegotiate through post,telecommunication, emails,click-wrap, etc. The conditionhere is that the communicationmust be given properly and ontime. In case of delayedacceptance, the offer is lost.Acceptance ,must be in themanner stated while making anoffer. It is equally efficient andenforceable as any othercontract. The only difference isnon existence of parties at asame place (Partington, 2013).Example: Online shoppingFace-to-face contractContracts where parties arephysically present. They canIt provides maximum clarity ofthoughts and ideas. One can4
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