Contract and Negligence for Business

Added on - 03 Dec 2019

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Aspects of Contract andNegligence for Business1
TABLE OF CONTENTSINTRODUCTION..........................................................................................................................3Assignment brief Task 1..................................................................................................................31. The essential elements required for formation of a valid contract...........................................32. Impact of different types of contract........................................................................................43. Terms in contract.....................................................................................................................44. Elements of contract in case study on Ivan and Todor............................................................55. Applicability of different contractual terms in the case scenario............................................66. Effect of different terms..........................................................................................................6Assignment brief Task 2..................................................................................................................71. Contrast liability between contract and tort liability................................................................72. Nature of liability in negligence..............................................................................................83. Business can be vicariously liable...........................................................................................94. Case scenario...........................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................112
INTRODUCTIONThere are different laws and regulations framed by the governing authorities which aremainly enforced by the organization for governing the society(Miller, 2011). However, variouslegal regulations as well as legislation are enforced by the government to forbid unfair practicesand protect the interest of parties who are in the valid contract. However, governing authoritieshas framed different laws for contract and negligence for business that will provide assistance thebusiness to manage their written agreement and non-contractual statement between contrastingparties. The present report focuses on understanding the aspects and the laws of a valid contractand negligence for the business. However, the report will also focus on the essential elementsthat are required in forming the valid contract between two or more parties. The differentelements are offer and acceptance, competency of parties, legal considerations etc. However, italso focuses on different elements which are essential for enabling the valid contract amongparties. In addition to this, report also helps in understanding the tort liability and principles ofliability in negligence in the business activities.Assignment brief Task 11. The essential elements required for formation of a valid contractContract is defined as lawful agreement between two or more parties whose main aimand objectives is to fairly fulfil requirements of both the parties(Adams, 2010). Parties whileforming a valid contract need to focus on different elements these are:Offer & Acceptance– While outlining a valid contract between parties there must be avalid offer by one party and other party has to accept the offer without any terms andcondition. The offerer party must declare suitable terms and condition while giving anoffer to other party. Furthermore, the other party is required to accept the offer withoutany terms and condition(Nystén-Haarala, 2010). Thus, accepting the offer without anyconditions represent that both parties are ready for forming the valid contract.Lawfulconsideration– Another essential element which is required for forming a validcontract include that both the parties must be intended to engage in the fair and lawfulactivities while forming an valid contract. Therefore, lawful thinking by both the partiesis essential for forming a valid contract. However, violation of this law or element will3
result in making contract illegal (Marsh and Soulsby, 2002). The importance of lawfulconsideration among both the parties will focus on fair and lawful activities.Capacity of parties– Another key element for enabling a valid contract include that allthe parties those who are entering in the contract must be competent enough. Forinstance, parties entering into a contract must be above 18 and they must be capableenough to enter into a contract. However, minor or individual with unsound mind are notentitled to form a valid contract(Stanberry, 2006).2. Impact of different types of contract“When one speaks of types of contract it is all the same under English law” is not beingtrue because according to the English law there are various kinds of contracts under whichparties may agree. However, the different form of contracts may have different consequences oreffect on parties(Zoll, 2012). For instance, different types of contract are:Face to face and distance contract: One of the common type of contract include face to facedistance contract. Under face to face contract parties who agree to be in the contract are presentat the time of forming a contract. However, under distance form of contract parties are notpresent while formulating the contract. The contract is being formed on the phone and over theinternet. In addition to this, in the judicial language distance contract are termed as Interabsentees (Collingsworth, 2006).Verbaland written contract:Another type of contract include verbal and written contract. Underverbal contract parties verbally formulate the contract and both the parties verbally communicateall the necessary information and conditions which are existing within the contract. However,under written contract a proper document and agreement have been prepared by the parties. Thedocuments possess adequate terms and conditions on which both the parties have mutuallyagreed. The impact of written contract is that in case of any fraud it acts as the evidence thatparties have been entered in the contract (Gray, 2010).3. Terms in contractBasically, there are three terms essential in the contract so that parties can easilyunderstand their duties and responsibilities. The different terms in a valid contract include4
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