Contract in Business: Concepts, Remedies, Rights and Responsibilities

Contract in Business

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Case Scenario 1...........................................................................................................................3
Case scenario 2............................................................................................................................5
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business ethics are the guidelines which are responsible to regulate the behaviour of the
individuals so that the their conduct is governed and on other side, business law is mainly
originated from legal system which mainly ensures strict compliance of it so that there is law and
order maintained in the society(Mitchell, 2019). These are the norms, practices and values that
may be ethical or unethical which guides the individual in order function the business
appropriately. These laws and ethics protect the rights of the people that are associated with the
business which includes investors, workforce, etc. This essay will cover the contract law in
which its concepts, remedies, rights and responsibilities are dealt in two scenarios.
MAIN BODY
Case Scenario 1
A contract is the legal document which may be made either orally or in written form
between two or more parties. It is basically an agreement wherein mutual obligations are stated
and parties have to abide it. In case, any party breaches the contract and its terms, it may be held
liable under the law and the aggrieved party may claim the remedies which are enumerated under
the legislation of English contract law.
In order to form the contract between the parties, there are four essentials to it which
includes firstly the offer which is made by one of the party to other. It is the promise or
willingness to do or abstain one party to do something. Another essential requirement includes
acceptance to the offer wherein the other accepts the offer on same terms in which it was
made(Turner, 2021). Third is the consideration which is the value of something. It is one of the
most requisite condition as it helps in distinguishing between commercial and domestic contract.
Fourth is the intention of the parties to create the legal relations. This condition of the contract
is derived from the common law and is not stated in statutory legislation of English contract law.
The main aim of this condition is to sift the cases that are not appropriate for the action of court
as not each of the agreement can be binding on parties which requires enforcement from court. In
the case of Balfour v. Balfour, the court ruled that the contracts which are domestic or social in
nature have absence of any intention to create legal relationship while in case the contract is
commercial in nature, the presumption is raised that the parties have intended to create legal
relation.