Contract Law: Essential Elements, Counter Offer, Remedies and Rights

Individual Report

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
Case Scenario 1...........................................................................................................................3
Contract law................................................................................................................................3
Essential Elements of Contract...................................................................................................3
Counter Offer..............................................................................................................................4
Case Scenario 2...........................................................................................................................5
Remedies available in contract law.............................................................................................5
Rights in contract law..................................................................................................................6
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Business law is legal regulations and the laws which use to provide major areas as in
relation to the legislation, as in all the organisation there is been seen that for efficient and
smooth working it is important to maintain all the laws to be applied and followed. There are so
many laws which are being made by them they are like companies act, IPR, employment act,
contract law etc. in order to enter in an agreement individuals can frame a contract as it is
generally being enforceable with law and helps to provide all the laws. Contract law also have so
many remedies that are available(Pathak, 2019). In this report there will be general discussion
about the two case scenarios and essential elements and rights and the remedies of the contract
will be explained.
TASK
Case Scenario 1
Contract law
It is the binding of two or more person in some mutual agreement as in order to maintain
the business or to perform any task between them, and this binding will there by be enforceable
by law. Contract law is generally used to help all the individuals in their mutual transaction and
in providing them a proper help regarding the working and avoiding all kind of breach in their
agreement. This s enforced with all and all the individuals are provided with rights and the
obligations as according to law in it(Cook, 2021).
Essential Elements of Contract
Their cannot be any kind of contract is being framed without the elements that are being
given in it. As it is important in all the agreements to fulfil the elements which are provided in
contract. They are mentioned there under:
 Offer- This is the first and important element which is generally the initiative taken by
one party for entering in the contract or to make any task to be done. This is generally an
invitation to treat which is provided by the parties for completing all the obligation which
are required. The person or one party use to invite another person for competing a work
or to entering the agreement being made in them.

Individual essay

TABLE OF CONTENT
INTRODUCTION.....................................................................................................................................3
MAINBODY............................................................................................................................................3
Case Scenario 1.................................................................................................................................3
Contract law ....................................................................................................................................3
Essential elements of contract law...................................................................................................3
Counter offer ...................................................................................................................................4
Case Scenario 2.................................................................................................................................5
Remedy for breach of contract ........................................................................................................5
Right of parties in contract...............................................................................................................5
CONCLUSION.........................................................................................................................................6
REFERENCES..........................................................................................................................................6

INTRODUCTION
Business law is strategically framework of rules and regulations and all the civil law that are
being imposed on the organisations in order to maintain smooth functioning of business
practises. This mainly provides a method through which companies can thereby maintain all
their agreement and transactions for business with proper legislative rules. This includes
contract law, IPR, employment law and many more. Contract law is the agreement which is
being framed between the parties in order to agree on our mutual transaction in order to do an
act which is being enforceable by law. It provides Some important remedies to all the
individuals for the breach of contract (Vaculik and et. Al.,2020). In this report there will be a
brief discussion of case scenarios which cover essential element in contract law and also the
general rights and remedies available in it.
MAINBODY
Case Scenario 1
Contract law
It is a legal framework or agreement made between the parties in order to bind
themselves in a contract. This is mainly an agreement between two or more individuals and
an obligation to perform an act which is being enforced under it. In order to enter in a
contract, it is important to fulfil some essential elements without which contract is not
possible.
Essential elements of contract law
 They are firstly offer which is an invitation to treat that is being given to an
individual to enter in an agreement that will be made within them. It is mainly
invitation given by a party to another party for entering into a contract.
 Secondly, acceptance as this is an assent which is been given by one party for the
offer which was given by a party to an agreement or an invitation to the other party
(Ferro,2018). As this is mainly agreeing to accept the invitation to treat. It can be
expressed or implied and will create binding legal effect for the offer which is being
made.
 Thirdly consideration as this is the value which is being discussed between the
parties when coming in an agreement. This mainly promotes the promise that has
been made in order to complete the contract and for that party used to fix a particular