Contract Law: Essential Ingredients, Rights, Responsibilities, and Remedies

Individual Report

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

INTRODUCTION
The laws and ethics in business are very distinct concepts in which the former comprises
of the rules and regulations which are mandatory for the business to follow and the ethics are the
guiding principles which help the organization to work in an ethical manner. The laws are
originated from legal system which comprises of the common ad statutory laws that are made by
the authorities who are competent to enact it. The statutory laws in UK are framed by Parliament
which is the supreme authority while the common law is framed by judiciary and has same
relevancy as that of the statutes. The business law provides the set of rights and liabilities for the
corporations and individuals who are associated with the business such as investors, employees,
etc. (Kovac, 2018) This essay will deal with two case scenarios which deals with contract law
wherein the concept of contract, rights, responsibilities, conditions and remedies are included.
MAIN BODY
Case scenario 1
The contract can be termed as the written document that includes the agreement made
between the parties in order to create the mutual obligations between them. It consist of the
essential ingredients which must be present in the agreement in order to make it a contract so that
it can be enforceable under the law. It is binding in nature as it is created among two or more of
the people and in any case, there is breach of contract, the English law provides number of
remedies which may be claimed by the aggrieved party.
The traditional contractual agreement can be analysed in terms of an offer and the
acceptance wherein one of the party is offeror which makes the offer and the other party makes
acceptance to it which is an offeree. Now the contemporary contract includes the following
essential conditions which is firstly an offer which is the expression of willingness of one party
to do or abstain from doing something. It is basically the promise to do or not to do something.
In the case of Harvey v. Facey, the court held that there must be the intention of offeror to be
bound by the offer in order to make it an offer (Stewart Swain and Fairweather, 2019).
Second is acceptance wherein a party must accept the offer so that a binding can be
formed. The acceptance must be a valid one which relies on three rules that includes firstly that
the acceptance should be communicated to offeree, secondly its terms must match with the terms
of an offer and lastly, the agreement made should be certain.