Contracts and NEGLIGANCE
Added on 2020-01-23
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ASPECTS OF CONTRCAT AND NEGLIGANCE
Table of ContentsINTRODUCTION .........................................................................................................................3TASK 1............................................................................................................................................31.1................................................................................................................................................31.2................................................................................................................................................41.3 ........................................................................................................................................5TASK 2............................................................................................................................................62.1................................................................................................................................................62.2................................................................................................................................................62.3................................................................................................................................................7TASK 3............................................................................................................................................73.1................................................................................................................................................73.2................................................................................................................................................8TASK 4............................................................................................................................................94.1................................................................................................................................................94.2..............................................................................................................................................10REFRANCE ..................................................................................................................................11Books and Journals ..................................................................................................................11
INTRODUCTION A contract is an agreement between parties agreeing upon the same terms and conditionsof same transaction. So, whether it is between the employee and employer, seller and buyer,client and vendor or two business partners, the contract is made with the terms and conditions indetail and that is signed by both the parties. In this project report, contract as well as thenegligence along with laws related to this will be discussed. Contract is important for bindingtwo parties to perform on a specific task. On the other hand, law helps to protect the rights ofboth parties. In business law, contract act is an important law which protects the businessrelations from loss. To protect the rights, this law is helpful in the employment which is veryimportant.TASK 11.1A contract is a legal binding agreement between parties. It is an agreement which is enforceableby law to make a valid contract. There are some elements to make a valid contract like:Offer is the first element of contract and this is very important to form a contract. If thereis no offer than there will be no contract. Thus, it is important that a party has made an offer toanother party involved.Acceptance refers that after having a valid offer by one party, there should be acceptanceby another. To make a valid contract, there must be a wilful acceptance of the offer. Consideration is the most important element in contract. When one party givesconsideration then it would be legally valid.Lawful object says that the purpose of making a contract should be lawful. The termsand conditions made in the contract should be lawful.Capacity refers that parties entered into the contract must be capable to perform the same.As per the contract laws, some persons are restricted to enter into the contract. For example:minor person or an individual who is bankrupt or who is of unsound mind, they are not allowedto enter into the contract.Agreement is a significant element that must be there in between the parties. The agreementbetween parties binds them to perform and fulfil the conditions.
1.2Distinction between Unilateral and Bilateral contractsA bilateral contract arises from the exchange of mutual and reciprocal promises betweentwo persons that require the performance or non-performance of some act by both parties. On theother hand, unilateral contract involves a promise made by only one party in exchange for theperformance or non-performance of an act by another party.Distinction between Contracts under Seal (Deed) and simple contractsDeeds are required by law in certain circumstances. Deeds can also be advantageouseven when they are not strictly required by laws. Under the deed, it requires some moreadditional formalities beyond the signature in contract that needs only signature of company.Deeds must be in writing and simple contract can be verbal or written.Distinction between written contracts and verbal contractContract can be written or verbal. Written contracts are those in which all the conditionsare stated in a written format. This type contract is more specified in which all conditions arewritten down on the paper. So, if there is any confusion then party can check the contract again.Verbal contracts are those which are nowhere specified and made in a verbal form where twoparties promise to complete the contract they made with each other. These are less specified andhard to explain.Distinction between Face to face and Distance Selling ContractFace to face contract are those in which both the parties are present at the same place.These can be made in both; oral or in written form. In these contracts, there are very less chancesof miscommunication and both the parties decide their condition on face to face so that if oneparty would not be agree on the same, than other with the consent of all can alter the terms. Distance selling contract is the one where supplier and consumer are not dealing face toface which have exclusive use of distance communication. Distance communication wouldinclude web page email or phones, television, etc. Having many types of distance methodsencourage consumers to do shopping easily and quickly.
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