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Aspects of Contract and Negligence : Report

Added on - 15 Jan 2020

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ASPECTS OF CONTRACTAND NEGLIGENCE FORCONTRACT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.2................................................................................................................................................31.3................................................................................................................................................3TASK 2............................................................................................................................................42.1................................................................................................................................................42.2................................................................................................................................................52.3................................................................................................................................................6TASK 3............................................................................................................................................73.1................................................................................................................................................73.2................................................................................................................................................73.3................................................................................................................................................8TASK 4............................................................................................................................................94.1................................................................................................................................................94.2..............................................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONLaw of Contract occupies an instrumental position in the functioning of a business unit torecognize the promises made by different entities and make them enforceable in the court of law.It enables the entities to run all their dealings and associations smoothly, thereby givingimportance to each and every term of the promise. A particular aid is provided when any of theparty to the agreement act in violation of the terms, thereby entitling the aggrieved to receiveremedies in the form of damages or specific performance. It is important to note that for makingthis law applicable it is necessary that the parties are bound in a contractual relationship directlyor indirectly (DiMatteo, 2012). As against this necessity, Law of Torts govern miscellaneous orunrelated group of individuals for committing civil wrongs which are not covered by specificcontracts.The present study focuses on understanding the elements which are necessary forformation of valid contracts, along with the manner in which these elements can be applied infactual scenario. In addition, different terms of contract shall be evaluated to understand theeffects of each one of them on the parties. Followed by this a distinction is established betweenTorts Law and Contract law, to be able to apply the principle of Negligence and doctrine ofvicarious liability in different business relations.TASK 1In order to form a valid contract, Peter Abhraham shall understand the process offormation of a contract. When an offer is made by one of the parties to be accepted by the otherparty in presence of a legal as well as valid consideration, then a legally enforceable contract isformed. It is vital for him to understand the necessity of presence of the following elements ofcontract:Offer: This is a means to communicate the desire to form a valid contract which iscapable to bind the parties. Hence, this marks the beginning of creation of a contract andin essence is the communication of the intention to enter into a contract. It is furtherimportant for him to understand the difference between 'offer' as against 'invitation tooffer'. The former is one of the elements of a contract, while the latter is merely aninvitation by one of the parties to the public to make an offer in regards to a specificsubject (Huyssteen and et. al., 2010). InHarvey v. Facey(1893), it was held by the court1
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