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Elements and Impact of a Valid Contract

   

Added on  2020-01-07

9 Pages2794 Words146 Views
ASPECTS OF LAW ANDNEGILENCE ACT

Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................11.1 Essential elements of a valid contract...................................................................................11.2 Impact of different types of contract ....................................................................................11.3 Terms of the contract............................................................................................................2TASK 2............................................................................................................................................22.1 Elements of a contract in a given business scenario.............................................................22.2 Law on terms of contract in different situation.....................................................................32.3 Effects of different terms in given case scenario................................................................3TASK 3............................................................................................................................................33.1 Contrast between liabilities in tort and contractual liabilities...............................................43.2 Nature of liability in negligence............................................................................................43.3 How a business can be vicariously liable..............................................................................4TASK 4............................................................................................................................................54.1, 4.2 Elements of tort of negligence, vicarious liability and defenses in given businesssituation ......................................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................6

INTRODUCTION Contract is the legal agreement between two or more persons. A contract can be valid ifboth the essential element (i.e. offer and acceptance) are present at the time of formation of acontract (Beever, 2007). In this project report essential elements of a valid contract and itsimpact on the formation of the contract are depicted. In addition to this case studies have alsobeen discussed. In this report different terms included in contract are also mentioned. At lastelement of contractual liabilities, liabilities in tort and vicariously liabilities are also interpreted. TASK 1As per the given case study Jess advertised to sell a second hand van for £2650. In regardto which Mr. Powell call to Jess to express his feeling to purchase the van. But Jess say that shewill sell the van to someone else if anybody came before Mr. Powell. After hearing this Mr.Powell get ready to pay £450 in advance to Jess.1.1 Essential elements of a valid contractThere are various elements that are required for the formation of a valid contract. But thetwo most important elements are offer and acceptance.Offer: - It is the act of offering something to another individual with an aim to sell it. Itcan be in the form of tangible or intangible form (Caruso, 2007). Offer can be in oral and written.Acceptance: - It is the act of accepting the offer made by any other person in order topurchase the thing or accept it. This can be in oral and written form. Offers and acceptance both goes hand in hand. If anyone is missing than in that case avalid contract cannot be formed. The above case study is the suitable example furs understandingthis element. In the above case offer has been made by Jess and the acceptance has been made byMr. Powell. 1.2 Impact of different types of contract Unilateral contract: - These are the contract in which only one party is liable to followthe terms and conditions of a contract.Impact: - this contract can be cancelled at anytime. But once the acceptor started performing theact than in that case it cannot be cancelled. 1

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