Elements Of A Contract - Aspects Of Contract
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Added on 2020-01-23
Elements Of A Contract - Aspects Of Contract
Added on 2020-01-23
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ASPECTS OF CONTRACT
Table of ContentsINTRODUCTION....................................................................................................................................................3TASK 1.....................................................................................................................................................................31.1 Importance of the essential requirements of the valid contract....................................................................31.2 Impact of different types of contract.............................................................................................................41.3 analyse terms in contracts with reference to their meaning and effect.........................................................5TASK 2.....................................................................................................................................................................62.1Application of elements of contract ..............................................................................................................62.2 Apply the law on terms in the given case scenario ......................................................................................72.3 Evaluating the impact of different terms in the given contracts...................................................................8TASK 3.....................................................................................................................................................................83.1 Contrast Liability in tort with contractual liability.......................................................................................93.2 Nature of liability in Negligence..................................................................................................................93.3 Vicarious liability.......................................................................................................................................10TASK 4 ..................................................................................................................................................................114.1apply the elements of the tort of negligence and defences in the given business situations.......................114.2apply the elements of vicarious liability in the given business situations...................................................11Conclusion..............................................................................................................................................................13REFERENCES.......................................................................................................................................................14
INTRODUCTIONIt is important in a society is to control the behaviour of the people through variouslaws and regulations. It provide a legal system which can control undisciplined people andmaintain the decorum of the society. It regulates the various rights and liabilities of thecommunity in order to ensure the equality among them (Wei-zhi, 2011). Each and everycountry having their own laws and legislation which control and inn their areas. The presentreport is covers that parties making an agreement to transact the business activities throughlegal contracts. There are various significant components which makes a contract legallyvalid. It defines the liabilities of people and force to follow legal bindings. If any one haspersonal losses then tort governs to compensate these loss (Chao, Cheung and Wu, 2011). Inmany business scenario there are so many cases where a person suffers loss by the act ofothers. Where a person get success in his claim then other is liable to pay the injury amount.There are rules of negligence where a person should the duty of care in his action.TASK 11.1 Importance of the essential requirements of the valid contractA contract has many essential elements which should be abide by all the parties to thecontract to make it enforceable by law. A contract is a written document which is consist ofproposal from a party and assent of the other party which is enforceable by law (Stim, 2016).The following are the basic elements in the current business scenario, which are essential toform a valid contract:Intention to create legal relations: it means that the parties to the contract shouldhave an intention to create a legally binding contract. It means in the context ofbusiness, if both the parties have the contractual capabilities along with the legalintention to create a relationship,it will form a valid contract. Both the parties can sueeach other (de Wardt, 2014). According to the decided case law: Balfour vs.Balfour(1919), it has been held that arrangements made between husbands and wivesare not considered as contract because the parties do not intended to be legally boundby the agreements.Offer: an offer is a term in which one party made a lawful offer to another party forthe lawful acceptance is made by another party. It also includes if one party makes an
offer or show his willingness or not doing something with a view to obtain the samefrom the other party, then it will form an offer. The person who made an offer isknown as offerer. Acceptance: there is no contract unless an valid offer has been followed by anacceptance. Acceptance is made by a person in oral or in written form. It means whena person to the contract to whom contract is made signifies its assent or accept, theoffer will be treated as accepted (Fried, 2015).Lawful consideration: for making any contract valid, it is necessary to have a lawfulconsideration. Consideration is he value given in return for a promise. Further more, itcan be said that consideration is something which has been paid against promise to beperformedContractual capacity: it means the ability to enter the contract. Capacity in contractmeans that parties to contract must have the legal capacity to do so. Persons under ageof '18' and lunatics or unsound mind people do not have the capacity to enter thecontract. 1.2 Impact of different types of contractA valid contract is the one which is consist of all the essential elements of legalcontract. A contract is the legal term which is enforceable in the eyes of law. There are manyforms of contract which are as follows:Bilateral contract: it is a type of contract in which both the parties to the contractperforms promises to carry out certain things. It is also called two sided contract. Foran example, if one person has agreed to buy a used car from another person , thenthere is an agreement between those two as the bilateral contract. The seller haspromised that he will not sell car to any one else other than buyer (Bishop, 2014).Unilateral contract : this is an another form of contract in which one party demandsperformance from other party, instead of promise. For an example, if offerer offers areward of 20 dollars in the safe return of its cat, and in case, if offeree has made nopromises then he is not liable to perform the task.Face to face contract: it is an another form of contract which is done orally andverbally. In this there is a face to face communication in both the parties. As there is
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