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Elements of a Valid Contract

   

Added on  2020-01-07

10 Pages2947 Words187 ViewsType: 187
Law
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Aspects of Contract and Negligence forBusiness1
Elements of a Valid Contract_1

Table of ContentsINTRODUCTION ..........................................................................................................................31. Provide Legal Advice..................................................................................................................3LO 1.1 explain the importance of the essential elements required for the formation of a validcontract.........................................................................................................................................3LO 1.2 discuss the impact of different types of contract context ...............................................4LO 1.3 analyse terms in contracts with reference to their meaning and effect...........................4LO 2.1 Apply the elements of contract in given business scenarios ..........................................5LO 2.2 Apply the law on terms in different contracts business situations .................................5LO 2.3 evaluate the effect of different terms in given contracts.................................................62. Evaluation task.............................................................................................................................6LO 3.1 Contrast liability in tort with contractual liability...........................................................6LO 3.2 Explain the nature of liability in negligence....................................................................6LO 3.3 explain how a business can be vicariously liable...........................................................7LO 4.1 and 4.2 apply the elements of the tort of negligence and defences in principles ofliability in different business situations along with application of vicarious liability.................8Statement A..................................................................................................................................8Statement B..................................................................................................................................8Statement C..................................................................................................................................8Statement D..................................................................................................................................8Statement E..................................................................................................................................8Statement F..................................................................................................................................8Statement G..................................................................................................................................9CONCLUSION ...............................................................................................................................9REFERENCES .............................................................................................................................102
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INTRODUCTION Law specifically refers to rules and regulations which are enforced to protect the rights ofindividuals by punishing culprits for their illegal conduct (Marsh and Soulsby, 2002). The reportherewith is going to describe the importance of essential elements of a valid contract. This reportfocuses on the difference between liability in tort and contractual liability along with explainingthe nature of liability in negligence. Various cases have been discussed here in this report whileexplaining the elements of tort of negligence and vicarious liability.1. Provide Legal AdviceLO 1.1 explain the importance of the essential elements required for the formation of a validcontractContract is termed as a legal relationship among two or more parties that is used toperform duties. Following points explains the importance of the essential elements for formationof a valid contract. Offer and acceptance- Offer is mandatory for a valid contract as one party can onlyaccept the offer in case, it is given by another party. However, invitation to treat is notconsidered as an offer because in this, another party provides counter offer to the offerer.Acceptance, on the other hand is to be seen as unconditional and absolute acceptance ofan offer by the offeree (Four Essential Elements of a Contract, 2014). Consideration- Consideration directly links to the return which is agreed by both theparties. In a legal language, consideration is a pro-quo which means something in return.There is required an adequate price of performance and it must be agreed by mutualconsent (Four Essential Elements of a Contract, 2014). Intention of parties-Both the parties of contract must have an intention to create acontractual relationship and fulfil promises. The agreement made for domestic orcharitable purpose is not considered as a valid contact.However, it is also required that parties must be clear with objectives of agreement andcontractual parties must legally position them into the contract. According to the given casescenario, it can be seen that the offer made by Sam was an invitation to other parties or making a3
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