Elements Required to Form the Legal Binding
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Added on 2019-12-28
Elements Required to Form the Legal Binding
Added on 2019-12-28
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Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................11. Stating the essential elements required to form the legal binding..........................................12. Discussing the different types of contract...............................................................................23. Applying the elements of the contract in context to the given business scenario...................34. Stating the type of terms as per the given scenario and its effect upon the competent parties.....................................................................................................................................................35. Applying the terms of law in different contracts....................................................................4TASK 2............................................................................................................................................41. Stating the differences between obligation in contract and in negligence..............................42. Stating the nature of liability in case of negligence................................................................53 and 4. Applying the elements of the tort of negligence and defenses in the different businesssituations.....................................................................................................................................65. Stating the doctrine of vicarious liability................................................................................76. Ways through which business can be vicariously liable.........................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTION Contract may be defined as a legal binding or agreement between two or more competentparties who give their consent on terms and conditions of the contract. Competent parties to acontract must fulfill for essential requirement such as offer, acceptance, lawful consideration andintention to create the legal obligation (Appleman, Appleman and Holmes, 2013). Theseelements are highly required in order to form a valid contract. Contract is usually made in thewritten formation but they may also be orla or implied form. The present report is based upon thedifferent case scenario which will discuss essential elements which are required to form a legalbinding. Besides this, it will also develop understanding about the different types and terms ofthe contract as well as its effect upon the competent parties. Further, it will also shed light on thedoctrine ODF vicarious liability and aspects of negligence.TASK 11. Stating the essential elements required to form the legal bindingThere are mainly four essential interments which competent parties must fulfill in orderto form a valid contract. Essential elements refer to offer, acceptance, lawful consideration aswell as intention to form a legal binding or agreement (Chen-Wishart, 2012). In order to covertagreement into a contract parties to a contract must fulfill the following essentials which are asunder:Offer: It may be defined as proposal in which one party expresses their feelings inrelation to purchase or sell of an asset. As per the cited scenario Xs contacted to CountryPine Ltd in relation to the supply of dining tables, chairs and barstools @ £4200. In thiscase, Xs had made offer to Country Pine in relation to the purchasing of furniture.Acceptance: When one party give acceptance to another party by taking intoconsideration all the terms of the contract then it is considered as an acceptance. In thegiven case Country Pine quoted £45000 for the supplying of furniture. Whereas Xsnegotiated the amount and quoted £42000 for such deal. Country Pine had accepted thefigure which are quoted by Xs and thereby shows their acceptance.Lawful or legal consideration: Considerations in form of monetary terms is also one ofthe essential elements which are required to form a legal binding. For the legalrelationship there must be a law consideration between the parties to a contract. In the1
cited case Country Pine takes £42000 in return of the supply of furniture. Besides this,Xs also receive assets in return of the losing money. Thus, in this each party of thecontract give something and receive something in the monetary terms rather than in kind(Lawful consideration, 2011).Intention to a form a legal binding: Legal intention is also required between the parties toa contract which assures satisfactorily performance from both the sides (Four EssentialElements of a Contract. 2015). In the cited case scenario Country Pine Country Pine hadaccepted the offer which is made Xs which reflects that both the parties have intention tocreate the legal obligations.2. Discussing the different types of contractAs per the given case scenario written contract had made between the parties to acontract. Country Pine quoted the figure of £45000 in relation to making delivery of diningtables, chairs and barstools. In this situation, Xs had quoted £42000 and sended the standardcontract form by making their signature. Country had accepted the conditions and sending thefurther mail to Xs which contains data and delivery time. At the time of delivery Xs had receivedthe invoice of £43100. In this situation, Xs represented his query in relation to the high prices. Inaddition to this, there are number of dining table whose legs are detached from itself. In this,Country Pine had represented the written evidence or mail which contains that price could beraised by 5% if price of the raw material increased. Besides this, Country had also mentioned theclause that thrty have no liability for any kind of defects. On the basis of the written evidenceCountry Pine is not liable to compensate Xs for the damaged assets. Thus, written contractprovides assistance to the defendant party in against to the claimant on t6he basis of writtenproof.Besides the written contract there are also the oral as well as unilateral and bilateralcontract which place different impact upon the competent parties are as follows:Oral contract: In the oral contract competent parties discuss all the terms and conditionsin the oral form. Nevertheless, in the case of disputes claimant have no legal proof inagainst to the defendant party which creates difficulty in front of the legal authorities inrelation resolving of disputesUnilateral and bilateral contract: In unilateral one party who make promise to anotherwithout taking consent of another party. In unilateral contract offeror has obligation to2
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