Essential Elements of Valid Contract- Doc
Added on 2020-02-03
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TABLE OF CONTENTSTable of Contents.................................................................................................................................1Understanding the essential elements of a valid contract in a business context:.................................31.1 Explaining the importance of the essential elements required for the formation of a validcontract.........................................................................................................................................31.2 Discussing the impact of different types of contract:............................................................4M1. Analyzing the legal principles in contract and making effective judgments, and discussingthe effects of different types of contract:.....................................................................................41.3 Analyzing terms in contracts with reference to their meaning and effect:............................5M2. Application of Valid Conclusion to Legal Principles:.........................................................6Being able to apply the elements of a contract in business situations:.................................................62.1 Applying the elements of contract in given business scenarios:...........................................6D1. Critical Evaluation of Own Work with Justified Conclusions with respect to Valid LegalPrinciples:....................................................................................................................................72.2 Applying the law on terms in different contracts:.................................................................7M2. Application of Valid Conclusion to Legal Principles:.........................................................82.3 Evaluation of the effect of different terms in given contracts:..............................................8D1. Critical Evaluation of Own Work with Justified Conclusions with respect to Valid LegalPrinciples:....................................................................................................................................9Understanding the principles of liability in negligence in business activities:...................................103.1 Contrast of liability in tort with contractual liability:..........................................................103.2 Explaining the nature of liability in Negligence:.................................................................11M1. Analyzing the legal principles in contract and making effective judgments, and discussingthe effects of different types of contract:...................................................................................123.3 Explaining how a business can be vicariously liable:..........................................................12M3. Analysis of legal situations:...............................................................................................121
Being able to apply principles of liability in negligence in business situations:................................134.1 Applying the elements of the tort of negligence and defenses in different businesssituations:...................................................................................................................................13D2. Realistic Conclusions to the tort of Negligence:.................................................................134.2 Applying the elements of vicarious liability in given business situations:..........................14D3. Demonstration of Convergent Thinking:............................................................................142
Understanding the essential elements of a valid contract in a business context:1.1 Explaining the importance of the essential elements required for the formation of a valid contractThe prime elements of a contract consist of a mutual arrangement among two parties thatis known as offer of the agreed contract and its acceptance, and the desire to create legalobligations on a piece of paper. It also consists of the competency of the two partners to form avalid and legal contract with each other along with the lawful consideration for the same (Beale& Tallon, 2010). All the aforesaid factors must be typically followed to consider the contract asbeing legally valid. If the contract is not termed as a valid contract, then the situation pertainingto the violation of contractual agreement would hardly matter in legal terms. An entity formscontractual agreement with its dealers, manufacturers, consumers, shareholders and employeesin distinct terms. The contract validity should be properly checked before making any decisionrelated to the contract. As per the law of contract, every contract is bound by certain factors related with theprovisioning of an offer like something in cash, financial plan. The made proposal must berecognized by another party, and somewhat it must be specified in exchange of the assurance ofsomething to be given in exchange must be made in a valid contract (McKendrick, 2014). Ifthere is no promise of anything in return, then the bond cannot be labelled as officially bound.The worthless contracts can’t be challenged anytime in terms of law. A business always consistsof several agreements clubbed together. The basics of deal must be wholly tested before theactual signing else it might result in a vast business loss. The case of Fisher v Bell [1961] reflectsthat offer must be accepted in the same manner as it was proposed. The case reflects that goodsshown in the shops are not considered as the offer but the invitation to treat. The case is of flickknife shown in the shop window by Mr. Bell under which Mr. Fisher went to court for objectionto display of such kind of objects is offensive weapon Act 1961.There are mainly two types of business contract, which can even be considered as a financialcontract and a non-financial contract. The financial contract can be considered as an agreementon a piece of paper that promises some amount of money against something (Schooner, 2011).The competency of individuals to submit a contract is also considered to be checked to some3
extent. A mentally unstable person cannot be considered as the subject of a contract in anypossible manner. 1.2 Discussing the impact of different types of contract:UK oriented trade is reliant on the diverse kinds of agreement primarily given by themanager, and allowed by diverse bodies. The bonds given by the manager to various parties areof the following kinds like the part time and full time contracts, agency staff, fixed term basedcontracts, contracts with the consultants, and zero hour based contracts and the contracts withfreelancers and contractors (Chen-Wishart, 2012). Every contract has some role or the other, and without that role being played, the contract mightbe termed as lawfully void. To facilitate the contract for the part time and the full time basedemployees, the employer must be quite sure that the worker receives some amount of sick andpaid leaves, the mandatory payment during the time of sickness, the maternity and paternityleaves, the adoption leaves and payment along with the statement of employment given in thewritten form. In addition to this, distance selling contract take place between parties which are not atthe same place. Such kind of communication take place over the phone or by post. It is happenedin case of advertisement related to product and services where parties do not remain at the sameplace but have intention to create legal relationship. However, the time period of the contract ismeasures in accordance with the postal rules.On the other hand, verbal or oral contract are those which does not include any kind ofevidence but the clarify related to terms and condition regarding the contract among each part.Such kind of contract are come under the face to face.M1. Analyzing the legal principles in contract and making effective judgments, and discussing the effects of different types of contract:The contracts that are made for stabletenure are normally prepared with the dealers andthe suppliers, and it works for a definite period. The contractual time gets over at the time thework is already accomplished or once the tenure of contract gets over. The agency staff aregenerally hired from different placement consultancies (Hudson, 2012). Here, the workersreceive the same type of treatment from the employees that are hired by other methods. Theworking place should always ensure the safety parameters along with the same amount of break4
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