logo

Business Law Objective Assignment

   

Added on  2021-01-04

10 Pages3550 Words150 Views
Executive Summary This business law assignment has the main objective and that is to understand main concepts of the laws and their objectives. In any society order and law is one of the basic necessity and if there is no proper order or law in the society, then the society would be in a chaotic situation as in such way the crimes could not be controlled which causes the problems in the day to day functioning due to their heinous nature. With the help of law crimes could be controlled in the country and there will be more peace in society. If there is no law in the society then there would be two dreadful consequences, the first case would result the society as the anarchical society where people could not be controlled from reforming the crimes as in the absence of any law there would be not one who could control them and then finally the society would cease slowly towards the existence in the absence of any civil order. This assignment considers two laws which are law of tort and law of contract. Contract law deals with the promises which are legally enforceable and are binding under the contract of law. Law of tort is also another law that needs to consider and law of tort is the civil wrong. Incase when the contract law ceases to apply the law of tort arises. In such law compensations are provided to the claimant for the legal injury suffered by her or by himdue to the act of negligence of the other party. In this assignment, both of these laws have been discussed in detail.

TASK 1 The significant elements of making Valid contract and theexplanation of those elements with the examples and the different scenarios and example of the defective contract. Essentials Elements of a Valid Contract:For becoming the valid contract the following conditions must be fulfilled by the agreement To propose and then to accept All the parties of the contract must be competent There must be free consent of all the parties The consideration must be lawfulAll the objects must be lawfulIt is must that the agreement must not have been expressly declared that it is void by law. The above-mentioned elements must be fulfilled ad besides those elements it is very important that the contract must be possible of performance and it must be certain and furthermore it should be registered or written if it has been required by law. There are some of the specific term, conditions or terms which are applicable to such contract as both of the parties have been agreed which concern the specific subject matters like thecontract of employment, the moveable property sale along with the immovable property etc. The Offer:Offer could be defined as the standing point from where the agreements gets life in the most formal way and that further would occur in the form of the formal contract.The formal intention or the willingness expressed to the other party by the first partyso, that it could do or refrain from doing the act so that they could get the willingness of the other party to such omission or act. This act of signifying the willingness of one partyis said to make the offer to the other party. That person is known as the offeror to which the offer is made. There must be proper communication of offer to other party and at any time it could be revoked before acceptance. Acceptance:

An offer becomes contract when it has been accepted by the other party. Like when on the other hand the acceptance is being signified by the other party the offer is accepted.The consent or the assent is the essence of the acceptance which is coming from the offer. There must be proper communication of the acceptance and must be made by theoriginal proposal otherwise it might be the counter offer which takes the effect on the basis of the communication mode of the acceptance to the offeror. Consideration:The exchange of the price is known as ordinarily consideration. Legally it has many meanings and it does not restrict only the monetary compensation area rather be the consideration and lawfully it has been required that there is something that has to be forbade, done or promised at the intention of the other party. It could be known as the 'burden discharged' or in other sense sufferings in the losing sense and it may be the money, service or something more valuable. The cause of acceptance is consideration and this must be more valuable. That is the return of the offer of the offeror, e.g. like money. There may be non-lawful or the lawful gratuitous. Consideration must not be something that has been occurred or paid. LawfulObject:The consideration and object of an agreement must have to be lawful for the purpose ofhaving the executed contract. The consideration and object is lawful unless Is fraudulent; orIt has been forbidden by lawIt has the nature that it has been permitted some of the provision of law would bedefeated. The injury would be implied or involved to any person or his property It is known as immortal or against the welfare of public or public policy.Party’s competencies Everyone is not allowed by law to enter into the contract rather the specific certain qualification to attain that they are competent to enter in to the contract. There’s specified age of majority in which the person can entre to the contract. He must also be of sound mind and he must not have been disqualified from contracting regarding any law to which he is subject. Following are the persons which have been restricted by law to enter in to the contract: person of unsound mind, minors, and the persons which have been disqualified by law.

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
(Doc) - Business Law Solved Assignment
|16
|4121
|33

Study on Contract and Tort Law
|12
|4031
|146

Contract and Negligence for Business
|13
|4165
|167

Contract Law and Negligence Law : Assignment
|13
|3697
|147

Aspects of Contract and Negligence Report
|15
|4159
|177

Valid Contract Agreement | Importance
|16
|4937
|238