Top036 UNIT 5 ASPECTS OF CONTRACT
Added on 2020-01-07
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TOP036 UNIT 5 ASPECTS OF CONTRACT1
Table of ContentIntroduction......................................................................................................................................3LO 1 Understanding the important key elements of a valid contract..............................................31. Explaining the significance of the elements that are required to form the valid contract(AC1.1)............................................................................................................................................32. Discussing the influence of types of contract (AC 1.2-M1)........................................................43. Analysing the contracts term mentioning their meaning (AC 1.3-M2).......................................5LO 2 Applying the contract elements..............................................................................................54. Applying the components of a contract in the mentioned business outline................................55. Applying the law on the terms in various contracts (AC2.2-M2)...............................................66. Evaluating the effects in the terms of law (AC 2.3-D1)..............................................................7LO 3 Understanding the concept of negligence answerability in various business actions............77. Comparing the accountability of tort with that of contractual legal responsibility(AC3.1)........78. Explaining the type of Negligence liability (AC 3.2-M1)...........................................................89. Explaining how does business can be vicariously accountable (AC 3.3-M3).............................8LO 4 Being able in applying the idea of liability in negligence in numerous business conditions.910. Applying the sections of the tort of negligence along with defences in various businesssituations (AC4.1-D2)......................................................................................................................911. Applying the portions of vicarious liability in the mentioned business circumstances (AC 4.2-D3).................................................................................................................................................10Conclusion.....................................................................................................................................10Bibliography..................................................................................................................................122
IntroductionThe aspects of contracts are required to be studied in the case of business because it helps inbetter understanding of the law and its purpose for the betterment of the society. In order toremove any type of chaos from the society, proper law and order should be maintained in thesociety so that crime may not occur in the society. Law needs to be followed by every person andbusiness organisations of the society so that the business organisations along with the person donot undergo horrible consequences. In order to maintain peace and order in the society, the lawneeds to be enforced for the proper existence of the discipline in the society. In the given study,the aspects of the contract are discussed, which has two parts named as contract law and tort law.Contract laws help in maintaining the promise between two persons that are mentioned in thecontract whereas tort law is considered when there occurs any injury or harm to the person orany element.LO 1 Understanding the important key elements of a valid contract1. Explaining the significance of the elements that are required to form thevalid contract (AC1.1)The elements of contracts can be stated as the genuine offer and actual acceptance, intending tocreate legal relations, various considerations that are under the law, competition between partiesand consent that is not done by any force (Keating, 2017, p.455). For creating valid contract,there is the requirement of the ‘legal offer’ of a party along with ‘legal acceptance’ of anotherparty. In Section 2 (a) of the Act of Contract, if a person is willing to do something or if theperson refrain the other person from doing anything then the person is asked for doing the offer.Contract Law’s Section 2 (b) mentions that if another person founds the act of being significant,then the person can accept the offer. If the parties do not want to remain in a relation then theyare free to create no relationship between them. For example, Balfour vs. Balfour of 1919, MrBalfour along with his wife travelled to England to spend the leisure time but Mrs. Balfour feltsick, unfortunately. Thus, Mr Balfour went to Sri Lanka making an agreement that his wife willremain in England and he will pay 30 pounds per month. Later on, their relation suffered and thecourt considered the agreement of Mr. Balfour. Consideration is taken to be lawful if there is a promise made between two people and it isrequired that the person follows to that lawful consideration. If the person is minor in age, if the3
person is not sound or if law disqualifies a person, then the agreement cannot be made betweenthese people. According to Fay (2017, p.566), consent of both parties is required for the samething so that validation of the contract can be understood by law.2. Discussing the influence of types of contract (AC 1.2-M1)Mainly there are four types of contracts based on formation, nature of consideration, executionand validity. Again, based on formation, there exist four contracts. It involves express contractswhere the expression of a person or conversation between the parties is present. Thus, its impactis, there exists a proof and the parties cannot cheat each other. In the case of Routledge v.Mckay, an express contract was used. Formation contracts also involve contracts without anyexpression. These are known as implied contracts. In the case of Moorcock in 1889, the impliedcontract was used. The quasi-contract also comes under formation. It is created by virtue of lawand here, the partners do not have any contractual relation (Hanley, 2017, p.304). Its impact canbe better understood by the following example. If B helps A financially to support A during A’sunfavourable situation without A’s request and afterwards when B claims his money, A refusesto pay back, then the court creates a quasi-contract. Next, based on nature of consideration thereare two types of contracts bilateral contract and unilateral contract. Its impact is, after formation of the contract, considerations can be moved in both directions or ina single direction accordingly. Next is the contracts based on execution. It involves both executorcontracts and executed contracts. Its impact is, it shows whether the performance based on thecontract has completed or not. It also, indicates which tasks are left out to be performed in future.Next is the contracts based on validity. It includes the valid contract, which is enforceable in thecourt. The valid contract should include lawful objects, free consent and legal obligations (Bornand Puelz, 2016, p.113). It ensures that the contract signed between two persons hold all thenecessary features to be enforceable. It also includes void contracts. It helps in indicating thecontracts, which cannot be enforced in the court. A voidable contract is also a part of this. Itindicates the contract, which lacks free consent. It also involves illegal contracts. Thus, theimpact of this validity contract is it ensures whether a contract is valid to be enforced in the courtor not.4
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