Business Law and Ethics: Contractual Obligations and Remedies

Business Law and
Ethics

Table of Contents
INTRODUCTION ..........................................................................................................................3
Main Body.......................................................................................................................................3
CONCLUSION ...............................................................................................................................6
REFRENCES...................................................................................................................................7
Books and Journals:....................................................................................................................7

INTRODUCTION
Business law also known as commercial law is a group of laws which regulates conduct
of people associated with business and commerce activities and covers all the rules and
regulations applicable on businesses such as contract law, company law, IPR and many more. It
regulates corporate contracts, manufacturing and sales of goods and services and hiring practices.
Contract law is a law enforced between the parties entering into a valid contract and covers all
the rules, regulations and rights of the parties and all the responsibility or legislations the parties
are bound to follow to frame a proper and legal contract(Nuna, Kodai and Moonti 2020).
Contract law provides for the remedies available to the parties in case of breach of contract.
Further, business ethics refers to the appropriate organisational principles, standards, values,
policies and norms which regulates or govern the behaviour and actions of individuals in the
business and mainly covers subject of controversial matters like fiduciary responsibility,
discrimination, corporate social responsibility, etc. The business ethics helps in increasing
productivity and also raise moral of employees in business. This report provides a brief
description about the contract law and the remedies available to the parties in case of breach of
contract with the case of Raymond and Samantha. In short it contains all about the breach of
contractual relations and its remedies(Rauf, 2020).
Main Body
A Contract is a legal agreement between two or more parties by following certain
essentials of a contract i.e. offer made by one party to another, acceptance of the offer and a
consideration for entering into a contract, without which a contract cannot be enforced(Brunelli
and Di Carlo2020). Further, to enforce a contract an offer should be made by one party which
should be accepted by the another party and to enter into a valid contract, that contract must have
a consideration as no contract is made without consideration hence there should be a proper
discussion regarding it and must have a intention to bind in a legal relationship for the purpose of
the contract. Contract law plays an important role in a business to keep the business secured by
framing appropriate agreements and also provide security and confidentiality to investors as law
provides for all the remedies in case of any breach in contract(Ganesan and Thambusamy, 2020).
The remedies provided under this act are sue for damages, specific performance of contracts,
injunction orders etc.