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Introduction to Business Law and Ethics - Doc

   

Added on  2020-12-29

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Introduction to BusinessLaw ans Ethics

Table of ContentsQUESTION 1 ..................................................................................................................................1Determine the stats of agreement between Simon and Julie.......................................................1QUESTION 2 ..................................................................................................................................2Effect of the conversation between Julie and Peter....................................................................2QUESTION 3...................................................................................................................................3Determining the legal status of new agreement between Julia and Tina....................................3QUESTION 4...................................................................................................................................4Identification of legality of agreement between Julia and Michael............................................4REFERENCE...................................................................................................................................5

QUESTION 1 Determine the status of agreement between Simon and JulieIssue: Is there a binding agreement between Simon and Julie?Rules:To form a valid contract the first requirement is to have a consensus ad idem whichmeans a binding offer and acceptance and both the parties have a same mind set over the offermade and accepting the same.Offer: is made by a person who is referred as offerer to another person termed as offeree.The parties must have an intention to be legally bound on the specific terms and conditions. Anoffer is a proposal made to a person by another to carry out specific action in return of somethingwhich carry monetary value. It must be absolute, unambiguous and complete and communicatedto the offeree by the offerer. It is made with a hope that it might be accepted. The offer mademust be relevant to the party it is made, in clear language and presented clearly with an intentionof entering in contract.Acceptance: means replaying and communicating to the offer made with a consent orrejection by the offeree to the offerer. It can be written or oral, implied through conduct orthrough performance. It can be communicated through various sources which includes letter, e-mails, phone, fax, SMS. An acceptance by way of silence or inaction is not considered valid1. Italso includes non response, counter offer as different mode of communication as specified notconsidered as acceptance. An agreement enforces when both parties agree to same terms of thepromise and acceptance is communicated by both to each other. Consideration: The parties need to exchange something of valuation (called“consideration”); otherwise, a one-sided exchange may simply be classified as a gift.Legal intention: of the parties means they must have an intention to make suchagreements to be legal enforceable under the legal system and law.Application: with applying the above rules in given case scenario it can be stated thatthere was a valid offer made by Simon to Julie and they both were in regular communicationwith each other. With all the terms and condition decided Julie communicated her acceptance to1Deep, S., Singh, D. and Ahmad, S. A., 2017. A review of contract awards to lowest bidderin Indian construction projects via case based approach.Open Journal of Business andManagement. 5(01). pp.159-168.1

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