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(PDF) Introduction to Contract Law | Assignment

   

Added on  2020-12-30

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INTRODUCTION TO CONTRACTLAW

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Discuss four elements of a contract. ......................................................................................1TASK 2............................................................................................................................................31. Explain express and implied contracts in detailed..................................................................32. Analyse whether the company can rely on any of the exclusion clause.................................4TASK 3............................................................................................................................................51. Explain the ways in which valid Contract can be discharged. ...............................................52. Explain the remedies available in breach of contract..............................................................7Conclusions......................................................................................................................................8REFERENCES..............................................................................................................................10

INTRODUCTIONLaw is a system of rules which a country or society recognize as regulating the actions ofcitizens and which is enforced by the imposition of penalties. Law is very important part ofcountry as it helps in resolving disputes, establishing standard, protecting liabilities and right aswell as maintaining orders (Pound and DeRosa, 2017). It is a guide post which helps inmaintaining stability in society. Law is a system of rules and regulations that is created to dealwith crime, agreement of business and social relationship. This present report will outlinecontract law which is a type of business law and set of possibilities that are legally enforced. Itgoverns and recognises the rights and duties arising from agreements. This report identifies themeaning of contract and its elements regarding the Jane and Bob case study. Further, this reportwill also include ways in which valid contract can be discharged. Thus, it will summarizediscussion of different scenario which will help in deriving necessity of complying with legalsystem.TASK 11. Discuss four elements of a contract. Contract is a legal agreement that is made or form in between two companies or betweenan employer or employee. In UK, contract law that is regulated through sale and supply of GoodsAct. Contract Act provides protection to buyer and seller from any fraud or misconduct. There islaw of contract that has been formed by government of United Kingdom to safeguard peoplefrom fraud. In order to enforce the agreement between two parties, law of contract is very useful. Anyperson who wants to do any business comply with guidelines provided by contract law. There arefour type of contract which are valid, void, voidable and illegal. In selling or buying of anygoods and services, contract law is very helpful. By contract law, transactions happen moresmoothly and without any misunderstanding (McKendrick, 2014). They allow parties to conductthe affairs confidentially. As per the case scenario, Jane, Miriam and Bob. Jane wants to sell hercatering business as she was leaving to Spain with her husband. She has placed an advertisementto sell her business. All the elements of contracts are considered in this case scenario. There fourelements of contract which are as follows:Offer and Acceptance 1

Intention to create a legal relationshipConsiderationLegal CapacityThese four elements make the contract valid are enforced by law. The constitution of UK hasfollowed all these laws. Offer and Acceptance- It is the first element of valid contract. It is very essential thatproper acceptance and offer should be there to make the contract valid. Without offer andacceptance contract cannot be formed. Offer and Acceptance both can be expressed by words,performance and deeds. Acceptance is just opposite of offer. Acceptance are of two types whicheither can be rejected or it can be a counter offer (formation of new contract). Thus, any personwho wants to sell his/her business or any things, he/she has to make certain offer. In the presentcase scenario, Jane has make offer publicly to sell her business in £500000 (Polinsky, 2018). Shegave add in magazine. The offer she has made is open offer. Miriam had come to make contractwith Jane therefore Miriam put next offer in-front of her that, she wants to buy business in£350000. Jane accepts the offer of Miriam and agreed to sell her business in £350000. Intention to create a legal relationship- This is also one of the major of a valid contract.In accordance with this, when entering in a contract both parties must have intention to create alegal relationship. A contract is only valid if parties agree for all legal considerations. At the timeof contract between two parties there should be judicial relationship. If there is no such intentionto create lawful relationship between parties than it will not be considered as contract. In thispresent scenario, Jane wants to create a judicial relationship with Miriam and Bob. But in thispresent case, no relationship has been formulated and also Miriam does not checked her mailwhich resulted in no agreement in between them. No agreement means no contract. But in caseof Bob and Jane, there was a legal relationship when Bob agreed and made payment to Jane. Consideration- Consideration means something in return. In order to make the contractvalid, it is very important to have enough consideration. It is not necessary that consideration isrelated to money, it can be a promise made in exchange for another promise. To induces theparties to enter into the contract it is the value which is called as Consideration. Considerationmay be in the past, present and future. If parties do not pay decided amount in return than it is2

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