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Project on Knowledge and Skills about Contract

Added on - 15 Jan 2020

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Aspects of Contract
Table of ContentsAspects of Contract..........................................................................................................................1INTRODUCTION...........................................................................................................................3TASK 1...........................................................................................................................................31.1...........................................................................................................................................31.2...........................................................................................................................................41.3...........................................................................................................................................5TASK 2............................................................................................................................................72.1...........................................................................................................................................72.2.........................................................................................................................................10Case 2...................................................................................................................................10Case 3...................................................................................................................................11Case 4..................................................................................................................................122.3.........................................................................................................................................12Case 5..................................................................................................................................12Case 6...................................................................................................................................13TASK 3..........................................................................................................................................133.1.........................................................................................................................................133.2.........................................................................................................................................143.3.........................................................................................................................................14TASK 4..........................................................................................................................................154.1.........................................................................................................................................154.2.........................................................................................................................................15CONCLUSION..............................................................................................................................16
INTRODUCTIONThe main purpose of this project is to understand the various issues arising out ofcontract. It has been seen that contract is one of the essential element of business. It is veryessential for all those person who has been into the field of business to understand that whatcontract is and how it has to be made (Aje, 2012). There are various situation while making up acontract, so it is very important to know the essential things to be required while making up ofcontract. The project will showcase different scenario in which it shall be reflect that contract isbeing one of the essential thing in the life of people who are doing any dealing of any business.The project file will demonstrate pure knowledge and skills about contract and its relatedaspects.TASK 11.1A contract is a very essential aspect in the life of people. It has been observed that all thebusiness class of society or all those people who wants to do any business in the market shallhave all the knowledge about how the formation of contract is done. It is really important toknow and gain the little knowledge about making up of contract because such formation ofcontract are related to legal obligations hence where there shall be any alteration in the contract alegal obligation will automatically arise and liability will fall on the person (Ali and Kumar,2015). For making up of valid contract in the eyes of law there are some essential elementswhich shall be included while making up of a contract. That are:-Offer-While making up of a contract it is really important to make an offer. If any partywant to enter into a contract with another party then one of party has to make a valid offerwhich shall include the intention of a person for making a contract or deal. Until andunless an offer has been made no contract shall be formed by the party.Case law: Harveyv Facey [1893] UKPC 1 & Carlill v Carbolic Smoke Ball co [1893] 1 QB 256.Acceptance- When the offer has been made by one party, the role of another party starts.The other party, if finds that offer which has been made is justifiable then he, with hisconsent may accept the offer. If both the party have an interest in making up of a contractthe offer shall be made with one party and acceptance by another party.An offer is saidto be accepted by the unconditional and unqualified assent to its terms by the
offeree.There are three main rules relating to acceptance:it must be communicated to the offeree, terms of the acceptance must exactly match theterms of the offer & agreement must be certain. As an illustration, following case lawscan be considered: Entorres v Miles Far East [1955] 2 QB 327, Felthouse v Bindley[1862] EWHC CP J35.Consideration- While entering into a valid contract, both the parties must have a validconsideration towards the contract. Here consideration means the will to avail the profitswhich have been occurred due to the formation of contract. This has been the essentialelement to enter into a valid contract (Boundy 2010).There are various rules governingthe law of consideration: it must not be past, it must be sufficient but need not beadequate & must move from promise.Agreement- when the offer has been accepted by the party with consideration then for aformation of valid contract, agreement is necessary. An agreement can be oral or writtenwhere both the parties will show the intention to enter into contract. To avail benefitsfrom the contract, the agreement must have a lawful objectEnforceable by law- the agreement which is being made shall be enforceable by law.Hence, there are some of the essential elements which shall be taken into consideration whileforming a valid contract. When Peter Abram enters into any form of a valid contract he musthave knowledge of formation of contract and should take care of these essential elements.1.2There is not only one kind of contract formation. The formation of contract depend uponhow it has been made and what are the situation under which the contract has been made. It isimportant to know the type of contract in which party enters as various contracts have differentlegal liability. As peter have very less knowledge about contract, then it is very necessary for himto know in which kind of contract he is entering into (Boundy 2012). Different contract havedifferent impact on the parties as well as on the contract. There are various kinds of contractwhich a party can enter into. These are:-Face to Face contract-this is kind of contract which has been made on face to face.While making up of a contract, both the parties are being present at a place. Here thepresence means parties has to be present in person and shall be facing each other whilemaking up a contract. A face to face contract is very convenient form of contract. In this
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