Essential Elements of Contract Law

BUSINESS LAW

Table of Contents
INTRODUCTION...........................................................................................................................3
CONTRACT LAW..........................................................................................................................3
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business law refers to the body of law which is mainly regulated to control the business
activities. Usually government impose laws in relation to examining the smooth working of the
business and also manage the business activities in accurate way to provide longer term gain to
business (Reinke and Zumbansen, 2019). Corporate law mainly deal in managing the business
operation so that they can secure the rights of the parties regarding dealing in valid contract.
Present essay is related to examining the terms of contract and also the agreement which is made
between the James and Elizabeth regarding offering sale of van.
CONTRACT LAW
Contract law refers to such laws which is mainly imposed when two or more person
enters into the contract regarding dealing in any valuable things in exchanges of some
considerations amount. To make the contract valid, it carries three terms such as the intention of
parties regarding dealing something, one party offer something and other party accepts such
offers and such offer must be made in the form of considerations. The agreement which is made
must be mutually and also the parties are competent to enter and make the contract and its terms
valid (Dorresteijn and et.al., 2016). As there is wider difference between the contract and
agreement as all agreement are turned out to be contract but all contract are not agreement.
Usually the contract are legally bound upon the parties to follow it, until it carries the term which
is void or affects the right of the parties.
In relation to undertaking the matters relating to rule of offer, it refers to when one party
offers some valuable things with the intention of entering into the agreement, that person stated
to be the offeror. The rule regarding the offer is that it carries the contractual intent which they
are liable to be bound by the contract. In the rule of offer, the invitation to treat is undertaken in
which the indication is determined regarding negotiating the contract in respect of pre offer
communication (Stone and Devenney, 2017). As it is necessary to communicate the matters
before agreeing with the terms mentioned in the contract. By imposing the rule of offer in the
present case scenario, it is stated that there is written communication between the James and
Elizabeth regarding selling the van for £3,000. James offers to Elizabeth regarding preferring to
buy the van for £3,000. Thus, after making the offer to Elizabeth, it is the duty of the James to
fulfil such offer with the said terms in respect of avoiding the breach in contract. This is