Law for Business Managers - Assignment Sample
Added on 2021-02-21
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Law for Business Managers
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................31. a) Meaning of contract and requirement for a valid contract..................................................3b) Is Ringo be liable to pay Paul.................................................................................................43. Identification of main business mediums .............................................................................54. Important for Ringo, John and Yoko to identify the correct employment status of anyworkers........................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONBusiness law are the laws which encompasses the laws which dictate how a business isformed and operated. It includes all the laws which governs how to start or buy or manage orclose or sell a business. Business law also established the various rules which are to be followedby the managers of the business. This essay is based on the case study on Law for businessmanagers, which involves a case related to a business issues which includes the various partiesinvolved in the contract during a business. This essay includes definition of contract and what arethe legal requirement for a valid contract to be formed and is Ringo liable to pay Paul his money.Also, this essay includes the criteria that jerry would need to satisfy an action of negligence andwhat are the main business mediums that are available to Ringo and his friends includingadvantage and disadvantages. 1. a) Meaning of contract and requirement for a valid contractContract is the basically an agreement between two parties which are framed and alsovalidated as per England and Wales. Further, it is legally bind agreement which regulate theduties as well as rights of the parties to the agreement. The contract is legally enforceable, as itmeet the requirement as well as approval of the law (Rustemeyer and et.al., 2019). Therefore, italso involves the exchange of goods, money and promises and if, in that event, anyone willbreach the contract, then they are penalised as per the describe in the law. On the other side,generally the contract form when one person makes an offer and on the other side, anotherperson accepts the same by communicating their acquiescence or may performing the offer termsas well. In order to make the contract valid, it require seven key elements which are as mention:Offer: It if the beginning of the contract and for that one party should have to propose anarrangement that includes definite terms (7 element of valid contract, 2018). In the same way,when the offer is communicated to other ones, they have a right to accept, reject or modified theoffer.Acceptance: It is the second valid element in which the offer is accepted in written formand another party accept the proposal. Consideration: As per the law, it is one of the most important element that makes acontract valid. For that the consideration is used which is something of value that both parties are
contracting to exchange (Fried, 2015). Generally, one party exchange money for property or anyother services and the same can be done by another. Competence/ Capacity: As the contract is based upon the law but it is not necessarythat all contract are enforceable and at that time, the contract is rejected. That is why,Competence is require which helps to let party know their ability to enter into a contract. For thatthe party must be at least 18 year old and if they suffer from any mental illness, or did notunderstand the term of contract, then they can cancel it (Joel-Edgar, Holme and Aramo-Immonen, 2018). Contractual Intension: Mutual consent is also necessary for make the contract valid andas per the law, if the party agreed on the basis of frayed, due to any force. At that time, theparty's consent is consider involuntary and as a result, the contract is void. Legality: It is another important element of a contract which states that the contract isonly enforceable, if all the activity in contract is legal such that there should not be any contractwith someone to commit conflict, murder. These all are consider under illegal activity (Deep,Singh and Ahmad, 2016). Writing: It state that not all the contracts are written but as per the England and Wales,some contracts need in written form in order to make them enforceable. This is mostly used inreal estate and any promise to marry in which part sign and shows their consent.b) Is Ringo be liable to pay PaulRingo is liable to pay Paul because when Paul offered his father by mowing the Lawn athome, they have to pay 10GBP is exchange for it. Even his father accepted the same and as aresult, Paul also completed his work as described. But on the other hand, Ringo wants that hisson should learn some responsibilities, that is why, he refused to pay Paul. Therefore, as per thelaw, there are some responsibilities of contractor such as, they are bind to pay the considerationas decided, also contractor has to monitor the task assigned to their employee and lastly, theyhave a right to claim the penalties if the task is not performed accordingly. Therefore, these are the three main requirement in order to make the contract valid. In thecase of Ringo and Paul, they fulfil two requirement i.e. offer and acceptance, but on the otherside, they are not justify the third element that is Contractual Intension (Daniel and et.al., 2017).Therefore, they both did not meet the third criteria, Ringo is not liable to pay any money to hisson Paul. On the contrary, Paul can claim on Ringo because it is his right and as a result, this
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