Law for Business Managers Assignment
Added on 2020-09-08
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Law for Business Managers
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................31. The basic ingredients of a contract .........................................................................................3TASK 2............................................................................................................................................52. Discussing Whether English law will presume there to be an “ Intention to Create LegalRelations......................................................................................................................................5TASK 3 ...........................................................................................................................................73. Difference Between Invitation and offer................................................................................7TASK 4.......................................................................................................................................84. The point at which offer and acceptance take place................................................................8CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONBusiness law is also known as commercial law. The corporate legislation is all about theconflicts that can arise between management, shareholders of bid multinational organisations,board of directors, business partners etc. The dispute may be related to share, investment ofcapital, mergers, profit and losses. Business law holds the regulations and legislation that arerelevant to components or elements of business, for instance corporations, partnership etc. Itincludes all the law that rules the way business should be set up, run and manage.English law is the the system of legislation that has been developed in England. Thestructure of English law consists of legislation, common law and other legal regulations as wellas norms that has been formulated by parliament, Judiciary and court of crown. It is applicable toboth England and Wales.The report has focus on Identifying the basic ingredient of contract. It also includethe discussion related related to subject matter whether English law presume there to be anintention to create legal relation. The project will highlight the3 major difference between offerand invitation to treat.TASK 1 1. The basic ingredients of a contract A contract is defined as agreement between two parties that is giving rise to legalobligations which are enforced by legislation. The terms and condition in the contract are3 to befollowed by both the parties in contract. According to English law , if in case any of the partyfails to comply with any term than in such case the agreement can be Void or null. Contract is abranch of the law of obligations in jurisdictions of the civil law tradition. Contract law concernsthe rights and duties that arise from agreement. Each party facilitating contract have the potentialto enter into the agreement. The parties who are willing to enter into an agreement needs to fulfilfollowing criteria in order to form valid contract. The following criteria include a valid offer,acceptance of proposal, consideration provided by both parties, an intention to create legalrelation, certainty of terms etc. In common legislation there are 3 basic essentials to the creationof a contract these are agreement, contractual intention and consideration (Bagley and Dauchy,2011)The agreement takes place when one part presents the proposal or offer to other. Theanother party has the right to accept or reject the proposal. If in some case the other party
accepted the proposal then the offer is when signed by both the parties convert into anagreement. The objective test is facilitated by the English court to identify that whether both theparties are in contract or not.The essential element that must be established To demonstrate the development orarrangement of legally binding contract are acceptance, offer, consideration, mutuality of legalobligation, competency as well as capacity and written instrument.Offer: It is an expression of willingness or desire to form contract on specified terms andconditions. The contract should be facilitated with the purpose that it is to be followed onceaccepted by individual to whom contract is being addressed. There must be an objectivemanifestation of intent by the offerer to be bound by the offer if accepted by the other party. Anoffer or proposal can be presented by one individual to other person or group. The proposal oroffer can be formed by conduct or expressly by words. It should be distinguished from aninvitation to treat. Intention or objective is the factors that helps individual in determining thatwhether the document is invitation or offer.The offer can be revoked by parties any time before the acceptance. It is essential for therecipient to inform about revocation to the offerer. Once the proposal is accepted, it means thatparties has successfully formed an agreement.Considerations-It is essential for both the parties to provide their mutual consent related to theterms and condition of an agreement.Acceptance: It is a final as well as qualified expression, of agreement in terms of an offer. It isessential for an individual to possess intention of being bounded by the contract. Recipient of thecontract is require to follow all the terms and condition in an agreement. If in case, the personfails to do so then, such individual has to bear legal obligation. It is very much important tofacilitate valid contract that it must be accepted by recipient in accordance with prescribed termsand conditions (Jones, 2017) If the contract or agreement is signed by both the parties, as perEnglish law it is considered that both the persons have read the terms and conditions. Contractmust be exactly match the offer and all terms as well as conditions must be agreed or accepted bythe recipient. If in case communication fails to proceeds outcome as a acceptance in suchsituation is refereed to as counter-offer. This offer can be accepted or rejected by the offerer.Facilitating the counter offer lead to the rejection of original proposal.
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