Law of Contract and Negligence Assignment

Added on - 03 Dec 2019

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Aspects of contracts1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3Task- 1.............................................................................................................................................31.1 The importance of essential elements required for the formulation of valid contract...........31.2 Impact of different types of contract......................................................................................41.3 Analyze the term contract......................................................................................................4Task- 2.............................................................................................................................................52.1 The element of contract.........................................................................................................52.2 The law on terms in different contracts.................................................................................52.3 The effect of different terms in given contract......................................................................5Task- 3.............................................................................................................................................53.1 Contrast liability in tort with contractual liability..................................................................53.2 The nature of liability in negligence......................................................................................73.3 How a business can be vicariously liable..............................................................................7CONCLUSION...............................................................................................................................8REFERENCES................................................................................................................................9Books and Journals......................................................................................................................9Online...........................................................................................................................................92
INTRODUCTIONAll the business organizations are enchained by the different legal requirementsencompassing contracts that assist them to operate their business successfully in the externalenvironment(Hersch and Viscusi, 2007). Law of contract and negligence is developed tomanage contractual and non-contractual agreements among parties. The present report comprisesof description and effective judgment of given case scenarios. For better decisions, scenarios willbe linked to the case precedents. The present report focuses on understanding that how the law oftort differs from the law of contract and it also analyzes different issues of liability in non-accomplishment relating to business and how to confront it. However, the vicarious liability andoccupier’s liability act will also be discussed to assist the case scenario in second project brief.Project Brief ATask- 11.1 The importance of essential elements required for the formulation of valid contractContract is defined as the agreement between two or more parties to agree upon thesimilar considerations and which is enforced by the law(Baker, 2005). The contract may be inthe written form or in the verbal form. The key elements required for the formulation of validcontract include:Offer and acceptance:The key element for formulating the contract includes legal offerand acceptance between the parties. However, the acceptance by the party should beunconditional and without any changes(Kim and Feldman, 2006).Intention to create legal consideration:Another key element required for formulatingthe valid contract includes that should be legal purpose or intention for formulating thecontract.Consideration:Agreement without consideration has no legal existence. It can bemonetary system or non-monetary for the parties. Thus, consideration by both the partiesis considered as the essential element that positively contributes in formulating the validcontract.Capacity:Contract must ensure that parties must be competent of involving into thelegal contract. However, minors or mentally disorder person should not be legallyallowed to engage in the valid contract(Hillman, 2012).3
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