Contract Law: Promise and Its Implications
Added on 2020-02-05
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31. Importance of essential elements of a valid contract...............................................................32. Discussion on the impact of different types of contract..........................................................43. Analysis of terms in contract...................................................................................................54. Case study of Ivan and Todor..................................................................................................65. Consequences of classifying the terms....................................................................................66. Case study of John and local council.......................................................................................7TASK 2............................................................................................................................................71. Contrasting the liability in tort and contractual liability..........................................................72. Nature of liability in negligence..............................................................................................83. Vicarious Liability...................................................................................................................84 Case scenario of David and Company TeleCo.........................................................................95. Case scenario of Colin and Regent Hotel..............................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................122
INDEX OF TABLESTable 1: Contrast between Contract Liability and Tort Liability....................................................83
INTRODUCTIONEvery agreement which is enforceable by law is termed as a contract irrespective of theformat whether it is oral or written. Now days, every business environment requires agreement inorder to form a legal relationship between other businesses and individuals. Contracts arebasically used as a tool which companies often use to safeguard their interest (Hunt, 2015). Onthe other hand, negligence has been rapidly developed under the English Law for the purpose ofcompensating people for accidental damage and injuries. It allows the court to award damages intort (Marks, Marks and Jackson, 2013). It has also been used to compensate people for financiallosses in business where other remedies are not available. This report is mainly focused on theaspects of contract and negligence so that reader can understand the essential elements of a validcontract so that it can be applied in the business context. Further, description has been made onthe principles of liability in negligence in business activities and the application of theseprinciples in different business situations.TASK 11. Importance of essential elements of a valid contractEssential elements which have been described by the English law in order to make thecontract valid are highly important. It is very crucial to include all the elements while enteringinto a contract. Essential elements are described as follows:1.Offer and Acceptance: While entering into a contract, there must be a lawful offer and alawful acceptance by offeree in response to the offer given by offerer. The use ofadjective lawful describes that offer and acceptance should be aligned with the rules laiddown in the contract law (Entorres v Miles Far East [1955] 2 QB 327). 2.Consideration: Contract has been made on the basis of getting anything in return. Thus,consideration can be referred as the price or anything in kind which one party is going tomake to other party. It is said that both parties should get benefit out of it and both shouldsuffer the detriment (Chappell v Nestle [1960] AC 87).3.Intention: The contract can be only made with full intention of both the parties. Any ofthe party cannot be involved in it forcefully by threatening other party (Balfour v Balfour[1919] 2 KB 571). 4
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