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Report on Elements of Valid Contract

   

Added on  2020-01-28

16 Pages5208 Words777 Views
Law
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Aspects of Contractsand Negligence forBusiness
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Table of ContentsINTRODUCTION................................................................................................................................3TASK 1 .............................................................................................................................................41.1 Various elements of a valid and legally binding contract ....................................................41.2 Discuss the impact of different types of contract.................................................................51.3 Analyses of terms used in contract ......................................................................................73.1 Compare and contrast liability in tort and contractual liability............................................83.2 Key elements used in negligence claim to be successful......................................................93.3 How and Why a business can be vicariously liable.............................................................10TASK 2 ...........................................................................................................................................112.1 Application of different relevant elements of a valid contract...........................................112.2 Case scenario.......................................................................................................................122.3 Evaluate any effects of implied terms that may b applicable in scenario..........................13TASK 3 ...........................................................................................................................................144.1 Application of elements of tort and negligence.................................................................144.2 Application of rule of vicarious liability in given case.........................................................15CONCLUSION..................................................................................................................................16REFERENCES...................................................................................................................................18
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INTRODUCTIONAccording to the law of The Contract act, it has been said that there are many aspectswhich are required to be make an agreement a legal document. A valid contract is one whichconsist of all the essentials of a valid contract. While transacting a business transaction,companies execute various legal agreements with different business parties. It is advised thatall the agreed conditions between both the parties to the contract should be conveyed properlyand appropriately so that there should not be any conflicts between them (Ang, 2013). So, thelegal consultants of the companies make sure that there should be a legal contract betweenboth the parties. In this present report, various elements of valid contract has been evaluated.It includes offer, acceptance, free consent etc. Also, concepts of Tort and Negligence law hasbeen discussed in this present report. Law of contract also demonstrates various legal terms. Itinvolves, innominate terms, express terms, conditions and warranties. In this presentassignment, it has been showed that there are many parts of duty of negligence. TASK 1 1.1 Various elements of a valid and legally binding contract To construct a valid contract, it is necessary that there must be all legal and essentialparticulars in an agreement (Brown and Clinton, 2010). A contract is a written agreementwhich is enforceable by law for the time being in force. Various elements of a legal contract hasbeen written in this present report, submitted to ETGS Legal consultant:
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Offer and acceptance : There must be a valid and lawful offer and acceptance in thevalid contract. It means one part , called offerer, makes an offer which should beaccepted by another party to make it a legally binding offer (Harroch, 2011). Also, thereis a difference between a valid offer and an invitation to treat. According to the decidedcase law: Harvey v Facey[1893] AC 552, it has been held that there is no valid contractbetween Harvey and Facey as latter did not answer directly about whether he would sellthe pen or not. Also, there was no evidence regarding an intention whether telegramsent by Facey is an offer. Intention to create a legal relationship: It is an another concept which reveals thatthere must be an intention behind transaction any business transaction. According tothe decided case law of : Jones v Padavatton[1969] 1 WLR 328, it was held that therewas no binding and legal agreement between both of them (Gergen, 2013). It was adomestic agreement in which there was no intention to create a legal contract. Consideration: To transact through a legal contract it is necessary that there must be alawful consideration in it. Consideration is the price paid for the promise of other party.In other words, in this aspect, price is exchanged in the exchange of promise. Capacity:According to the valid contract, it is necessary that parties to the contract mustbe competent enough to enter into contract. A person who is minor, unsound mind andlunatic person are prohibited by law to form a valid contract.
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