Aspect of Contract in Business : Report

Added on - 21 Jan 2020

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ASPECTS OF CONTRACT
Table of ContentsINTRODUCTION..........................................................................................................................3TASK 1............................................................................................................................................31.1 Importance of essential elements for a valid contract..........................................................31.2 Impacts of different types of contract..................................................................................41.3 Analysis of terms of contract...............................................................................................6TASK 2...........................................................................................................................................72.1 Elements of contract according to the given business scenario...........................................72.2 Law on terms in different contracts.....................................................................................82.3 Effects of different terms of laws.........................................................................................9TASK 3..........................................................................................................................................103.1 Contrast between tort and contractual liability..................................................................103.2 Nature of liability in negligence..........................................................................................113.3 Vicarious liability by a business.........................................................................................12TASK 4..........................................................................................................................................124.1 Elements of tort negligence.................................................................................................124.2 Elements of vicarious liability...........................................................................................13CONCLUSION.............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONContract is a legal document which is formulate between in the two parties. This isformulate with the aim of building relationship between two or more person. Thisshould be legal in form in which both the parties have mutual concern on that as well asa consideration also. Without any consideration a contract is not a contract. In somecases the consideration is not present can it get fulfil with the help of satisfactory thing.The requisite legal binding contract elements are as follow: offer, acceptance,consideration, mutuality of obligation, capacity and competency, a written instrument.As per all the factors a proper definition of contract is made which is a contract is awritten agreement which helps in satisfy a party by a offer of another party in which aproper offer and acceptance is made and the object have capacity to complete the needsof an individual by paying certain amount for that. In the present report several factorsget discussed of contract with the help of using different scenarios ofbusiness(Appleman, Appleman and Holmes, 2015). These activities aid in more betterunderstanding about law along with the vicarious liability which is directly related withtwo person.TASK 11.1 Importance of essential elements for a valid contractA contract is lawful binding agreement between two or more parties regarding any dealwhich is enforceable by law. A contract never become a contract without any offer.Once the offer made a legal acceptance is must(Ayres and Ayres, 2012). If an individualreject the offer then it not leads in become a contract. If an acceptance is made then itshould be enforceable to the law.Moreover a offer also be legal like dealing in drugs is not a lawful activity it is illegalactivity and it should not get consider under any lawful term. Hence, it can be said thatall contracts are agreement but all agreements are not contract. So it is concluded fromthe above discussion that an agreement is:1.A contract is made between two parties2.Not in the verbal form but in the written framework3.Under any act which is propound by the government or any other legal body
Once all these factors get included any agreement can become contract. It should have to followthis manner which leads in making a contract which is enforceable by law. Now let'scome to the essential elements which are compulsory to get fulfil for making any lawfulbinding. Such important factors for valid contract are as follow:1.Proposal (Offer)2.Acceptance3.Two parties4.Free consent5.Lawful consideration6.Object must be lawful7.Agreement should not get void by law8.Possibility performance9.Written10.All conditions should be fulfilAll above mention things are necessary for making an agreement to a valid contract(Bakr, ElHagla and Rawash, 2012). This leads in promotes the lawful activity which iscompulsory for any movable and not movable thing. If one of the above condition notget completed one person be able to sue the another one. This leads in promote thecompensatory activity. Hence, an agreement should have to complied all the things in alegal manner which further helps in making a valid contract.For example if A buy a car from B. Both are freely agree to made a written agreement withmutual consent on some consideration. But A found that the papers of the car are notcompletely presented and provided. This leads in create a valid contract into illegalformat. Now A is able to sue against B.It is clearly found from the above example that one condition is not totally completedwhich leads in making a valid contract into void form. This shows that an illegal activitywhich is related with car take place(Bix, 2011).1.2 Impacts of different types of contractThere are different types of contract which helps in promoting the legal activity in abusiness. The main reason behind making of any contract is to save the rights ofdifferent groups of the society and they do not get cheated from others. It should get
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