(Doc) - Business Law Solved Assignment
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Added on 2021-04-15
(Doc) - Business Law Solved Assignment
Added on 2021-04-15
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Table of ContentsEssential elements............................................................................................................................3Offer.................................................................................................................................................3Acceptance.......................................................................................................................................3Consideration...................................................................................................................................4Capacity...........................................................................................................................................4Privity of Contract...........................................................................................................................5Types of Contract............................................................................................................................5Negligence.......................................................................................................................................6Elements of vicariously liability in given business situation...........................................................8Condition.........................................................................................................................................8Warranty..........................................................................................................................................8Express Term...................................................................................................................................9Elements of contract......................................................................................................................10ANTICIPATORY REPUDIATION..............................................................................................11REMEDIES...................................................................................................................................12References......................................................................................................................................16
Introduction This business law assignment has the main objective and that is to understand main concepts ofthe laws and their objectives. In any society order and law is one of the basic necessity and ifthere is no proper order or law in the society, then the society would be in a chaotic situation asin such way the crimes could not be controlled which causes the problems in the day to dayfunctioning due to their nature. With the help of law crimes could be controlled in the countryand there will be more peace in society. If there is no law in the society then there would be twodreadful consequences, the first case would result the society as the anarchical society wherepeople could not be controlled from reforming the crimes as in the absence of any law therewould be not one who could control them and then finally the society would cease slowlytowards the existence in the absence of any civil order. This assignment considers two lawswhich are law of tort and law of contract. Contract law deals with the promises which are legallyenforceable and are binding under the contract of law. In this assignment, both of these lawshave been discussed in detail.
Task 11.1Explain the essential elements for the formation of a valid contract, anddescribe example scenarios where the contract may be defective. A contract exists when two or more parties agree on promises to exchange things of value.Every contract must contain a valid offer, acceptance, and consideration. To understand theseelements, understand that the offer represents the content of the agreement, the acceptancerepresents the agreement itself, and the consideration represents the exchange of value. (Chen,Hu and Song, n.d.)OfferThe offer represents the content of the agreement. Obviously, two or more parties cannot agreeon nothing; they must agree on something. The offer is, or represents, that something. In astraightforward example, the offeror may say, “I’ll tell you this car for one thousand dollars.”The offer contains the content of the agreement. The offer also conveys power of acceptance tothe offeree. In the example above, the offeree may simply say, “It’s a deal.” He has exercisedthe power of acceptance conveyed to him by the offeror, and he has created a contract. (Such asthe example of “Fisher v Bell [1961] 1 QB 394”) (Collins, 2007)
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