Interpretation of different types of contracts and their implications

UNIT ASPECTS OF
CONTRACT
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
1.1 The significance of important elements necessary for the formation of justifiable contract.4
1.2 Examine the effectof various kinds of contract....................................................................5
1.3 Study the terms in contracts according to their meaning and impacts..................................5
TASK 2............................................................................................................................................6
2.1 Applying the component of agreement in given occupation scenario ..................................6
2.2 Law terms in different contracts............................................................................................7
2.3 Impact of various expressions of law on terms and exemption clause.................................8
TASK 3............................................................................................................................................9
3.1 Divergence liability in tort with legitimate liability..............................................................9
3.2 The negligence in the behaviour of liability........................................................................10
3.3 Vicarious liability................................................................................................................10
TASK 4..........................................................................................................................................11
4.1 Applying contents of the tort of irresponsibility and protection in a business scenario ....11
4.2 Components of vicarious liability under occupational situation.........................................11
Conclusions....................................................................................................................................12
References......................................................................................................................................13
Books and Journals.......................................................................................................................13
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INTRODUCTION
An agreement between two or more than two parties is known as Contract. It is usually
signed among companies and between employer and employee which includes doing work for a
pre defined amount of money (Clinton and Guest, 2014). Present report describes about term of
contract which are use by the parties while signing off the agreement. Elements of contract has
been applied in different business scenario. Moreover it explains the comparison of contrast
liability and contractual liability. In addition to that the report will also discuss liability in
negligence and vicarious liability application in different cases. The report will also explain
different term of law and exemption clause in contracts.
TASK 1
1.1 The significance of important elements necessary for the formation of justifiable contract
Contract is a conformity among two parties to deal anything which is enforceable by
law.The things which are not enforceable by law is not a contract. We can say that all the
contracts are agreement but all the agreements are not contracts. The contract can be
verbally,written, by act, behave, conduct or inference.
Important Component of a truthful contract are:
The offer: The offer is starting of the agreement which afterwards form the contract. Offer refers
to the expression of willingness of one person to another person (Martin and Van Linden, 2015).
One party offer the deal to another to take it into consent (Watermeyer, 2014). The party which
offer the agreement is offerer and the party to whom the agreement is offer is known as offeree.
Acceptance: The contract when accepted by the offeree is termed as acceptance. The person
offer the deal and the another party accept to come in the assent.
Free consent: It is the essential element of the valid contract. Free consent refers to the same
thing and in the same sense. The contract should be valid according to the government rules and
regulation. No illegal activity can be in the contract (Sweet and Schneier, 2012).
Implimentation in law: All the important elements are defined compulsorily in the agreement.
The contract must not be impossible to perform or based on the certain conditions which can not
be fulfilled.
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