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Aspects of Contract and Negligence in Business Assignment
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Added on 2020-02-14
Aspects of Contract and Negligence in Business Assignment
Added on 2020-02-14
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ASPECTS OF CONTRACTAND NEGLGENCE INBUSINESS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1................................................................................................................................................11.2................................................................................................................................................31.3................................................................................................................................................3TASK 2............................................................................................................................................42.1................................................................................................................................................42.2................................................................................................................................................52.3................................................................................................................................................7TASK 3............................................................................................................................................73.1................................................................................................................................................73.2................................................................................................................................................83.3................................................................................................................................................9TASK 4............................................................................................................................................94.1................................................................................................................................................94.2..............................................................................................................................................10CONCLUSION..............................................................................................................................11REFERECNES..............................................................................................................................12
INTRODUCTIONIn order to operate a business in a market with certainty and without any kind ofambiguity, it is imperative for individuals to enter into contracts for ascertainment of certainterms and conditions of the business. The rights and obligations of the parties involved in a validagreement are derived from the terms contained in the contract, and hence are determined on thebasis of mutual consent of all the parties involved in the agreement. It is imperative for all thebusiness persons to understand the importance of the essential elements of contract and theimpact posed by different terms of the contract (Singer, 2014.). In addition it shall also be knownto them in the event there does not exist any contractual relationship between the parties and theother party has caused harm in some way, then they can resort to the Law of Torts. In essence forlaw of torts is made applicable when the parties involved in the case do not share any relationper se, but have acted in a negligent manner to injure someone from the public. Hence, in pursuance to enhance the understanding of the above two mentioned laws, thepresent study shall elaborate on the essential elements of the contract, varied terms of thecontract, followed by applying the same in factual scenarios. In addition, different aspects ofprinciple of negligence as well as doctrine of vicarious liability have been elaborated anddiscussed in context of hypothetical scenarios to enhance the understanding. TASK 11.1Since Peter Abhraham intends to settle himself as a self-employed building contractor, heshall understand that in order to formulate a valid contract all the essential elements shall bemandatorily be present throughout the whole process. A contractual relationship is commencedwhen one of the parties makes an offer, with an intention to create a binding relationship, to theother party who accepts it unconditionally (Hovenkamp, 2015). Another point which shall beassured by him is the presence of a lawful consideration in a contract. The following are theessential elements of contract, which shall necessarily be included by Peter Abraham in hisbusiness contracts:Offer and Acceptance – The process of contractual relationship is commenced with thedesire to enter into a contract which is communicated through the means of an offer,which shall be clearly made by one party to the other. In Harvey v. Facey (1893) it was1
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