The Sustainable Aspects Business

Added on -2020-02-05

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TABLE OF CONTENTSIntroduction......................................................................................................................................4Task 1...............................................................................................................................................41.1 Importance of various elements for formation of contract....................................................41.2 Impact of different forms of contract.....................................................................................51.3 Analyse terms of contract in accordance with their meaning and effect...............................6Task 2...............................................................................................................................................82.1 Application of elements of contract in the business scenario...............................................82.2 Implications of law on terms in the case scenario................................................................92.3 Effects of different terms of contract...................................................................................10Task 3.............................................................................................................................................113.1 Similarities and differences between tort in liability and contractual liability....................113.2 Nature of liability for negligence.........................................................................................113.3 Explain the vicarious liability .............................................................................................13Task 4Austin, C. M., Wang 2015..................................................................................................144.1 Elements of tort of negligence and defense.........................................................................144.2 Elements of vicarious liability in case scenario...................................................................15Conclusion.....................................................................................................................................16References......................................................................................................................................172
INTRODUCTIONIn order to meet the sustainable aspects business firm must consider proper understandingin respect to diverse elements that are essential for participation in contract. In currentconditions, organizations are facing number of issues that impact business negatively. As samethe law framed by government impacts effectively on business and social aspects. With anassistance of this, determination of right and wrong aspects can be accomplished with referenceto environment. Business transactions are greatly associated with contractual aspects. For betteropportunities in the market, consideration of legal aspects is significant. It has been noticed that management must consider terms and conditions of contract assignificant aspect so that valid contract can be framed. With an improved focus on terms andconditions, better safeguarding can be provided so that rights and duties can be accomplished inlegal manner. In present study, introduction of key values regarding contracts and negligencewill be considered as key aspect. It means the learning about essential elements can be attainedin desired way. Classification of key factors can be as offer, acceptance, consideration, condition,etc. which are required for the formation of a valid contract. In addition to this, it can be said thatteh conditions, warranty, exclusion and innovative clauses are key essential factors so report willalso focus on these aspects and their contribution in contract. By having understanding aboutthese aspects the nature of obligation will also be evaluted. Along with this, learning aboutdifferent sides of contracting parties will also boost the process. With an assistance of report,diverse legal issues can be overcome. TASK 11.1As per detailed study, it can be said that contract is formal term that defines the keyaspects of legal agreement which is signed by two or more parties. Parties can be individual aswell as organization and they must consider legal binding agreement before entering intoactivity. It also decides the liabilities and obligation on the parties as per reference of mutualunderstanding during agreement formation. In regard to case of Peter Abraham, it can be saidthat Peter is attracted towards setting out a business of contractor building. In this respect, heneed to understand key elements of contract in effective manner so that valid contract can be3
framed with clients in significant manner (Rafsanjany and Asgarkhany 2016). Key elements ofcontract can be classified as offer and acceptance, parties must be competent, lawfulconsideration, lawful object, intention to create legal relationship, privity of contract, trustexception, property exception, assignments of contract and third party insurance exception. Inaddition to offer and acceptance, it can be said that the valid contract can not be framed byavoidance of these elements. It also indicates that both parties are willing to take part in activityand ready to make a contract. Competency also need to be considered as critical aspect because itallows to ensure that the parties involved in contract eligible to have contracting. If individual isbelow 18 years then contract will not be considered as valid one. It will be referred as part ofcrime or illegal action which may create legal issue for parties.Lawful consideration is also one of significant element that allows to meet key goals andobjectives. It is also referred as element that provide something in return (Shimizu 2013). iflawful consideration is not present in the act then it will be referred as void contract. In presentcase, Peter will gain specific amount in return for providing services. In building contract payand other returns must be mentioned in appropriate manner. Along with this, object exist on thecontract must be categorized as lawful factor. It is also necessary to make sure about impossibleand forbidden aspects so that valid contract can be framed. For example, contract to search atreasure with a help of magic will not be considered as valid contract. Intention of parties tocreate a valid contract is also essential because it focuses on relationship between both parties(Sawada and Kondo 2016). In present case, Peter Abraham must have aware in regard to legalvalues that are associated with the social and domestic nature of contract. It is because only legalaspects are considered as critical aspect. At last, privity of contract indicate that if individual isnot allowed to obligate rights and duties that are designed under the contract (Rezvani andAmerinia 2016). It is a factor that allows to ensure about the relationship between parties. Itpromotes the validity of the contract in ethical manner. 1.2It has been noticed that legal values of contract can be diversified in different ways as perconsideration of nature of contract and expectations of contracting parties (Rafsanjany andAsgarkhany 2016). It can be formed in writing, orally and through distance mode. As in thepresent case, Peter Abraham has made decision to estalish self as contractor so that self4

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