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Aspects of Contract and Negligence for Business

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Added on  2019-12-28

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This report is on "impact of different type of contract". The present report is based on various cases which are based on the negligence of the contract. The report covers various essential elements of a valid contract is explained. Along with this, the impact of different types of contracts is discussed. Apart from that, the nature of liability in negligence is explained. There are different types of contracts that have a great impact. Unilateral contract and bilateral contractual contract in one which party makes an offer and promise to fulfilled after completing a task.

Aspects of Contract and Negligence for Business

   Added on 2019-12-28

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Aspects of Contract andNegligence for Business1
Aspects of Contract and Negligence for Business_1
TABLE OF CONTENTSIntroduction......................................................................................................................................3Task 1...............................................................................................................................................31.1.................................................................................................................................................31.2.................................................................................................................................................41.3.................................................................................................................................................4Task 2...............................................................................................................................................52.1.................................................................................................................................................52.2.................................................................................................................................................62.3.................................................................................................................................................7Task 3...............................................................................................................................................73.1.................................................................................................................................................73.2.................................................................................................................................................83.3.................................................................................................................................................8Task 4...............................................................................................................................................94.1 ................................................................................................................................................94.2...............................................................................................................................................10Conclusion ....................................................................................................................................10References .....................................................................................................................................112
Aspects of Contract and Negligence for Business_2
INTRODUCTIONA valid agreement and Legally binding between two parties that is ofere and ofree isknow as contract. The present report is based on various cases which are based on negligence ofcontract. The report covers various essential elements of valid contract is explained. Along withthis, the impact of different type of contract is discussed. Apart form that, the nature of liabilityin negligence is explained. TASK 11.1The essential elements required for the formation of a valid contract that are as followOffer and acceptance: In order to create a valid contract there must be offer made byone party and it should be accepted by other party. There is party make a offer whichshould be accepted by other party ofree then a valid contract can be made. In a case ifother party reject the offer then no contract can be made. Certainty: It is required that contract which is made should be clear and have somecertainty. Then only it will be enforceable by law (Olugasa, 2015). All the informationwhich are mentioned in a contract should be correct and valid in short it should valid. Consideration: A consideration is that which a party paid a price for the contract whichis made. The price is something that have a value because it have a some Benefits orinterest for forebear. Intention to create a legal relationship; Both the party which bind in to a contract musthave some legal intention. It means that all formalities which are need to completedlegally. There must by some intention that is necessary for the legal relationship.Legal capacity: A valid contract can be made between those party which are above theage of 128 or mentally stable. That is a person who is below the age of 18 cannot make avalid contract, or a person suffering form mental problem or bankrupt. Completeness: In a valid contract it is necessary that all the terms and condition shouldbe completed first before starting any activity. Both should agree with the terms andcondition and complete it then can start the activity. 3
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1.2There are different type of contract which have a great impact that are as followUnilateral contract and bilateral contractual: In a unilateral contract in one whichparty make a offer and promise to fulfilled after completing a task. While in the Bilateralcontract there is two party required to is required to make a contract and one party take aobliged action.Contract under seal and simple contract: Contract under seal is that in which there isno consideration and contract is sealed and signed by both the party (Lipshaw, 2016). Onthe other hand in a simple contract it is in a written formal or in oral form andconsiderations is required. In the both contract there is different limitation period.Positive impact of contract under seal is that one party can sue other party in the court. Written contract and verbal contractual:Written contract is that contract in which both the party agree on terms and condition in awritten form. In this both the party signed the contract then start performing it activity. While inverbal contract agreements is made between both the party in oral form not in written form. Suchas offer and ofree can enter into a agreement that is personally binding. Impact: There is a positive impact of the written contract that is company if any party breach thecontract then other party can sue it in a court (O’Leary-Kelly and et.al., 2014). On the other handthere is negative impact of verbal contract that is if any party break the rule, then other partyhave no proof to claim in the contract. Face to face contract and distance selling contractual:Face to face contract is that contract in which agreement made in verbal or in a writtenform by sitting together and both the party agree upon the terms of contract. It has a positiveimpact that is if any confusion create it can be solved on the spot. On the other hand distancecontract is that made on phone call or ion written form. It have many positive impact that is incase of delay or any confusion contract can be canceled. 1.3Express terms and implied terms4
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