Business and Company Law: Contract Law, Equity, and Remedies Report

This report provides a comprehensive overview of key aspects of Business and Company Law. It begins by differentiating between Common Law and Equity within the English legal system, followed by an explanation of the postal rule and its exceptions. The report then delves into the circumstances under which paying a creditor a lesser amount can constitute valid consideration. A case study involving Alia and Sujhad is analyzed to determine the presence of offer and acceptance, followed by a discussion of the remaining elements of a contract. The report further elucidates the meanings and implications of 'terms' and 'representations' in contracts and concludes with a discussion of the remedies available to an injured party in the event of a contract breach. The report covers a wide range of topics, including contract formation, breach, and remedies, making it a valuable resource for understanding the complexities of business law.

Business and Company Law

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
a. In relation to English legal system, explain the difference between Common law and Equity.
.....................................................................................................................................................3
b. Explain the postal rule and the exception................................................................................3
c. Explain the circumstances under which paying the creditor with an amount less than he/ she
claim can constitute a good consideration...................................................................................4
Analyse the discussions between Alia and Sujhad as to whether there has been an offer and
acceptance....................................................................................................................................4
Outline and discuss the other two elements, which were not discussed in previous one............5
c. explains the meanings and effect of ‘term’ and ‘representations’ respectively.......................6
Discuss the remedies available to an injured party for a breach of contract...............................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Business and commercial law are there two significant area of legal practices which considered
major level of overlapping issues. The former one has clear focus on the differentiated concepts
of the business which have the inclusion of formation of company, mergers, acquisition,
shareholders rights and or property issues (DiMatteo. and Hogg, M. eds., 2016). In the other
hand latter have focus on their sale and distribution of goods as well as financing and transaction
aspect. In this report, there will be clear discussion on the different aspect of contract law along
with differentiated circumstances handling. In addition to that, the report will also consist of
practical implication on case study of Alia and Shujad.
MAIN BODY
a. In relation to English legal system, explain the difference between Common law and Equity.
English law is the common law of there or legal systems of England and wales which have the
clear comprising of mainly criminal and civil law as each branch have it own level of courts and
procedure (McDermott, 2017). This have the applied level of agreements that’s the parties
should have adoption the jurisdiction of England and Wales as well as for matters within the
physical jurisdiction.
Hence there is the difference in between the common law and equity as there former on
have the law which are more significantly based on precedence’s and member of ruling judged
who can have proper hearing their cases in courtroom. On the other hand, equity have the law
which are similarly been establishes by the ruling courts but have judgement deals thorough
having the equitable decision. Common law are also the case laws which is been enacted on
based of the court rulings which have bene developed their older level of courts cases. On the
other hand, are developed as supplements to strict statutory law which have providence of high
punishments on basis of justice and fairness including the motive of been accused.
b. Explain the postal rule and the exception.
Contract laws is the body which have the proper level of governing enforcing and interpretation
the defernite agreements which are related to exchange of goods, services as per the properties
and money (Adriaanse.,2016). In addition to that’s postal rue is considered to be exceptions to
the general rules when the contact has acceptances must be in order to be properly
communicated in direct manner to the offeror and the acceptance is considered to be effectives
when the situation have the receive the acceptances from offeror.
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The exception asper the postal rule is such as-
Postal rules doesn’t have application when the letter of acceptance have not been posted in
appropriate manner.
This doesn’t have application where the letter has not been properly possessed.
The rule has not application where the post has not been usual method of communication.
Postal rule does NOT apply where the express terms of the offer 'exclude the postal rule', i.e. if
the offer specifies that the acceptance must reach the offeror.
Hence, the acceptance should be mailed in timely manner so that parties of contract can have
proper alteration in terms for offering postal rules or mail box will be considered as ineffective.
It doesn’t have any mattered where offeror accruals have received the acceptance which is bee
effective.
c. Explain the circumstances under which paying the creditor with an amount less than he/ she
claim can constitute a good consideration
There are all different rules which are related to considerations in the contract law. In addition to
that’s paying less the amount less to creditors can be constitutes as good level of conversation
have the inclusion of different circumstances. In recent manner, the performance of exiting duty
is considered o be part of good considerations as per the certain level of circumstances which are
be such as-
1. Considerations must be moved out form the promises as the defendant can made an
offering the plaintiff and the when the plaintiff had performed as their request, the
contract will be considered as binding.
2. Consideration must be sufficient but not have the need to be adequate so the parties an
exchange proper level of value.
3. Consideration must be more forbearance and compromise.
Question two
Analyse the discussions between Alia and Sujhad as to whether there has been an offer and
acceptance
Contract law is considered to be agreements between the parties which is legally binding and
enforceable by law. This law has the implication if their various level of rights and regulation
with their respective obligation for the contractual parties. This is helpful in governing the
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relationship along with validity and interpretations regarding differential sale of goods and
services in exchange of goods and services. As per the above case alia was a specialist buyer for
company soon by which was interested in buying the collection of seven paintings for the
renowned art gallery (POOLE, Devenney and Shaw-Mellors, 2019). The painting which was
inspected by alia and believed to be genuine as the estimated price of £550,000. As per the
discussion with manager sujhad in order to pay the amount of £450,000 for it on behalf of
Soonaby. On the other hand, sujhad have place the price as for selling the collection as r
£500,000. On the other hand, Alia proposed £480,000 for which sujhad have kept the suggestion
to have think about it.
As per the contract law, there is the need to have the formation of legal contracts which
have there offering made form one to other parties in having the justified consideration
which is agreed by both the parties. As per the discussion of sujhad and alia they have
not form contacts because of agreed level of considerers. Both the parties have agreed
level of interest to sell and but the product but the consideration failed to be justified in
more appropriate manner. In the case there was not any appropriates offering and
acceptance as both the parties have failed to decide the accurate amount of consideration
for the painting.
On the other hand, soon after restoring from the lunch alia have found that’s the painting
is been sold to Benjamin, a private collector who had paid £490,000 for it. At this basis,
the Alia have ageing put the offering of £500,000 on behalf of Soonaby which was been
agreed by the sujhad and have been resold the Lowry’s painting. On this case as per the
contact law the sujhad have breach the contract from the Benjamin, a private collector
who had paid £490,000 for it.
Outline and discuss the other two elements, which were not discussed in previous one
The contract is the legal level of binding documents which have the promise as oral or written
basis by one party in order to have the fulfil obligation to the respective another party in the
return of respected level of consideration (Poole, 2016). This is the binding contracts which
have the comprising of the four key basis elements which is offer, acceptance, consideration and
intention to create legal relations. As per the case of Sujhad and Benjamin, the next two element
which were not followed on the case, there were lack of to have the stickiness to the deal
consideration along with creating the intention to have legal binding of contracts. The latter one
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has failed to bind the contracts at sum of consideration at which the painting has been fixed to be
sell. Sujhad have the breach the contracts which is on verbal basis by selling the painting to alia
as higher price without having any legal level of discussion of with Benjamin. This is helpful in
governing the relationship along with validity and interpretations regarding differential sale of
goods and services in exchange of goods and services.
In addition to that’s as per the case of sujhad and Benjamin, the contract is verbal’s which
states that’s the order is not needed to be written in order to be breached. It shas been clearly
stated as per the contract law that’s their breach of contract can be verbal, written or may be
in implied term. As the sujhad have filed refuse to have the performance of duties. This is the
fundamental breach of contract as the contract can be terminated instead of the innocent party
seeking damages.
c. explains the meanings and effect of ‘term’ and ‘representations’ respectively.
As an effect of ‘term’, the contents of the contracts are considered as terms or respective clauses.
As their agreements have the general level of consistency of various terms which is being in
price which is paid related to subject of the contract. It is common for businesses to have
standard form written terms which can be quite lengthy. It is not having requirements which are
simple in constructs also have the writing in more simple’s way (Smits ed., 2017). Contracts
term can be both as there express or implied opera which may be further have classification of
either level of respective conditions, warranties or innominate terms. In the situation when the
contracts o being formed. it may be considered as the difficult aspect to have the establishments
of statement in more having negotiating the number of contracts to terms which have statement
which is merely representation.
Representation in contract in law which have involvement on or the two level of
contracting parties which is the making statement to the other. On the other hand, there
individuals make this statement as either before or after creating there contract as which
have the inclusion of all information about the facts which have the being involved in the
contract. It is such as the act of instances for tending for and acting on the behalf of
another which is specially acting as the attorney for the client. The next to that’s the fact
of litigant have the such close alignment which have the interest if other personas which
have been considered as their present level of litigation.
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Discuss the remedies available to an injured party for a breach of contract
Contract law is considered to be agreements between the parties which is legally binding
and enforceable by law (Graziano, 2019). This law has the implication if their various
level of rights and regulation with their respective obligation for the contractual parties.
This is helpful in governing the relationship along with validity and interpretations
regarding differential sale of goods and services in exchange of goods and services. In the
case when ere party fails to meet up the obligation is known as breaching party as the
civil law suits may have clear binding of the obtaining remedy for breach. There are
varsities of there remedy which are visible for breach of contract which are such as the -
Monetary damages as the party has the help the responsible for the cause of losses of the
respective party which have both generals our expectation damages along with
consequential ones which can be related as their breach of contract.
Specific performance which is considered to be appropriates damages which can have
correction in breach by having proper level of enforcing of the breaching party in order to
have the completions of the various implied terms of there agreements at respective
order.
Specific performance is an appropriate remedy in situations where monetary damages
could not possibly make the non-breaching party whole for the losses.
Recission as this have allowance to their non breaching party to have the essentially
realising from the performance obligation as it makes a level of clearance that the party is
been reviled of the duties due to failure of their other party in order to have the
performance (Austen-Baker,2017).
The next is about liquidation damages which is considered to be difficult in order to
understand there the amount by which the injured party have the reoccurring of loss. In
order to have the addressing the issues some of the contract having the continuation of
liquidation damages causes.
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CONCLUSION
From the above file, it can be concluded that Business and commercial law are there two
significant area of legal practices which considered major level of overlapping issues. The
difference in between the common law and equity as there former on have the law which are
more significantly based on precedence’s and member of ruling judged who can have proper
hearing their cases in courtroom. Consideration must be sufficient but not have the need to be
adequate so the parties an exchange proper level of value. The painting which was inspected by
alia and believed to be genuine as the estimated price of £550,000. As per the discussion of
sujhad and alia they have not form contacts because of agreed level of considerers. In addition to
that’s as per the case of sujhad and Benjamin, the contract is verbal’s which states that’s the
order is not needed to be written in order to be breached. Representation in contract in law which
have involvement on or the two level of contracting parties which is the making statement to the
other
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REFERENCES
Books and Journals
Online
Austen-Baker, R., 2017. Implied terms in English contract law. Edward Elgar Publishing.
Graziano, T.K., 2019. Comparative contract law: cases, materials and exercises. Edward Elgar
Publishing.
Smits, J.M. ed., 2017. Contract law: a comparative introduction. Edward Elgar Publishing.
Poole, J., 2016. Textbook on contract law. Oxford University Press.
POOLE, J.D., Devenney, J. and Shaw-Mellors, A., 2019. Contract Law Concentrate: Law
Revision and Study Guide. Oxford University Press.
Adriaanse, M.J., 2016. Construction contract law. Macmillan International Higher Education.
McDermott, P.A., 2017. Contract law. Bloomsbury Publishing.
DiMatteo, L.A. and Hogg, M. eds., 2016. Comparative Contract Law: British and American
Perspectives. Oxford University Press.
Arvind, T.T., 2017. Contract law. Oxford University Press.
Lim, E. and Chan, C., 2018. Problems with Wednesbury unreasonableness in contract law:
lessons from public law.
Cartwright, J., 2016. Contract law: An introduction to the English law of contract for the civil
lawyer. Bloomsbury Publishing.
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