Business Law and Ethics Report: Contract Law and Remedies Analysis

This report delves into the realms of business law and ethics, focusing on contract law and its blueprints. It elucidates the essential elements of contract formation, including offer, acceptance, and consideration, while also exploring the concept of legally binding intentions and the capacity of dealers. The report further examines the English legal system, distinguishing between criminal and civil law and outlining the court system's role in resolving contractual disputes. Through a case study involving Hilary, the report analyzes the existence of binding contracts in various scenarios, considering factors such as counter-proposals, rejections, and revocation of offers. Finally, the report discusses the various remedies available for breach of contract, such as recession of contract and damages, providing a comprehensive understanding of the legal and ethical considerations in business operations.

BUSINESS LAW AND ETHICS

Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Blue prints and Law of Contract..................................................................................................3
System of court in relation with English legal system................................................................4
Advise Hilary as to whether binding contracts exist...................................................................5
Various remedies that is available to the parties.........................................................................6
REFERENCES................................................................................................................................6

INTRODUCTION
Laws for business and ethics are those measures that bind the business on legal terms and
with ethics in their culture. There are many various factors in laws of business that requires legal
formalities to be fulfilled. On the other hand ethics works on the values and approach of the
difference between things that is right and wrong. There are various laws that are a must for
business to follow and one of the most important is contract law. Other than it this report it will
be described about contract law and its blue prints. Besides that, English legal system will be
explained and whether binding contract exist between Hilary and other people. Also, at last it
will be discussed about remedies available to parties (Pusca, 2017).
TASK
Blue prints and Law of Contract
Contract law binds and governs the enterprise into a contractual relationship. This form
of contract is formed when one business makes an offer and another party easily accepts that
offer. The offer is made in terms of showing the assets of the business so that other party can be
sure about the worth of their money. There are measures that are required in order to get the best
working of the contract such as when it is complied with no resource which makes way to the
court. Other than these parties must be involved in this contract so that it can be assessed that
they are aware and have the full knowledge of the contract with the rules and regulations that are
involved in it. There are laws which set and bind the contract legally such as-
 There must be an agreement between the parties.
 There must be a mutual decision of intention so that contract can be formed.
 Consideration between the parties for the contract must be there (Mutia and Muindi,
2019).
These are the aspects that are must for binding the contract on legal terms. There is
another aspect that is necessary which states that when a person wants to sell a property the
details of the agreement must be formed in writing and all the details must be included in it.
Elements of Contract Law are-

Offer- It will be made by an entity so that deal can be formed.
Acceptance- Other entity to whom offer has been made will accept the offer.
Consideration- This means that deal that is offered and made are being considered by both the
parties such as in order to fix the deal advance will be paid, other than this if party is not able to
settle the deal in monetary terms then something of value will be offered.
Intentions that are to be legally bound- Agreement is formed on the basis of mutual consent of
both the parties (Sison, Beabout and Ferrero, 2017).
Capacity of dealers- This aspect states that deal is made to entities that follows legal aspects and
are recognized by them. In order to form a contract the age limit of the dealer must be of 18
above. If these aspects are not met then contract will not be valid under the eyes of law.
Vitiating Factors-
These are considered as those factors which can make the whole contract void. For
instance misrepresentation, mistake of law, error in forming or writing the law. This states that
any party can make a plea to escape out of law so that agreement can be void and most of the
cases in which it is done when performance is found to be illegal.
System of court in relation with English legal system
The system of legally binding with English involves criminal and civil law which have
been different under the section of court law. There are two forms of court in legal system of
English which are responsible for the settlement of justice. This form of court even has support
from service of Tribunals and Her Majesty’s Courts. The nature of contractual cases is civil and
it seeks justice in the court of civil. The court analyze the whole case and the details of it and on
the basis of it understands the terms and conditions of the agreement that made it legal. It is even
considered that the parties that are involved in the contract will judge them on fair measures with
looking after the other aspects of contract such as offer and acceptance. The case of Hilary is
relatable to this as in the first situation an offer was made by Hilary but the other entity rejected
it. In second case Hilary made an offer to Amy and even after both the time offer being valid it
was rejected by both of them. This is the reason of failure of the contract. In the third case offer
made by Hilary was to a legal entity who was the first one to visit the gallery and Olivia was the

one who made the deal. The contract was not formed before because the deal was not made as it
was based on the law of revoke of the offer (Lance Plunkett JD, 2020).
Advise Hilary as to whether binding contracts exist
This case is divided in three parts
Hilary and Eleanor-
This case is the first case where a printed press was promoted by Hilary in exchange of £
15,000. But Eleanor wanted to cut the price that is why a counter proposal was made to get it for
£ 10,000. This is an example of contract being invalid and this is done when the agreement of the
offer that was made is changed. If the contract needs to bind then there must be no changes in the
contract. After this scenario other was the rejection made by Eleanor which is considered as
another factor of no forming up of contract.
Hilary and Amy-
This case is different as the dealing is of different item. In it an offer was made for £ 1000
for office computer and this was agreed by Amy but after that she changed her mind and told
Hilary to ignore the first draft of confirmation. Earlier when the first draft was posted contract
can be easily formed as per the basis of postal rules. This is the reason why another draft was
sent in order to reject the offer (Klikauer, 2017).
Hilary and Olivia-
This case is different as a sale was kept by Hilary in her gallery of art. For different
painting notices near the windows were hanged about the details of the painting and one painting
she had was of the artist Trumpeter which had high value in the market but in that sale it was
offered for £ 1 and a sign of the artist with another painting of him. This was just a scheme of
promotion and an invitation to get more footfalls. Before Olivia could make the deal and final
and set the terms of contract Hilary said that painting is no longer available for sale. From this
case it is clearly assessed that there was revocation which means that offer is cancelled before the
aspect of acceptance can take place. This is the same thing that happened between Hilary and
Olivia as agreement was not formed between both of them.

Various remedies that is available to the parties
There are different remedies available for the breach of contract which is linked with
contract law. It states that whenever a mutual (Mea and Sims, 2019) consent or agreement is
broken by any of the parties then it will be termed out as breach of the contract. There are some
remedies which are classified under the aspect of breach of contract such as
Recession of Contract-
This aspect states that when one party does not meet up with the required level of
obligation then it is sure that another party will rescind the contract formed and won’t accept the
obligations that are expected to be meet up by them (Steinberg, 2016).
Damages in Contract Law-
This is another remedy that is used for contract law which is specific and limited to the
use of cases such as damages or getting an award of money as compensation by a party that is
innocent. The purpose of this remedy is to give support to the party who is injured so that they
can perform the terms of the contract.
Heads of Bargains-
This remedy is used for making claims when the cases are related with covering up for
loss. In order to deal with that lot of bargain need to be made, damages that are speculative and
factors that cause inconvenience to the parties (Guerra-Pujol, 2018).

REFERENCES
Books and Journal
Mutia, A. and Muindi, C., 2019. Impact of Employment Law on Employment
Relationships. East African Journal of Law and Ethics, 1(1), pp.39-52.
Pusca, F., 2017. Cloning and the Creation of Saviour Siblings from the Perspective of Criminal
Law and Ethics. EIRP Proceedings, 12.
Shaw, W.H., 2016. Business ethics: A textbook with cases. Nelson Education.
Sison, A.J.G., Beabout, G.R. and Ferrero, I. eds., 2017. Handbook of virtue ethics in business
and management. New York: Springer.
Steinberg, M.I., 2016. Lawyering and Ethics for the Business Attorney.
Trevino, L.K. and Nelson, K.A., 2016. Managing business ethics: Straight talk about how to do
it right. John Wiley & Sons.