LSC UoS BA Business: Contract Law Elements, Breach and Remedies

This essay provides an analysis of contract law, discussing essential elements such as offer, acceptance, consideration, and legal obligation. It examines the concept of counteroffers and their impact on original offers, referencing the case of Hyde v. Wrench. The essay also explores remedies for breach of contract, including damages, specific performance, injunctions, and rescission. Furthermore, it outlines the rights of parties in a contract, such as the right to file a suit, timely consideration, exclusive ownership, disclosure of facts, and monetary payment. The analysis includes two case scenarios illustrating the application of contract law principles and remedies. The document is contributed by a student and available on Desklib, a platform offering study tools and resources.

Business Law and
Ethics
(Task 1)

TABLE OF CONTENT
INTRODUCTION...............................................................................................................................3
MAINBODY........................................................................................................................................3
CONCLUSION....................................................................................................................................5
REFERENCES....................................................................................................................................6

INTRODUCTION
Business law is important set of rules which are being regulated in all the
organisations in order to frame proper function of business organisations and to maintain
growth and advancement by implementing legal implementations and laws. It helps to give
all the transactions in agreement to be implemented in a proper manner. Some of the
important laws which are being covered under it our company law, contract law, employment
law, IPR etc. Contract law is a mutual agreement made between two or more individuals in
order to perform any agreement which is being enforceable by law. This used to have
important remedies given by court for the breach of contract (Qanavati and et. al., 2020). This
report will deal with a case scenario with all the essential elements that are being available in
the contract and their general rights with remedies.
MAINBODY
Case Scenario
Contract law is mutual agreement meet between two or more individuals or parties in
order to complete any task into bind themselves in contract. This used to cover obligations
which are being enforceable with the law and are also complied with all the legal binding
made in it. Essential elements made in contract without which no agreement can be framed
as legal are like, firstly offer should be given by one individual which will be treated as an
invitation to treat to perform an agreement or to enter in a contract. This is an invitation given
by one party to another party to bind in a contract. Secondly acceptance which is the mere
assent given by an individual for the offer which was being given to him earlier. It can be
expressed and implied or can also be given with the help of mails. When the acceptance for
the invitation to treat which was being given by the or free then this element is being fulfilled.
Thirdly consideration used to be the most important set of agreement as it is the value which
is decided between the parties in order to complete the agreement or two for the performance
of contract which was being made between them (van der Sluijs, 2019). The parties will have
to fix a particular amount in order to complete the task or deed. There cannot be any kind of
contract without consideration. Fourthly legal obligation to do so is an important in final
element of contract as when both the parties are entering in a contract, they should have a
legal intention towards that agreement made between them. No consent will be excepted if it
is given by fear or threat. Both the parties will have to agree with proper and clear intentions.

Counter offer is termination of prior offer which was being made earlier at the time
of framing a contract. When one party used to in negotiate at the time of coming in an
agreement in order to make the contract according to their own satisfaction and comfort at the
time the counteroffer is being made (Thomas, 2020). Once the counteroffer is implemented
the original offers are being revoked no parties will fix any deal or contract on the prior
offers. These generally used to take place at the time of business transactions and practises
for the consideration fixation. It is rejection of original offer with negotiation made between
the parties for the general terms of contract.
In Hyde v. Wrench (1840) Court held that, there will not be any contract applied
between the parties if new agreement or counteroffer is implemented. Once the counter offer
it’s applied at the time of negotiation made between the parties all the agreements that were
being binding earlier will no longer be enforced and all the new agreements will be according
to the counter offer that is being made later. So, defendant will not be liable between the
parties as original offer is being revoked when the counteroffer is being made, and all the
clothes and the essential elements made between the parties earlier will not be in existence. If
the party want to come in an agreements, then they will have to function according to the
counter offer which is being made (Goh and et. al., 2018).
According to this it can be framed that Avril has initially made an offer of £750 And
that is for the quotation period of seven days in front of Belinda that she can decide whether
to come in an agreement or not. She has taken the quotation period and has not responded to
the contract offer which was being made by Avril and later on he increased his consideration
to £900. It can be seen that there is no breach made from Avril As he has given us sufficient
time period to Belinda and she is not responded and what is the contractual counter offer is
being made then she will have to agree on the new amount which is being fixed later on. And
all the prior agreement will be of no use. She can even negotiate with him which will be a
new counter offer made from her part.
Case Scenario 2
Breach of contract is being awarded with some special remedies by court in order to
protect the individuals from any kind of breach and illegal happenings. Some important
remedies given are like, Damages it is a compensation provided by court to all the parties
who had suffered loss with the actions of another party that has made breach in contract. This
is a kind of substantial damages which is awarded when the party was injured has fulfilled all

the terms of laws and has identified the amount which was being loss suffered because of the
breach made. Specific performance of contract is equitable remedy used to help out where
court orders the parties to perform act and compel them in order to enforce and maintain with
equitable and fair manner. Court used to order the party was made reach to perform the act
which was been agreed between them (Craven, 2019). Injunction is restraining order
provided by court for avoiding all the breach that were being made in the agreement. These
can be permanent or temporary as it restrains the party from doing any kind of breach and
protect another party from all the laws that can be suffered. It is a kind of equitable remedy
provided by court. Recession is the termination of contract made in the parties in order to
make them enter in the original position in which they were earlier as when the contract was
being framed. It helps out to remove the loss that is being suffered between the contracts.
Darwash was in a contract so he can use all the remedies and can ask for the court in
order to give him damages which is being made by Charlie. It is an equitable remedy that can
be provided by court for the loss which is being suffered by him at the time of contract.
Parties right in contract
Right to file suit is given as when any of the party has made breach at the time of contract
then the aggrieved party can file suit against it and can apply to the court for the breach of
contract. Right to timely consideration is a major right as it is being given and being fixed as
when the consideration is being maintained between the parties they will have to provide it at
the time of agreement that is being decided there cannot be any kind of delay in payment of
consideration. Right to exclusive ownership is given to both the parties in the contract as they
have a right for ownership which is enforceable by law provided by court (Kötz, 2019).
Right to disclosure of fact provides that all the parties will have to disclose the relevant
information regarding to the contract out agreement in which they are going to enter and no
party can hide any kind of material side which is being linked with the contract made
between them. Right to monetary payment is that parties should get timely services and a
fixed payment which was being decided between them earlier.
Darwash can apply to court and file a suit for the non-disclosure of facts by Charlie.
As they said made him too suffered loss in the contract as Charlie has, not disclosed all the
important information that he has no knowledge of electrical fittings and because of which
the work of Darwash was majorly being affected.

CONCLUSION
From this above essay it is seen that contract law provides two or more parties to be
binding in an agreement which is being enforced by law. This used to have some essential
elements like legal obligation to do so, offer, acceptance, consideration. Counteroffer is
revocation of the prior offer made between the parties. Furthermore, it is also analysed that
specific performance of contract, injunction, recession or some important remedies that are
being given by court for the breach of contract. The parties will also gain right to timely
consideration, right to disclosure of facts for the contractual terms.
REFERENCES
Craven, P., 2019. 5. The Law of Master and Servant in Mid-Nineteenth-Century Ontario.
In Essays in the History of Canadian Law (pp. 175-211). University of Toronto
Press.
Goh and et. al., 2018. Contract law. SAL Ann. Rev., p.312.
Kötz, H., 2019. Comparative Contract Law. In The Oxford Handbook of Comparative Law.
Qanavati and et. al., 2020. To be Reasonable as a Legal Principle in Contract Law.
Thomas, R. ed., 2020. The evolving law and practice of voyage charterparties. Taylor &
Francis.
van der Sluijs, J., 2019. Transparency in the insurance contract law of Sweden.
In Transparency in insurance contract law (pp. 257-277). Springer, Cham.