Business Law and Ethics: Analyzing Binding Contracts and Remedies

This essay provides an in-depth analysis of contract law within a business context. It begins with an introduction to contract laws, emphasizing their importance in establishing strong financial relationships and ensuring smooth organizational operations. The main body of the essay delves into the core elements of a contract, including offer, acceptance, consideration, and legality, and explores how these elements contribute to forming binding agreements. A case study is then presented, advising Hilary on the existence of binding contracts with Eleanor, Amy, and Olivia, and discussing various remedies available to the parties in case of a breach of contract. The essay also covers the UK legal system, discussing court jurisdictions and the application of civil laws. Finally, the essay concludes by summarizing the key aspects of contract law and the remedies available to the parties. The essay is supported by references to relevant books and journals.

BUSINESS LAW AND
ETHICS

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Advise Hilary as to whether binding contracts exist between herself and each of the following
people: Eleanor, Amy and Olivia...........................................................................................4
Explain and discuss the various remedies available to the parties.........................................5
CONCLUSION................................................................................................................................6
REFRENCES...................................................................................................................................7

INTRODUCTION
Contract laws are those laws that are formed to make financial relationship of
organization or parties strong. These laws are very important from view point of providing
smoothness within the working process of an organization. Agreements are the basis of forming
an contract and requires elements that provide stability within an agreement. Also makes it legal
in the eyes of law. In the essay contract law has been taken as a subject of study and a case
scenario has been present in relation to law of contract. Various questions is being answered
regarding the contract. Under which elements, definition and remedies has been covered.
MAIN BODY
Contract laws are that kind of laws that is dealing with such transactions that mainly
focused over influencing business in appropriate manner. These laws are focused over various
aspects that is related to helping in growth and success of business that is helpful in making
transaction possible within legal manner. In other words contract laws are considered to be that
type of rules and regulations which are being formed in order to make sure that parties forming
agreement should be bound with certain duties and rights. Contract are considered to be legal
agreements that has been agreed by both parties. Contract is legally formed only when certain
elements are present within it and they are offer, acceptance, consideration and legality. In offer
one party expresses idea to another, in acceptance offer made is being accepted by the parties.
Then comes consideration in which both parties discuss over various aspects existing and
purpose for which contract is formed. In legality the contract and its clause are checked that
makes it a valid contract within the eyes of law. An contract can be both in implied and
expressed form. A contract is formed only when there is any kind of business activity or
transaction related to money takes place.
In UK various kinds of laws exists regarding the context of aspects existing within UK
and these laws are existing within them. Legal system of UK has been formed to deal with
crimes and wrongs that has been accruing within the country on regular basis. These laws are
there to deal with both civil and criminal acts that is impacting society in negative manner. Laws
in UK are very complexed in nature and process involved within them is also very lengthy to be
applied for giving punishments. There exists various loopholes that has made legal system in UK
not comparable with modern laws of same nature(Mahoney, 2016). In order to make these law

applied with justice legal system in UK has formed judiciary which consist of courts of various
kinds. Courts are being explained as:
Courts of UK Supreme Court is the highest court for appealing regarding any matter that
has not been justified in proper manner by High court. Then comes High court in which cases in
which judgements passed by lower is challenged comes. It is divided into three departments
having jurisdiction to hear the matter. First division is of Queen’s Bench that takes only criminal
matters and then comes court of appeal that deals with civil matter of all kind. Another division
of higher court is family court that deals with all matter that is related to marriage and divorce.
After this there comes lower courts which hears matters that are of both civil and criminal nature.
The above scenario consists existence of contract within it that is being found to be the
main element within it. Such laws and cases related to them is related to civil laws in which an
individual commits a wrong. In order to file suit against the party in case of breach of contract
civil courts has to be considered for it. Further proceeding is done within it only.
Advise Hilary as to whether binding contracts exist between herself and each of the following
people: Eleanor, Amy and Olivia
Binding contract is considered to be that kind of legal agreements which exists between
two or more parties that is being enforceable by law. Such contracts need not to be in the written
form only. They can be oral form also. A statement made having no written proof can be
considered to be a contract that is legally binding. To make a contract binding there has to be an
agreement between the parties.
In order to justify binding contracts the case laws that is going to be considered relevant
is Partridge v Crittenden in this case law the defendant is being placed as an advert into an
magazine which has been offering bramble finches for sale. Such offence has been recorded
according to the bird protection act that has made an offence of selling of these birds. He was
charged and convicted of the offence and appealed against his conviction. The court is to held
that conviction of defendant was cancelled or dispersed by court. In this advert is considered to
be an invitation that has made offer. In this case literal rule was applied in order to clearly
interpret-ate the law. One more case law to provide more relevancy is Heathcote Ball v Barry
within this case the facts are submission should cover highest biding within an auction that is
being reserved in this items that are included id two Alan smart engine analysis that is worth
£14,000 (Key, Azab and Clark, 2019).

In this the claimant was bidding at £200 for one thing and refused over selling price. So,
the case was filed for breach of contract and claim for damages is of £27,600. Further in this it
was held by the court that claimant has to be bound for getting damages. As auction has taken
place without making any kind of unilateral offer that is being accepted on the highest bid.
There was thus a binding contract and the claimant entitled to damages covering the loss of
bargain.
As per the scenario that has been mentioned above shows that contract has not taken
place between the parties. Though offer has been made but acceptance is not there.
Explain and discuss the various remedies available to the parties
As per contract laws if any kind of violation is done then various remedies are there
which has been existing for suing the party that has done breach of contract. Remedies are
damages, repudiation, rescission, specific performance and restitutory rewards. Further remedies
are explained as follows:
Damages this is considered to be that kind of laws which has legal remedy that is
available in order to make breach of contract possible. These are considered to be that kind of
reward which is related to money and is awarded through compensation only when an party is
being proved innocent. (Karwaki and Hazlet, 2017).
Repudiation is considered to be that kind of remedy that is been given to those kind of
breach that has been given under certain condition only. In this involvement over bringing end to
contract.
Rescission equitable these are being given over those remedies that is being made
available over direction of judges. Recession is to seek over place within the parties in order to
make pre-contractual position that is presented when the contract is being revelled. .
In the case scenario no remedies is going to be used because no contract has taken place
between parties and there is absence of elements required for contract.

CONCLUSION
Form the above essay it can be concluded that contract laws are required by an
organization to form strong relationship that makes monetary related transaction essay for an
organization to be conducted. Further in this essay definition of contract has been explained with
elements that makes a valid contract. Also judicial courts and jurisdiction of high court on
contract cases has been explained. In the end remedies has been explained that are liable to be
taken by parties in case of breach of contract.
.

REFRENCES
Books and journals
Breu, S.U., 2019. Blockchains and cybercurrencies challenging anti trust and competition
law. Law, Ethics and Society: Historical and Contemporary Perspectives. p.205.
Carter, S.M and et. al., 2017. A code of ethics for social marketing? Bridging procedural ethics
and ethics-in-practice. Journal of nonprofit & public sector marketing. 29(1). pp.20-38.
Dorff, E.N. and Gary, M., 2016. Donations from Ill-Gotten Gain in Jewish Law and Ethics and
in American Law. Journal of Jewish Ethics. 2(1). pp.1-40.
Fox, D., Cohen, I.G. and Adashi, E.Y., 2019. The Law and Ethics of Fetal Burial Requirements
for Reproductive Health Care. Jama. 322(14). pp.1347-1348.
Karwaki, T.E. and Hazlet, T.K., 2017. A qualitative analysis of student-written law and ethics
cases: A snapshot of PY2 student experience. Currents in Pharmacy Teaching and
Learning. 9(3). pp.369-375.