UoS BA Business - Contract Law: Essential Elements, Rights & Remedies

This essay provides an overview of contract law, focusing on its essential elements such as offer, acceptance, consideration, and legal obligation. It discusses the concept of a counteroffer and its implications, using the case of Hyde v. Wrench (1840) as an example. The essay also examines remedies for breach of contract, including specific performance, damages, injunction, and recession, highlighting their application in a given scenario. Furthermore, it outlines the rights of parties in a contract, such as the right to timely consideration, the right to file a suit, the right to disclosure of facts, the right to exclusive ownership, and the right to monetary payment. The essay concludes by summarizing the key aspects of contract law and emphasizing the importance of understanding these elements for effective business practices. This document is available on Desklib, a platform offering a variety of study resources for students.

Individual essay

TABLE OF CONTENT
INTRODUCTION.....................................................................................................................................3
MAINBODY............................................................................................................................................3
Case Scenario 1.................................................................................................................................3
Contract law ....................................................................................................................................3
Essential elements of contract law...................................................................................................3
Counter offer ...................................................................................................................................4
Case Scenario 2.................................................................................................................................5
Remedy for breach of contract ........................................................................................................5
Right of parties in contract...............................................................................................................5
CONCLUSION.........................................................................................................................................6
REFERENCES..........................................................................................................................................6

INTRODUCTION
Business law is strategically framework of rules and regulations and all the civil law that are
being imposed on the organisations in order to maintain smooth functioning of business
practises. This mainly provides a method through which companies can thereby maintain all
their agreement and transactions for business with proper legislative rules. This includes
contract law, IPR, employment law and many more. Contract law is the agreement which is
being framed between the parties in order to agree on our mutual transaction in order to do an
act which is being enforceable by law. It provides Some important remedies to all the
individuals for the breach of contract (Vaculik and et. Al.,2020). In this report there will be a
brief discussion of case scenarios which cover essential element in contract law and also the
general rights and remedies available in it.
MAINBODY
Case Scenario 1
Contract law
It is a legal framework or agreement made between the parties in order to bind
themselves in a contract. This is mainly an agreement between two or more individuals and
an obligation to perform an act which is being enforced under it. In order to enter in a
contract, it is important to fulfil some essential elements without which contract is not
possible.
Essential elements of contract law
 They are firstly offer which is an invitation to treat that is being given to an
individual to enter in an agreement that will be made within them. It is mainly
invitation given by a party to another party for entering into a contract.
 Secondly, acceptance as this is an assent which is been given by one party for the
offer which was given by a party to an agreement or an invitation to the other party
(Ferro,2018). As this is mainly agreeing to accept the invitation to treat. It can be
expressed or implied and will create binding legal effect for the offer which is being
made.
 Thirdly consideration as this is the value which is being discussed between the
parties when coming in an agreement. This mainly promotes the promise that has
been made in order to complete the contract and for that party used to fix a particular

amount or money for the deed to be performed. No contract can be made if
consideration is not being fixed.
 And lastly legal obligation to do or to enter in a contract which means that the party
should have a legal intention in order to bind themselves in an agreement. There
should not be any kind of forceful consent that is being taken by the party and both
the party will have to agree mutually with all the clear intentions and decision (Tan,
2019).
Counter offer
It is revocation of original offer and can also be termed as a response which is
provided for the original offer made by the party. This is commonly being practised in
business practises and transactions as when the party used to enter in a contract, they used to
make certain negotiation regarding the consideration which is being fixed between them and
once the other party negotiate with the consideration then the prior offer which was being
made earlier by the initial party will be revoked and will no longer be treated as effective.
This is rejection of original offer and a negotiation which is being made between the parties
in order to accept the general clause of contract (Loeber, 2017).
As earlier seen in the case of Hyde v. Wrench (1840) court held that, no contract can
be enforced with prior agreement as once the counter offer is being made. As when the
counter offer is being made by one party then all the binding agreements will be revoked and
the initial process will no longer be available as it supersedes all the prior offer. Defendant
Will not be held liable as there was no original offer being available in the parties as the
counter offer was being made and it revoke all the earlier offer and the contract that is being
framed between the existing parties. This mainly revokes all the initial offers and deals and
also implements out the new agreement which is being made according to counter offer
(O’Connor, 2019).
As from the above scenario this can be analysed that as Avril has made an offer for
£750 And has also given time period of seven days to Belinda in order to decide for the
contract. And she didn’t respond within the quotation period and later on Avril has increased
his amount to £900. There is no breach of contract from the side of Avril as a counter offer
was being made and when a new consideration is being framed then all the earlier contractual
terms will be revoked and there will be no longer availability of the prior offer which was

being fixed. So, if Belinda wants to come in an agreement that she will have to agree on the
new consideration which is being fixed by Avril or can negotiate with him.
Case Scenario 2
Remedy for breach of contract
Court has given some important remedies like:
 Specific performance of contract which provides an equitable remedy that is being
given by court when there seems that damages are not adequate remedy for the party.
In this the court used to order and compel the party to perform the act which was
being made between them and to maintain fair and equitable deal (Welmans, and
Naughton, 2019).This remedy focus on removing and unfair and unjust activities.
 The other one is Damages this provides compensation that will be given to the
injured party who has suffered loss by the act of another party who has made breach
in contract. It is substantial damages that are being given to the injured party for all
the laws made by the party as court use to identify the amount of loss that is being
suffered by the breach of contract. Another one is Injunction this is the restraining order which is being given by court
to the party in order to avoid breach in an agreement. It can be temporary and
permanent and it helps out to restrain the party by providing all the actions through
which no breach can be made in the agreement this is also term as an equitable
remedy given by court.
 Recession is the remedy made available by the court to all the parties when there
seems out to terminate the contract and to make the parties come in the actual
position as they were earlier before entering in the contract. This is mainly to protect
the parties from suffering the loss in the contract (FBA, and Cartwright,2020).
Darwash has all such remedies as he can go to the court and ask for the damages
which was being suffered by the actions made by Charlie. As this will be an adequate remedy
for the losses that are been made by either party to him in the contract.
Right of parties in contract
 Right to timely consideration is an important right which provides that both the
parties will have to provide the work to be done in a timely manner and the

consideration that is being fixed by them should be given on a proper time period so
that there cannot be any kind of delay. Right to file suit provides that if there is any kind of breach by any member in the
party then the aggrieved party can go to the court and file suit against the party who
has breached the contract (O’Connor, 2019).
 Right to disclosure of facts is an important right as at the time of entering into
contract both the parties will have to disclose the material facts that are being related
to the agreement that is being made between them and they cannot hide any relevant
information of the contract. Right to exclusive ownership provides out that both the parties have right of
ownership while they enter in an agreement that is being enforced between them.
 Right to monetary payment provides that both the parties have right to get the
services and also to get all the monetary fixed payments that were being a signed
between them (Brunner,and Gottlieb, 2019).
Darwash has the right to go to file a suit against Charlie further nondisclosure of all
the material facts to him. As Charlie has not given the relevant information that he has no
knowledge for the electrical fittings because of which Darwash has suffered loss and also
being affected by his act so he can ask for the subsequent damages as a remedy from the
court.
CONCLUSION
It is concluded from the above report that contract law is agreement between the
parties for the transactions and the business practises. It mainly has some important elements
like offer, acceptance, legal obligation to do so and consideration. Counter offer is the new
offer that is being generated by one party on the revert of the prior offer being made.
Furthermore, it is also concluded that injunction, specific performance of contract are some
important remedies of contract law. And there are some important rights which are being
provided in contract like timely payment of consideration, right of disclosure of facts etc.
REFERENCES
Brunner, C. and Gottlieb, B. eds., 2019. Commentary on the UN Sales Law (CISG). Kluwer
Law International BV.

FBA, J.B., FBA, A.B. and Cartwright, J., 2020. Anson’s Law of Contract. Oxford University
Press.
Ferro, F., 2018. The nature of FRAND commitments under French contract and property law.
Journal of Intellectual Property Law & Practice.
Loeber, J.F., 2017. At the Junction of International Administrative Law, International
Commercial Law and the Sovereignly Directed Contract. Geo. Mason J. Int’l Com.
L., 9, p.184.
O’Connor, M.A., 2019. Promoting economic justice in plant closings: exploring the
fiduciary/contract law distinction to enforce implicit employment agreements. In
Progressive Corporate Law (pp. 219-245). Routledge.
O’Connor, M.A., 2019. Promoting economic justice in plant closings: exploring the
fiduciary/contract law distinction to enforce implicit employment agreements. In
Progressive Corporate Law (pp. 219-245). Routledge.
Tan, Z.X., 2019. Carter’s Breach of Contract.
Vaculík, and et. al.,2020. Alleviation mechanisms of metal (loid) stress in plants by silicon: a
review. Journal of experimental botany, 71(21), pp.6744-6757.
Welmans, L. and Naughton, J., 2019. The Interest Based Penalty Tests in Paciocco and
Cavendish/Parkingeye and the Law of Penalties and Damages in Australia and the
United Kingdom. UW Austl. L. Rev., 44, p.157.