Aspects Of Contract And Negligence For Business

4339 words - 18 pages

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|UK COLLEGE OF BUSINESS AND COMPUTING |
|Course title |Unit number and title |
|BTEC HND IN BUSINESS | Aspects of Contract and Negligence for Business ...view middle of the document...

1 The importance of the essential elements required for the formation of a valid contract 2

P1.2 The impact of various types of contract 4

P1.3 Analysis of terms in contract with reference to their meaning and effect 5

Task 2: Application of the elements of a contract in business situations 7

P2.1 Apply elements of contract in business scenarios 7

P2.2 Application of the law on terms in different contracts 9

P2.3 Evaluation of effects of different terms in given contracts 12

Task 3: Understanding the principles of liability in negligence in business activities 13

P3.1 Contrast liability in tort with contractual liability 13

P3.2 Explanation of the nature of liability in negligence 14

P3.3 Explanation of how a business can be vicariously liable 15

Task 4: Ability to apply principles of liability in negligence in business scenarios 16

P4.1 Application of the elements of the tort of negligence in different business scenarios 16

P4.2 Application of elements of vicarious liability to business scenarios 17

Conclusion 18

References 19

Introduction

The modern day business organizations face ever increasingly complex and far reaching legal boundaries every day. The law has a role of immense significance in business. It serves as the mean of quality control and sets out the expectation of an organization as well as individuals. It is the body that controls what can be done and what is to be prohibited by legal means and inspects whether or not the business serves its purposes rightfully or not. Modern businesses have to make a number of transactions and fulfill contracts impacting in almost all areas of business. And most importantly the body of law dictates the difference between right and wrong and the breach of law would hamper the social organization of compliances and in the process it may affect the normal transactions and business activities of an organization to great extent.

Task 1: Understand the essential elements of a valid contract

P1.1 The importance of the essential elements required for the formation of a valid contract

A Contract is an official understanding. It could be written or even be in oral. Contracts might be written by utilizing formal or casual terms or fully verbal or spoken (Burrows, 1995). It is a guarantee made between two or more parties that which permit the courts to make judgment.

Any contract has six vital components:

• Offer

• Acceptance

• Consideration

• Intention to create legal relation

• Certainty

• Capacity.

If the vital components of the contract are not in order, the contract might be an invalid contract.

Offer: The main component of any legitimate contract is the offer. An offer or warranty or statement is needed to be in any agreement with the argument being that if there is no offer, they cannot come to any agreement. It is one of the components that determine if the agreement is...

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