Table of contents
ESSENTIAL ELEMENTS OF A VALID CONTRACT 5
Explain different types of business agreements and the importance of key elements require for the formation of a valid contract. 5
Apply the rules of offer and acceptance in the given scenario, also considering any impact of new technology. 5
Assess the importance of the rules of intention and consideration of parties to the agreement by applying. 7
Explain the importance of the contracting parties having the appropriate legal capacity to enter into a binding agreement 7
SPECIFIC TERMS IN A BUSINESS CONTRACT. 8
Analyze specific contract terms with reference to there importance and impact if these ...view middle of the document...
It also explores the significance of specific terms in a business contract. Examining the role of the law of tort in business activities assessing particular forms of tortuous liability. Lastly understand and apply the elements to the tort of negligence.
Common law is concerned with some key elements of law and other regulations which affect individuals and business organisations. In this unit will explore the common law, in which will concentrate more into Contractual and Tortious liability analysis. We will use real world scenarios using appropriate analysis methologies. This will provide the opportunity to present evidence of achievement on case that were held and judged accordingly.
The major point on this unit is to provide an introduction to the law of contract, with a particular focus on the formation and operation of a business contract. developing knowledge of the many elements of law and regulations, alongside giving us the ability to understand how the principles we have learned have an impact on both current and future work.
ESSENTIAL ELEMENTS OF A VALID CONTRACT
Explain different types of business agreements and the importance of key elements require for the formation of a valid contract.
A business agreement is a written document signed by two or more people that contain details about the operations of the business venture.
The types of business agreements are:
1) Bilateral it is a mutual agreement between two parties where there is an offer and acceptance. A good example is a Tesco customer and a Tesco cashier.
2) Unilateral has no offer or acceptance. There four categories of unilateral agreement and these are: Deeds, Conditional promises, Promises to pay for requested acts and Announcement of auctions and calls for tenders.
3) Promissory it is based on the liabilities outside the contract there are four laws which are regarded as promissory and this are: The law of companies, the law of trusts, the law of estoppel, the law of collective agreements.
4) Contractual liability it is not based on agreements or principles
Apply the rules of offer and acceptance in the given scenario, also considering any impact of new technology.
Advertisements are generally treated as invitations, however in some instances an advert can lead to an offer.
A counter offer is where an offeree responds to an offer by making an offer on different terms. This can have an effect on destroying the original offer so that it is no longer open for the offeree to accept.
once an offer is valid acceptance takes place and a binding contract is formed. It is therefore important to know what constitutes a valid acceptance in order to establish if the parties are bound by the...