This is a solution of Contract and Negligence Business Assignment part 1 in which we discuss the primary and basis areas of the contract that should be known by businessmen.

Contract and Negligence Business Assignment

Introduction

When a person wants to start a business then the most important thing that needs to be understood is the essentiality applying and understanding the norms, principles, rules and usages of contract in an effective manner. Contract is the valid agreement between two or more than two parties which is enforceable by the law. In every deal of business contract plays an important role. So, it is important for a business man goes through and keeps exact idea regarding the contract law. This business assignment explains the primary and basis areas of the contract that should be known by businessmen. In this project report the essentiality of a contract and its impact will be discussed. There are also various more aspects of the contracts will be discussed in this assignment.

Contract and Negligence Business Assignment part 1

Task 1 Understand the essential elements of a valid contract in a business context

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

There are some necessary elements of a valid contract that Mr. William wants every staff members to know and these are describes as below:
Offer is considered as the primary step to initiate a contract and which should be lawful and on the other side, by the other party offer must be accepted in lawful manner. So to make a contract valid there must be lawful offer and acceptance by both the parties. [Meyer (2010)] In a contract it is important to have a lawful consideration. Consideration is the payment or recompense on which the legal contract could be made. One party gives the reasonable consideration to the other party and the amount and type of the consideration is decided by the both party mutually.Both parties of the contract should be able to create a legal relationship with each other. Both the parties should be mentally, legally and physically vigorous to enter into a contract. [Collins (2008)] A contract between both the parties should be free consent without any forceful act or coercion. Both parties must be agreed with their own consent and they must be agreed on the same things and at the same manner. A consent would be free when is not created by the undue influences, coercion, fraud, etc. [Richards (2006)]An object of the contract or an agreement should not be void. Object is different from the consideration. Object defines the reason and purpose of the agreement must be valid. Object is considered as the lawful when it is not fraudulent, it is not prohibited by the business law, involves any injury, etc. For example, a house is being taken on rent for gambling purpose, in this case the object is gambling and that is illegal.

2 Discuss the impact of different types of contract in terms of forming, binding and enforceable contracts under English law.

There are several types of contracts and they all have their own impact.
In a contract when both parties do something in order to fulfil the contract is known as bilateral contract whereas in unilateral contract when only party has to do something and fulfil the promise to make the contract valid and that promise needs to be accepted by the second party only. [Vettori (2007). A contract said to be implied when the behaviour, activities, conduct of both the party shows that they came into the contract and on the other side in express contract is defined as when both the parties articulate or communicate the entire terms and condition to each other which are necessary for the contract is known as express contracts.When in a contract all the obligation have been performed in a proper manner that needed to be performed is known as executed contracts and on the other side when any party or all the parties have not performed any responsibility or obligation that needed to be performed is known as executor contracts.
An agreement is said to be void when any party could not be able to implement the agreement legally due to various reason. When law permit any party to pull down the agreement in that case the contract is said to be voidable. Unenforceable agreement is that when all the parties mutually set the consideration but the statement of law generate hurdle to force. Valid agreement is that agreement when all the obligations have been fulfilled by all the parties and that is easy to implement is known as valid agreement. [Nel (2004)]

3 Analyse terms in contracts with reference to their meaning and effect:

A condition is referred to such a term wherein the contract would seize to exist if the same is not complied with. Therefore, the term is considered to the elemental to the contract. Such a term is to be fulfilled to complete the execution of the contract. Warranty is referred to as a term wherein when breached the same may be claimed for in damages. It is however to be noted that the contract would continue to function even after claiming the damages in the case of breach as it is secondary to the contract.[Giliker (2010)]The contracting parties to safeguard the interests of the consumers from the manufacturers and the sellers generally enter into exclusion clauses. This is to show that the certain restrictions on liabilities are valid and the others are not. The terms not valid are specified under the Unfair Contracts Terms Act. The terms that are not specifically mentioned or discussed but are to be performed in general are referred to as the terms that are implied. Such terms are not required to be mentioned as the performance is implied in nature.Terms that are essential to the contracts and specific to the contract are considered as the express terms. Such terms are generally present in writing and require to be fulfilled in order to fulfil the terms of the contract. [Meyer (2010)]

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