Aspects of Contract and Negligence for Business Assignment Example (GC0875)

Table of Contents

Introduction.

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

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

1.2 Discuss the impact of different types of contract

1.3   Analyze terms in contracts with reference to their meaning and effect

Task 2 Be Able to apply the elements of a contract in business situations.

2.1 Apply the elements of the contract in a given business scenario.

2.2 Apply the law on terms in different contracts by explaining, what are the consequences of classifying terms as

Task 3 Be able to apply the principles of liability in negligence in business activities.

3.1 Contrast liability in tort with contractual liability.

3.2 Explain the nature of liability in negligence.

3.3 Explain how a business can be vicariously liable.

Task 4: Be Able to apply principles of liability in negligence in business situations.

4.1 Apply the elements of the tort of negligence and differences in different business situations.

4.2 Apply the elements of vicarious liability in given business situations.

Conclusion.

Introduction

In many cases, business organizations depend on several contracts. Business organizations need to do both formal and informal contracts. However, a formal contract is essential in dealing with many essential factors. Thus, it is essential to understand several elements and factors of a valid contract. This paper outlines several issues related to aspects of the contract. The first section of this paper discusses key issues of a valid contract. The second section of this paper applied different elements of the contract using several case scenarios. The third section discusses liability in tort, contractual liability, and vicarious liability. Finally, section four apply the term vicarious liability, contractual liability, liability in tort using several case scenario.

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

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

According to Business Law (2010),  a business valid contract refers to a legal agreement between two parties. A valid contract is conducted including a number of key elements that are offer, acceptance, consideration, capacity and capability, and creating a legal relationship. These elements are discussed as follows:

Offer

According to Business Law (2010), offer is the first element of a valid contract. This is the intention made by one group to another group, which needs to be understood by the other party properly to accept. In other words, the offer is an invitation to treat by one party to another party.

In the case scenario, Ivan went into Todor’s bookshop and just wanted to buy the HND Lawbook. In terms of the law, Ivan just offered to buy the book, which was not accepted by the bookshop. This is because the bookshop acknowledged that this was the only copy that was on display. Thus, Ivan does not have the right to force the bookshop to sell to him.

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Acceptance

Acceptance is an unqualified agreement that is expressed by words and or actions. An acceptance must be clear and certain. In addition, it should be by the party to whom the offer is made (Tinn, 2012). This means the offeree must show direct or indirect show acceptance to the offeror.

In the case of Schawel v Reade [1913] 2 IR 64, the plaintiff wanted to buy hours from the defendant, which was accepted three weeks later. The plaintiff bought the horse but the statement of terms of the contract was held by considering special knowledge about the acceptance.

Consideration

Consideration refers to bargaining among promises and promisor. Consideration may include some profits, rights and interests for one party towards some loss, responsibilities, or forbearance for another party (Thomas, 2013).

In the case of Bannerman v White (1861) CB (NS) 844, the buyer asked hops to know if sulfur had been used in cultivation. The buyer said if it had been used, it would not bother about the prices of sulfur. The seller ensured that it had not and hold an assurance by considering the issues in the contract………………..

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