Individual Essay on Business Law and Ethics (GC01739)

Table of Contents

1.0         Introduction.

2.0 Discussion. 3

2.1 Define contract law and describe all the blueprints of a contract.

2.2 Explain the court system in relation to the English legal system and advise the parties above which court(s) action to pursue.

2.3 Advise Hilary as to whether binding contracts exist between herself and each of the following people: Eleanor, Amy, and Olivia.

2.4 Explain and discuss the various remedies available to the parties.

3.0 Conclusion.

References.

1.0  Introduction

Zeglat (2019) noted that Contract law is helping in making as well as enforcing the agreements. A contract must be an agreement but all agreements are not contracted because of the law of contract. The agreement which can be enforced by law is termed a contract.  The law of contract is needed to form a contract and mitigate the disputes between the parties by the criminal or the civil court (Smithand Roy, 2017). In the UK, the court system can be categorized into 4 systems that are responsible for solving the disputes between the contract parties. Firstly, this report defines contract law with its important elements. After this, this report mentions and explains the court system of England and provides suggestions to the contract parties for pursuing. Additionally, this paper also makes advice to Hilary and other parties about their contractual issues. In the final part, this report focuses on the remedies for a contract because of the breach of contract.

2.0 Discussion

2.1 Define contract law and describe all the blueprints of a contract

The law is a set of rules and regulations designed by the authority. Morgan (2018) stated that contract law is an important law that is formed for the formation of an agreement between the two parties for the purpose of accomplishing any special activities. Contract law is mainly formed for accomplishing any business activities. The contract is mainly formed between the two parties. In some cases, the contract may also form between more than two parties. In a contract, there are usually consist two parties: one party is called offerer or first-party and another party is called offeree or second party. The first party offers to the second party for creating the contract and the second party has accepted the offer for the contract according to the contract law. The formal contract law was first introduced by the British parliament (Porter and Steer, 2018). Contract law indicates the law which is formed by England and Wales for accomplishing the contractual agreement between the two parties for any special purposes (Porter and Steer, 2018).

The contract law regulates the contractual agreements between the parties in a formal way. For creating a legal contract, both parties must have free consent and one party offers for creating the contract and another party must need to accept the contract offer. The term contract was first started during the industrial revolution period in European countries (Porter and Steer, 2018). The Europeans first rely on that for accomplishing any important job, a contract is needed. It is formed with written documents so none can change it easily. The European contract law was made by following Roman law. For this reason, the European contract law is treated as ancient law or old law (Porter and Steer, 2018). According to European contract law, the contract is called valid only when the agreement is accomplished by law. The main elements of a contract are described below:

Offer: the offer is the first and most important element for creating a contract. The first party offers to the second party for creating a contract maintaining the contract law in a legal way.

Acceptance:  for creating the contract, the two parties must need a lawful offer and lawful acceptance (Morgan, 2018). If the offer is made but acceptance is not, no contract will be created………………………………………..

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