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Business law is very important aspect in order to survive business activities and functions in a proper and legal manner. UK government has been formulated some kind of legal rules and regulation which have to followed by every business organisation in order to make agreement valid. The government liability and regulation has formulated by civil law that assist in regulating the business contracts and agreement. In the context of business law, contract is an agreement which is enforceable by law. It is an agreement which made between two or more than two parties. Company's operation and brand name is highly affected by the UK governmental law and regulation. In this project reports , legal agreement and regulation has been addressed with respect of various scenario. This project report gives a depth knowledge and understanding about the law and legal obligation of the business enterprise. In addition to this, various elements of contract and nature of liability in negligence has also discussed in this report.
In the context of business law, all agreements are not a contract but all contract re an agreement. A legal agreement must possess all essential elements of valid contract and it is enforceable by law. According to the UK government in a valid contract all essential elements must included and parties who are involve in the contract must know the terms of valid contract. Following are some elements of valid contracts-
As per the UK government, when between two parties a legal contract are going to create then there must be a proper offer. It mean one party offers for develop a contract to another party. Offer is a proposal by one party which includes expression of terms and condition of contract. The person who develop offer is called as offerer and a person to whom the offer is being made is called offeree.
According to business law if one person offer another to caret a legal contract then there must requires a proper acceptance. It may be oral or written and must have includes legal terms and conditions. Offer is being followed buy only legal acceptance of other parties who accept the offer. The offer should be accepted unconditionally because if any additional condition added by offeree than contract being made as counter offer.
As per the UK government, in the legal contract, both party have intension to create legal relationship while they enter in to the valid contract. Further both parties make sure that they are not involves another outside pressure and influence.
Another major important element of valid contract is capacity. There must have capacity of both parties to enter into contract. It means both parties should have ability to implies the legal rights assigned to form the valid contract. Further both parties have age of majority and in sound mind.
As per this state of valid contract, both parties have free consent to enter in to the contract. It means they are not caused by fraud, misrepresentation, coercion, undue influence and mistake (Isaksson and et.al., 2010). If the consent of both parties is not free the no valid contract comes into existence.
The concept of invitation of treat is that under which person offer certain things or services to another person in intension to entertain them. This type of contract is most often used when one party is selling and handling goods on behalf of another. As per the given case scenario, Williom wants to create contract by sell its shop so that he advertise his business in a specialist trade journal. So it can be said that William comes in to the invitation to treat.
As per the UK government, there are various types of contract and they are made for different intension. These contract are as follows-
Written contract is a contract under which terms and conditions are written on paper (Bix, 2011). Further under this not only promise made on it but also serve as its proof that the promise to be made. Written contract is most safe and secure form of making contract because all terms and condition are made in written form and both parties put their signature on the contract documents. On the other hand verbal contract are generally made between both parties by use of words and expression of spoken word. Both parties agree upon the terms and condition by verbally and there are not any written prof of contract.
As per this types of contract, both parties has to fulfil their obligation at the time of the formation of contract. In other word it can be said that Unilateral contract involve an action undertaken by one person or group alone. On the other hand Bilateral contract is an general agreement which may happened in every person life in every day (Freedland and et.al., 2016). For example, service taken at beauty centre, order a meal at restaurant, receive treatment from doctor etc.
Void contract is that which is not enforceable by law and that have not any legal rights and obligation. On the other hand the contract which is totally enforceable by law is known as valid contract. Further, a voidable contract is that which is framed in compliance with the legal enactment prevailing.
As per the given scenario, William is offer for sale his shop so that he advertise his business in a specialist trade journal for 144000. By this statement in the scenario, it can be said that William have capacity to enter into the contract because he has his shop or property of business. Further he advertises his business in a specialist journal so it can be said that he have intension to create a legal and valid contract withsomeone (Kreitner, 2011) On the other hand under this case, the element of free consent is also included because there has not any type of fraud, misrepresentation and any undue influence over the parties that is William and Richard who are involved in the contract. An interested buyer, Richard wrote to William offering him 108000 for the ship. The conversation between William and Richard are in the written form so it can be said that there was a written contract between them. On the other hand in the case of William and Danial, Willam wrote a letter for sale his car for 4,500 so it can be said that William have also intension to create a legal contract with some one and he have capacity for create contract. In the second case there is also written agreement between the parties.
Generally terms are defined as the set of rules and regulation charged on the contract by the legal bodies, government or any other authorities. Parties who are involved in the contract are liable to followed theterm which have made by the government. They are bound only by term , not by other statements made in pre contract talk (Braga, 2011). The term are directly impact on the entire process of contract and it define how the contract is being survival between parties. In order to maintain the interest and consent between both parties and avoid the situation of negligence, fraud and misrepresentation's, the term of contract is very helpful. There are various terms of contract which are as follows-
This types of term expressed in the written and oral words between the parties. This term can be implemented between the parties by mutual consent and by discussion (Warren, 2012). Further, the parties who are involved in the contract then they supposed to express their contract by either word or written form. In addition to this under this term of contract the entire information about the contract like condition, warranty and innominate term are included.
This types of contract is made by the third parties like government or any other legal authorities. Under this contract parties involved are able to follow the rules and regulation which has made by third party which is not member of
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