Aspects Of Contract And Negligence For Business 2
Aspects of Contract and Negligence for Business
In today’s business perspective, when we deal with varieties of sales and buying, we are simply using different types of law about business which are formally known as business law. The importance of business law in business world is very much significant. Business operates in an increasingly global environment where the laws of different government and judicial system might conflict. That’s why, it is very much essential to know about the legal law and procedures should be known to all business person and business practicing people. In this business scenario of ‘Linda green’ is starting her new business, that’s why she has to think about the business law and has to learn about the legal environment of their surrounding business area.
LO1: Understand the essential elements of a valid contract in a business context.
1.1 Explain the importance of the essential elements required for the formation of a valid contract.
An agreement is made only when at least two person meet together for making a project or gain a specific goal is formally known as agreement, and when an agreement is made by maintaining law and legal procedures is called contract.
There are some basic elements to make a agreement into contract: (Herriot, P., Manning, W. E. G., & Kidd, J. M. 1997).
Offer and acceptance: A contract is formed when one party offer to another party, and accepted by another party. The offer must not be any forcible offer to any other person, offer must be free of consent.
For example, When Mr A offer to Mr X to ask for buying his house for a certain amount of money. If Mr X accept his offer then the contract has been made.
Intention to create legal relations: When a couple of party want to make a contract with each other, their intention should be build up a legal relationship with each other, any illegal intention or relation must not be allowed to be a contract. So it’s clear that, to be a valid contract, parties’
In today’s business perspective, when we deal with varieties of sales and buying, we are simply using different types of law about business which are formally known as business law. The importance of business law in business world is very much significant. Business operates in an increasingly global environment where the laws of different government and judicial system might conflict. That’s why, it is very much essential to know about the legal law and procedures should be known to all business person and business practicing people. In this business scenario of ‘Linda green’ is starting her new business, that’s why she has to think about the business law and has to learn about the legal environment of their surrounding business area.
LO1: Understand the essential elements of a valid contract in a business context.
1.1 Explain the importance of the essential elements required for the formation of a valid contract.
An agreement is made only when at least two person meet together for making a project or gain a specific goal is formally known as agreement, and when an agreement is made by maintaining law and legal procedures is called contract.
There are some basic elements to make a agreement into contract: (Herriot, P., Manning, W. E. G., & Kidd, J. M. 1997).
Offer and acceptance: A contract is formed when one party offer to another party, and accepted by another party. The offer must not be any forcible offer to any other person, offer must be free of consent.
For example, When Mr A offer to Mr X to ask for buying his house for a certain amount of money. If Mr X accept his offer then the contract has been made.
Intention to create legal relations: When a couple of party want to make a contract with each other, their intention should be build up a legal relationship with each other, any illegal intention or relation must not be allowed to be a contract. So it’s clear that, to be a valid contract, parties’