- Understanding the Essential Elements of a Valid and Legally Binding Contract
CONTENTS
Introduction…………………………………………………………….. 3
Task 1…..…………………………………………………………….…. 4
Task 2 ……………………………………………………………………8
Task 3 …………………………………………………………………...9
Conclusion……………………………………………………………… 10
References………………………………………………………………. 11
INTRODUCTION
In Assignment 1 in Common Law the basic notions relevant to business activities will be viewed. The purpose of this assignment is to apply basic theoretical knowledge of common law to day-to-day business practice. In this assignment particular cases will be considered from the legal standpoint.
Legal aspect has always been important to any kind of business. Depending on the scale of operations we can see legal departments in large multinational corporations or small companies outsoursing lawyers or getting legal consultations. Knowledge of the law not only allows identifying what’s legal or illegal and not to break the law, it also helps securing the company from fraudulent or unlawful actions.
Assignment 1 primarily deals with key elements of Contract Law. In the assignment main parts of any contract and various types of business contracts will be considered, and such topics as „What makes a valid contract?“ will be discussed. Rules of offer and acceptance as well as rules of intention and consideration will be viewed in terms of specific situations. At the same time, theoretical part of the assignment will be linked to some particular cases in business, and through the synthesis of ideas the relevant decisions will be made. In the end based on the results of the research and case study I will make conclusions and evaluate my work.
Task 1.
Explain the different types of business agreements that can exist and the importance of key elements in the formation of a valid contract. With reference to the details for Carlill Vs. Carbolic Smoke Ball Co. case (1893) provided in the learning Centre explain why this case was important in defining the key elements of an “Offer”.
Introduction…………………………………………………………….. 3
Task 1…..…………………………………………………………….…. 4
Task 2 ……………………………………………………………………8
Task 3 …………………………………………………………………...9
Conclusion……………………………………………………………… 10
References………………………………………………………………. 11
INTRODUCTION
In Assignment 1 in Common Law the basic notions relevant to business activities will be viewed. The purpose of this assignment is to apply basic theoretical knowledge of common law to day-to-day business practice. In this assignment particular cases will be considered from the legal standpoint.
Legal aspect has always been important to any kind of business. Depending on the scale of operations we can see legal departments in large multinational corporations or small companies outsoursing lawyers or getting legal consultations. Knowledge of the law not only allows identifying what’s legal or illegal and not to break the law, it also helps securing the company from fraudulent or unlawful actions.
Assignment 1 primarily deals with key elements of Contract Law. In the assignment main parts of any contract and various types of business contracts will be considered, and such topics as „What makes a valid contract?“ will be discussed. Rules of offer and acceptance as well as rules of intention and consideration will be viewed in terms of specific situations. At the same time, theoretical part of the assignment will be linked to some particular cases in business, and through the synthesis of ideas the relevant decisions will be made. In the end based on the results of the research and case study I will make conclusions and evaluate my work.
Task 1.
Explain the different types of business agreements that can exist and the importance of key elements in the formation of a valid contract. With reference to the details for Carlill Vs. Carbolic Smoke Ball Co. case (1893) provided in the learning Centre explain why this case was important in defining the key elements of an “Offer”.
References: - Registration Rights (Moodle, 2009) These components are crucial to any contract. Without even one component the contract becomes void. Let’s view defenitions of each component given in article by Jeffrey Steinberger, a trial attorney (Steinderger, 2007) Offer