High school
Coursework
Finance & Accounting
Pages 8 (2008 words)
Download 0
BUSINESS LAW ASSIGNMENT Question 1 To what extent is it true that in the event of a breach of contract, the injured party can recover compensation for all of the consequences, both financial and non-financial that result from the breach. In the analysis of this question, there are four main issues that need to be addressed to identify the solution to this question…

Introduction

A contract is defined as an agreement made with an intention to create legal relationship between two parties in order to exchange some form of consideration (Uher & Davenport, 2009). Basically, in English Law for a contract to be initiated, there should be an offer and an acceptance. Both the offer and acceptable must give rise to the exchange of consideration under terms that are clearly spelt out in clear terms (Young, 2010). Also, both parties must have the legal capacity to contract (be over 18 years old and be of a sound and uninfluenced mind). And the consideration to be exchanged should be legal in the law. Additionally, there should be an intention to create a legal relationship. In Smith V Hughes [1871] 40 LJQB J221 it was seen that the intention to create legal relationship can either be expressed or implied when one partie conducts himself in a way that the other might reasonably imply to mean an intention to create a legal relationship hence a contract. Consideration is an important requirement in English Law. A consideration is at thing of value, that a person exchanges for another thing of value in a contract. Treitel, (1988) bases on this and states that a contract gives rise to rights and responsibilities for each party in a contract. ...
Download paper
Not exactly what you need?

Related papers

Corporate and Business Law (review of the Sale of Goods Act 1979 in answer contract between Tim and ABC Ltd.
This means that there has to be an offer which is followed by acceptance of the offer. Concurrently, a contract leads to formation of legally binding rights and obligations upon which the individuals are bound to adhere to failure to which leads to breach of contract that accrues damages depending on the court ruling1. With this genesis, this essay will inculcate the aspects of contract law with…
Law of Contract
In the understanding of contract law, an ‘invitation to offer’ is defined as follows: “An invitation to the offer is a pre-determined proposal which is intended to generate an offer from the bidder of goods for a consideration, in order to effectuate an agreement.” In the case of British Car Auctions v. Wright1, we can further understand the definition of ‘invitation to offer’ in the…
International aspects of business law
Increasingly international trade organizations such as the WTO and bilateral free-trade agreements such as those in place with the United States and E.U. can significantly shape and alter the economic environment in a way that financial planners must identify and manage for investment clients with advance preparation. The importance of international law to traders in this context of financial…
Law of Tort. Majrowski v Guy’s and St. Thomas NHS Trust. Rylands v Fletcher.
Therefore Ben is at liberty to pursue a claim against X Ltd. in tort for Amir’s harassment provided he can substantiate the requisite elements constituting harassment. …
business law
Most contracts generally pose no major problems as they address the simple interchange of goods from the seller and cash from the buyer. However, there are contracts that could get complicated and pose serious consequences. The chances of this happening are therefore minimized if the parties contracting understand the concept of what they are agreeing to, the rights, the obligations and the how to…
Introduction to business law
It can be gleaned from the communications made by herein parties their intention to enter into a contract. Under s.64 of Restatement, acceptance given by telephone or other medium of substantially instantaneously two-way communication is governed by the principles applicable to acceptances where the parties are in the presence of each other. Hence, if Eddie had intended to revoke the contract, he…
Company Law
Further, company law largely interprets business law to the affected parties. Business just like any other discipline, which involves interaction between two or more parties, cannot be wholly exonerated from instances of conflicts (Emerson, 2009). Business law attempts to address diverse issues in a business. It enables swift and efficient enforcement of contracts. In addition, it ensures adequate…