Business Management Affairs - Coursework Example

?Business Law Grade 19th December, Introduction An extensive Knowledge and understanding of business law canbe termed as particularly crucial for the survival of any business. Contracts continue to be excessively used in the business world to regulate and state guidelines pertaining to the conduct of persons within the business setting. The laws governing these contracts, however, vary within individual countries. In the international business arena, the application of the contract law becomes profoundly inherent in governing the contracts within different countries. Being an international project, the venture being undertaken by Simons crosscuts is across contract laws of different nations. For the purposes of consistency and avoidance of double standards, a single choice of the contract law becomes necessary for Simon. Contents of a contract under English law A legally binding contract under the English law contains various elements stipulating the terms of the contract. In the English contract law, three essential elements ought to be present for any contract to be considered legally binding. A promise ought to be made to a person. This can be identified as the beginning point of a legally binding contract. In this section, the promise becomes a determining factor for any arising legal obligations. The promises form the condition under which contracts become actualized. Promises under the English law do not always come with a legal obligation. The agreements involving payments upon performance of a duty can be identified to contain legal obligations. The making of a promise can be regarded as the intention to create a binding agreement pertaining to a specified duty. The promise only states a limited level of information regarding the offer being made. This element shall be essential in the project Simons is undertaking at the recruitment stage for the judges. The promise made can either be providing legal obligations or not. The second phase of English contract law involves identifying the duties arising from the contract. The English contract law makes a distinguishing characterization between the duties arising. Here, the two categories are bilateral and unilateral contracts. While the English law makes this categorization, the common law does not categorize different contracts (Keenan and Riches, 2011). In the English law, unilateral contracts give legal obligations to only one of the contracting parties. The bilateral contracts, on the other hand, provide legal obligations to both parties. Unilateral contracts cannot be used in the case of Simons as they will not give an obligation to the judges. This phase of the contract law can be defined as the beginning of the formal legal contract. Upon agreement, the parties can consider themselves to have gotten into a contract. The last phase of the English contract law lays down the remedies for breaching of contracts. This also stipulates the system to be employed when seeking remedies to contract breach. Under the English law, two methods of seeking remedy exist. While the main difference between the two lies in the courts administering the remedy, the remedies continue to be administered by the same courts. The English law defines the remedies can be administered by either the king’s bench of the chancery courts. These courts shall be used in the administration of remedies for the contracts between the judges and Simons’ company. Requirements of the contract The Simons TV production company needs to draw contracts adhering to the English contracting laws. This becomes essential for the company in avoiding law suits outside the United Kingdom courtrooms. The company needs to ensure adherence to these prevailing contracting laws of England. The company shall solicit the services of any qualified candidates deemed to fit to perform the functions of adjudication. In accordance to the English law, the TV production company shall make the promise to the proposed judges. The company can make use of both legally binding and non-binding promises to the proposed celebrities. The utilization of non-binding promises can ensure profitability for the production company. Guest judges can be invited to the show using the non-binding promises. Under the specifications of these promises, the company would not be obligated to payment of any nature to these individuals. With the show already having elicited interest from renown celebrities, promises can be made to these interested celebrities to appear freely at their own will. Appearance of these celebrities would enhance the audience and advertisers appeal to the show. The company should seek to minimize the obligations bestowed upon the company by the legal contracts. The contracts should clearly stipulate the roles of the judges bound by the contracts. This would ensure that the judges’ performance can be monitored and measured. With such stipulation, the production company would find an extremely east task of adjudicating the show. Specification of expectation would also enhance the delivery of impressive results. Judges shall deliver judgments fairly and independently. The company should make considerable use of bilateral contracts and not unilateral contracts. The company shall offer a consideration as part of the contract signing procedure. The consideration shall entice qualified candidates to participate in the program. In making the considerations, the company should consider each of the judges independently. The considerations should be different from celebrity to celebrity. A common consideration for all judges would not immensely assist the contracting parties. The obligations of the judges should be clearly explained to them before signing contracts. Efficient understanding of the legal obligations arising from the offer shall be essential to the judges and the company. Understanding shall reduce conflicts between the parties. In any contract agreement, there always lives the risk of contract breach (Adams, 2010). To avoid instigation of litigation against the company, channels of seeking remedies need to be defined. In contracting agreements, remedial actions are always delivered by courts. Within the jurisprudence of English contract law, there exist two courts accredited to offer remedies to breached contracts. The company should ensure that the contracting process is carried out in accordance to the prevalent English contract procedures. When these procedures are utilized efficiently, any issues arising regarding breach shall have reference to the English contract law. British common law and that of equity should both be applied in the context of creating remedies for breach of contracts by the judges. Breach of contract A breach can be defined as the failure, by an individual, to perform a duty stipulated in a binding legal agreement. Breaching of contracts not only nullifies the contractual agreements, it also leads to the termination of contracts. The contracts between judges and the company shall be legally binding agreements. Explanations shall be offered regarding the remedial actions taken in the event of contract breaching. The company shall instigate lawsuits to judges breaching the contracts. The guilty party, as punishment for the breach, shall do payment of the litigation charges. The entire litigation process shall follow the English law strictly. When the judges breach part of the initial agreement, the binding aspects of the agreements shall become obsolete. Obsolescence of the contract can be translated as the termination of the contract. The company shall have to seek remedial action for the breached contract. There exist numerous ways through providing remedial actions in the English contract law. In the event of contract breaching, the company shall instigate litigation upon the breaching judge. The litigation process shall be seeking at ensuring the company does not incur losses resulting from breached and terminated contract. Upon breaching of the contract, the company shall consider the entire contract terminated. From then henceforth, the initial agreement between the judges and the company shall not be legally binding. This aspect of the contract shall be clearly explained to the judges before signing the contracts. After termination of the contract, the company shall then seek remedy within the courtrooms of the United Kingdom. All contractual agreements and related matters shall be referred to the United Kingdom legal system. The company can receive exemplary remedies from the United Kingdom as the contracts shall be based on the English law. The English law stipulates several ways through which remedies can be offered regarding breached contracts. Whenever litigation is instigated pertaining to contracts, the set channels are followed within the scope of the courts. A monitory award can be given to the wronged party as compensation for any expenses incurred during the contract period. This normally occurs in cases where the consideration is in the form of monetary payments. In other instances, the unpaid dues for the remaining period become terminated. The judges in this case would forfeit the remaining portion of their agreed consideration by breaching the contract. Conclusion The English law provides unique contract law process. While other laws seem shallow regarding contracts, the profundity of English contracting law stands out. The law provides a deep explanation and offers remedies to breached contracts. The profundity of the English law becomes unique element. The English law can be identified as the best contract law to use within the international business level. The clarity and acceptance enables its applications easy with international business (Keenan and Riches, 2011). In the international business, conflicting laws can immensely create a negative effect within the contracting element. It becomes essential to adopt internationally accepted law to govern all the contracts. This can immensely reduce instances of individuals being locked out of events using contracting laws. The production company discussed here can effectively manage its contracting elements using the English law. References Adams, A., 2010. Law for Business Students (6th Edition). Harlow: Pearson/ Longman. Keenan and Riches, 2011. Business Law (10th Edition). Harlow: Pearson Longman Read More