Aspects Of Contract And Business Law - 1845 Words

UNIT 21: ASPECTS OF CONTRACT AND BUSINESS LAW Name: Bernadette Gonzales Tutor: Daniel Pratt http://businesslawfaculty.blogspot.co.uk/2012/09/contract-law-part-i-offer-unqualified.html TASK 1: P1: Identify the legal criteria for offer and acceptance in a valid contract. What is a contract? A contract can either be written implied or spoken agreement between two or more people legally binding. Once contract has been the offeror will have to keeps promises provided in the contract and the offeree will have to follow all the terms and condition in the contract will. If one party fail to follow their obligation in the contract condition in the contract they make take legal consequences. †¢ Verbal agreement: A verbal contract is when two parties agrees through spoken word, therefore bound by talking with each other also known as â€Å"verbal agreement†. This contract often happen between family and friends. On the other hand, it can also happened to business people who trust each other to agree to bind legally just by talking to each other. †¢ Written Contract: A written contract is when detailed information about contract are included in a document signed by each party. Written Contract are commonly used by business as they are clear and concise which could help minimise litigation. For example, before starting a job employees are given an employment contract that has all the terms and condition that they have to do as a requirement from employment legislation. Here areShow MoreRelatedUnit 21 – Aspects of Contract and Business Law D1, D22650 Words   |  11 Pagesl Unit 21 – Aspects of Contract and Business Law Assignment Unit 21 Candidate Full Name: Date issued: Candidate Number: Date due for return: Teacher: Mr M Tissot Date submitted: Email: Learning Outcomes When you have finished this unit you should: 1 Be able to apply the requirements for a valid contract 2 Understand the impact of statutory consumer protection on the parties to a contract 3 Understand the meaning and effect of terms in a standard form contract 4 Be able to applyRead MoreInteraction of American Laws with International Law962 Words   |  4 PagesUCC and International Law Because the Uniform Commercial Code (UCC) generally regulates commerce or trade on a national basis, one may not realize that it also has an impact on international commerce. However, this assumption would ignore the critical role that American laws and policies play in the arena of international trade. These roles are both formal and informal. In other words, American law has direct and indirect effects on international commerce. In order to understand the impact ofRead MoreLaw 421 Contracts1057 Words   |  5 PagesContracts Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class, I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breachRead MoreAspects Of Supply Chain Management1209 Words   |  5 PagesAspects of Supply Chain Management Introduction The basic reason for negotiating a contract is to reduce risk, and establish who bears the cost of the risk incurred. Identifying the responsibility of the parties and avoiding finger pointing when a business operation goes bad. Perkins (2008), in studying risk and reward contracts states that risk and reward contracts are highly specialized, and require careful and creative management to create. In constructing a risk and reward contract they takeRead MoreThe Postal Acceptance Rule1373 Words   |  5 PagesAcceptance Rule or Mailbox Rule is a common law term for contracts that determines the formation of a contract in which the involved parties are communicating through the mail. The primary thrust or core of the mailbox rule is that the acceptance of an offer is sent before the revocation of the specific offer is received. In a scenario where the communication is sent rejecting the offer while a later communication is also sent in acceptance of the contract, then the first commun ication to be receivedRead MoreEssay about Business Biblical Worldview1576 Words   |  7 PagesThis paper will explore what a Biblical Worldview is and present a Biblical Worldview process of contracts, ownership and responsibility. A Biblical Worldview is a view that holds to the belief that there is absolute moral truth; no one can earn their way into Heaven with good deeds; the Bible is 100 percent correct in all aspects; Jesus Christ lived a life free of sin while He was on earth; and God is omnipotent, omniscience, and the ruler of the universe (Barna Group, 2009). It has been provenRead MoreUniform Commerical Code (UCC)1005 Words   |  5 Pagescreated in year 1952 by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, which are two national nongovernmental legal organizations (Steingold, 2013). These two private entities recommend that the 50 state governments adopt the UCC; however, it does not become law unless it’s enacted by the state. The UCC is a â€Å"comprehensive statutory scheme which includes laws that cover aspects of commercial transactions† (Cheeseman, 2012, p. 161). The UCC divided intoRead MoreLaw Is A System Of Rules Designed B y A Society979 Words   |  4 PagesLaw is a system of rules designed by a society to restrain unwanted behavior and maintains order. Law helps decide wrong and right in a society, gives voice to the weak and discourages the might-is-right philosophy. Nearly every state in this world has designed laws that help govern its people. The first set of written laws called ‘The Code of Ur-Nammu’ were designed during 2100-2050 BC. These laws, stated by the Neo-Sumerian King of a Mesopotamian city, proved to be pioneer in the formation of legalRead Morehnd busniess1128 Words   |  5 PagesDiploma in Business Unit 5: Aspects of Contract and Negligence for Business) Assessor name Student name Barrister A S M Sayem Uddin Khondoker Date issued Completion date 03 February 2014 ____/_____/ 2014 Assignment title Submitted on Contractual Aspects and Business Negligence: Application in Business Context Learning outcomes Assessment criteria for pass The learner can: LO1 Understand the essential elements of a valid contract in a business context Read MoreElectronic Codes And Its Effect On A Small Business Entity1659 Words   |  7 Pagesnew employees. ACME Fireworks should expand to a larger business entity because expanding to a larger business entity will allow the company to negotiate larger contracts with other companies, and the company will never reach its full potential until it has expanded to a larger business entity. In the paragraphs that follow I will address the issues such as evaluation of the contracts and decide if they will be governed under the common law rules or the Uniform Commercial Codes (UCC). The paper will