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Contents

Executive summery.........................................................................................................................3

Introduction......................................................................................................................................3

LO ! valid contract in a "usiness #ontext...................................................................................3

. The importance of the essential elements re$uired for the formation of a valid contract.....3

.% Impact of different types of contract......................................................................................&

.3 !naly'e terms in contracts.....................................................................................................(

LO % Elements of a contract in "usiness situations........................................................................)

%. Elements of contract in *iven business scenarios..................................................................)

%.% La+ on terms in different contracts.......................................................................................)

%.3 Effect of different terms in *iven contracts...........................................................................,

LO 3 -e*li*ence in "usiness !ctivities..........................................................................................,

3. #ontrast liability in tort +ith contractual liability.................................................................,

3.% -ature of liability in ne*li*ence............................................................................................

3.3 /o+ a business can be vicariously liable..............................................................................0

LO & 1rinciples of liability in ne*li*ence in "usiness Situations.................................................2

&. The elements of the tort of ne*li*ence and defense in different business situations...........2

&.% The elements of vicarious liability in *iven business situation...........................................%

#onclusion.....................................................................................................................................%

eference.......................................................................................................................................3

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Executive summery

In one case 1I4!5 contracts +ith 1ESE# 1acesetters6 to prove that +hether the contract is

le*al here I have described the elements of le*al contract. The impact of the elements in a

contract6 terms in contract and its analysis6 the la+ relatin* le*al contract are described here. Inanother case the Top Toolin* plc. is vicariously liable for "en peters7 misdeed that in8ures a

pedestrian6 to describe its le*ality I have used tort6 tort of ne*li*ence and its elements. The

vicarious liability and its elements re*ardin* this tort are described here. The nature of tort of

ne*li*ence6 its defenses in different business situation are also included in this assi*nment.

Introduction

To be a le*al contract one company must follo+ the elements re*ardin* the la+s of contract and

its elements. 9hen contractin* +ith the 1ESE# 1acesetters6 1I4!5 should ensure that the

la+s of contract and its elements are follo+ed carefully. To prove the tort of ne*li*ence the

elements should be considered and also the vicarious liability and its impact in business +here

the company bears the responsibility of its employees7 misdeed.

LO ! valid contract in a "usiness #ontext

. The importance of the essential elements re$uired for the formation of a valid contract

Everythin* needs some standard to be le*al in its operatin* area. So the contract +hich is

referred as an a*reement baced up by re*ardin* la+ has some standards to be follo+ed and

everyone must follo+ those standard to mae a contract valid ;!nson6 9. 023

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The both parties should sho+s their +illful intention to mae a relationship that is conformed to

the contract la+.

La+ful consideration

Then the point come next and that is consideration +here the t+o parties should have the le*al

consideration +hich means that both the parties +ill follo+ the *ive and tae rule. If there is no

consideration the contract +ill be invalid and not enforceable by la+. /ere one party +ill *ive

somethin* and the other party +ill tae ;"urton6 S. %220

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such situation party is responsible only to the terms and conditions not to the statements that

+ere made to convince the customer ;=erson6 4. 0((

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The less important part of a contract is +arranties +here if the breach of contract occurs the party

can only demand the compensation not the cancelation ;@ye v "ettini6 ,). ;0%)