The purpose of this report is to analyze the legislations and regulations related to business and contract law in order detect its importance in an organizational scenario.
- Discuss the legislations related to business transaction, management of company, concept of business liability and so on.
- Design a research over legal sources, business transactions, business liability and their uses in the business prospect.
Contracts are the most significant part of laws. Either it is business or other field, contracts are use to bind the parties to perform those acts for which they are being paid. A contract is an agreement which is enforceable by the court. This report is about providing legal advice to Juan who is a young entrepreneur, owner of super-foods smoothie stand. He always buy contents for his product from an organic farmer, Crystal. Juan called Crystal to know the price of kale in return she was informed about the price and availability of the product. Immediately Juan faxed her and place this order in it but she was out in farmer's convention. And during such event she sold the two boxes to another party and know Juan has no idea where to get his kale from. The case is about the existence of a valid contract between the parties and advising them related to such incident with relevant laws and reasons.
Laws are derived from various sources. Similarly, contract laws are the essence of statutes and ordinance enforced by the state. Contract laws in UK are regulated by the English Contract Law. It came into existence during the industrial revolution and the social legislation of the 20th century. The European contract laws are the essence of Ancient Athenian and Roman Law. Not all agreements are contract. In certain cases an agreement is deemed to be unenforceable until and unless it comes in the ambit of those statutes which regulates contract laws. Generally there are three sources to create a law in UK, the legislature, the European laws and the courts. The courts are considered as secondary source of laws while the other are the primary sources for its creation. Also there is process for making a law that is a bill is proposed in the parliament in it s First Reading, in the Second reading debate and discussion related to the proposed bill takes place and after that it is forwarded to a committee to find out any error in it is Report Stage. Then the bill is transferred again to the legislature for the final decision, it is basically done to think over any amendment which could be done in the proposed bill, in it Third Reading. A bill become 'An Act of parliament' after it gets the Royal Assent. Similarly. Statutes related to contract are being regulated by such procedure. For enforcing a law it is essential to comply with sources and procedure as mentioned above. The statues that regulates business in UK are Companies Act 2001, English Contract Laws, Supply of Goods Act, etc. (Alix Adams Bagley, C.E., 2010)
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A contract is binding upon the parties who are getting into a business. It provided terms and conditions according to which the parties has to comply with their business. A contract is a legal promise of performing an act between the parties. It has certain essential elements, such as an offer , acceptance, consideration and communication of the contract. A contract is constructed by publishing an offer it can to a specific person or addressed to the public. Also a contract can be expressed and implied. An expressed contract is such which clarifies the promise made by the party, either oral or in written whereas an implied contracts are constructed by conducting some act which makes the parties to believe in an agreement. A contract is valid only if it follows the principles. First an offer is made, as discussed above, to that offer an acceptance shall be there. An acceptance is generally of three kinds, expressed, implied and conditional acceptance. Similar to an offer an acceptance can be made orally or in written or by any conduct. A conditional acceptance is generally initiation of a new contract also know as counter offer. An acceptance comes with a consideration. It is generally in the form of money. It is the value for which a promise is made (Dunlop v Selfridge). Also, there must be an intention to form a contract and such intention should be a legal binding upon the parties (Rose & Fran