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The Legal Environment of Business and Employment - Assignment Example

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This article will explore the legal environment of business and employment under the following divisions: basic elements of a valid contract; valid, void, voidable, and enforceable contracts; essential elements of a valid offer; termination of an offer…
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Download file to see previous pages This research will begin with the definition of a contract as an agreement that is enforceable in a court of law between two people or more or between businesses. The contract is formed based on a promise to do something. The main parties to the contact include the offeror, offeree, and the government. According to Cross and Miller. The government acts as an agent to see the fulfillment of a contract. The offeree agrees to accept the goods at the agreed consideration. The specifications should be enough and clear to enable the offeree to understand and accept the offer. In this case, Huddersford Electronics Ltd (HE Ltd) is the offeror and Gem Computer Stores is the offeree. The main primary sources of contract law include the legislation via orders in council, regulations and statutes, and case laws from the administrative tribunals and decisions of courts. The parties in contract must reach a consensus to be fulfilled in the contract. The agreement constitutes of offer and acceptance. A contact must ensure that a party offers to enter in a legal contract and the other party agrees to accept the offer terms and regulations. Secondly, both parties in a contract must agree on the consideration, a consideration is a sufficient and legally reached bargain for the value of goods or services offered. The third consideration is contractual capacity. The law must establish that both parties are competent enough to perform the agreement. The purpose of a contract is to achieve a goal that is legally binding. For a binding contract, parties must act with free will devoid of undue influence or coercion. The final element of a contract is that the contact must be in form that is recognizable by the law. The contract can be in writing or by the word of mouth. However, the contents in the contract also affect the validity of contract as the terms specified by the offeror must imply the thoughts of the courts and statute. A valid contract is a contract that meets all the elements of a legal contract. A voidable is a contract that has the option of being avoided .A voidable contract does not contain all the elements or requirements. The agreements included in a voidable contract may be those of people with no capacity to carry out a contact such as children or it may be a case of misrepresentation, undue influence, or duress. If the voidable contact is not rejected or terminated within a specified period, it becomes valid. For example if the buyer decides to sell the goods in a voidable contract before it is terminated, the buyer who buys the goods will be the new owner and is allowed to keep retain the goods provided the goods sold to him were in good terms. A void contract is an illegal contract. The law does not give effect to a contract that that is void because there is a mistake in the agreement of the offer and acceptance. According to Beatty and Samuelson, unenforceable contract is a contract that cannot be enforced by a court of law because the contract does not meet the specific laid down requirements of a valid contract by the law. An unenforceable contract is a contract that is valid but any money or goods transferred to a seller or a buyer respectively cannot be recovered. If one party refuses to do an activity or an act written or promised in the beginning of a contract the other party cannot compel the party to perform in a court of law. Essential Elements of a Valid Offer An offer can only be made to a specific person. Looking at the case of Carlill v Smoke Ball Company, we can understand what the specific person for the offer means. ...Download file to see next pagesRead More
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