...Topic An Assignment on Aspects of Contract and Negligence for Business ------------------------------------------------- ------------------------------------------------- Submitted By: ------------------------------------------------- Student ID… ------------------------------------------------- Module Name: ------------------------------------------------- Group: ……. Date of Submission: …………… Table of Contents LO1 A valid contract in a Business Context 3 1.1 The importance of the essential elements required for the formation of a valid contract 3 1.2 Impact of different types of contract 4 1.3 Analyse terms in contracts 5 LO2 Elements of a contract in Business situations 5 2.1 Elements of contract in given business scenarios 5 2.2 Law on terms in different contracts 6 2.3 Effect of different terms in given contracts 6 LO3 Negligence in Business Activities 7 3.1 Contrast liability in tort with contractual liability 7 3.2 Nature of liability in negligence 8 3.3 How a business can be vicariously liable 9 LO4 Principles of liability in negligence in Business Situations 10 4.1 The elements of the tort of negligence and defence in different business situations 10 4.2 The elements of vicarious liability in given business situation 11 References and Bibliography 13 LO1 A valid contract in a Business Context 1.1 The importance of the essential elements required for the formation of a valid contract Everything requires some principles...
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...Week 5 Final Paper Betty Poppins Bus 311 Instructor Brandy Krectzburg 7/01/13 Business Contracts: Protocol, Laws & Ethicality There are various kinds of contracts which arise within our business world today; contracts are an essential component to business livelihood. Although a contract is an agreement, not all agreements are valid contractual obligations. In order for any contract to be an official and legally binding agreement, there are essential requirements which must first be fulfilled. Because contracts are vital to the organization and its success, it is important that the organization has an inclusive understanding of the inner workings of business contract and law and sustaining ethicality within these agreements; this will help ensure that each and every business transaction is a smooth and successful endeavor from beginning to end. What is a contract, and what makes it valid? According to Essentials of Business Law, by Susan Rogers (2012), a contract is described as being “a legally enforceable agreement between two or more people.” Therefore, a contract emerges from the voluntary consent of two or more people with mutual accordance to enter into this agreement. Contracts are helpful to business, as these agreements are binding to both parties involved. In order for a contract to be a valid and binding agreement there are five fundamental yet essential elements that must be present, and these are: 1. The Offer, 2. The Acceptance, 3. Consideration...
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...and Functions of Law Eduardo Aguayo LAW 421 September 18, 2014 Richard Burgoon Role and Functions of Law In the introductions of law, we study what are the purpose and the importance of this science to people and businesses. In this essay I will cover the first most important aspects of the introduction to this science discussing terms and ideas of the roles and functions of law. The term law, throughout history, has been defended in a variety of ways. The most generally definition of the law is a body of rules of action or conduct prescribed by controlling authority, and having legal binding force. Law may be set down in a written code as prescribed by an elected legislative body, but also takes the form of judicial decisions and actions of government agencies. While there are many sources of American law, the common characteristic of the current state of law is that it creates duties, obligations, and rights that reflect accepted views of a given society. Jurisprudence could almost be defined as the science and philosophy of law. Jurisprudence may be divided into three branches: analytical, sociological, and theoretical. The analytical branch articulates axioms, defines terms, and prescribes the methods that best enable one to view the legal order as an internally consistent, logical system. The sociological branch examines the actual effects of the law within society and the influence of social phenomena on the substantive and procedural aspects of law. The theoretical...
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...issues in business for a valid contract 7 1.1. The elements in formation of a Valid Contract 7 1.2. Types of Contract 12 1.3. Terms in contracts 17 II. The elements of a business contract in business situation 19 2.1. The elements of contract in the business case 19 2.2. The law on terms in the above two different contracts 20 2.3. The effect of different terms in the two contracts 22 CONCLUSION 24 REFERENT LISTS 25 APPENDIX 26 INTRODUCTION Currently, it is acceptable that most of company in the world also use the contact as a essential part in their business. The concept of contract nowadays is becoming more and more common in business environment. Contract is defined as an agreement which legally binds the parties (BPP Professional Education, 2004). However there are many types of contract between two businesses such as unilateral, bilateral, specialty, simple and standard form contract. Understanding deeply about deeply about value contract and variously type of contract will really useful for most of company in running their business as well as making it legally in their process of business. In this easy will explore the vital elements which necessary to establish a valid contract and provide some example to explore the term in contract such as condition, warranty innominate terms and exclusion clause. In addition, the essay also gives some case study to illustrate the important of understanding valid contract in their business. ...
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...Investment Firm Investment Firm – Legal Issues Question 4 Contract Law Major issues faced by the U.R.E Investment Firm LLC in relation with contract law are lack of proper terms and conditions, lack of importance of health and security of the employees, and one of the most important issue is companies sometime when entering into any contract do not make anything in writing these are some major issues faced by the country in relation with the contract act. A contract is an agreement enforceable by law. Every time an agreement is considered binding and enforceable by the court in the sense that no one can be prosecuted, the agreement is a contract. So while making any contracts these rules should be properly followed, they are informal, oral or written or implied behavior. It must meet the following conditions: Offer and accept unconditionally. Valuable consideration. Authentic consent. The parties must have the capacity to enter into contracts. In the Household Registration Law (a person's residence is the country in which he lived with the intention of permanently stay there) this universal jurisdiction (Glick 2003, 85). Types of contract which should be performed with suppliers, customers and employees are Contract by record These obligations are based on court records, the records of the condition. They are not the real contract, the obligations of the parties arising from the court records of any agreement into a separate reason and only. They can through the...
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...and Functions of Law . LAW/421 August 21, 2012 Role and Functions of Law In today's business and society, we, leave by rules and regulations, laws that we are all required to follow. From children to elderly, small to large organization and society there are laws in place. Law plays an important role in business and society, it impacts various faucets of our everyday life. The term has been defined in different ways ever since it was recorded. According to Sean P. Melvin, Author of The Legal Environment of Business 2011, a generally accepted generic definition of the law is a body of rules of action or conduct prescribed by controlling authority, and have legal binding force. He said when studying law in any context, it is important to think of the law in broad terms (S. P. Melvin, 2011). Law have many sources, the usual characteristic is it creates obligation, rights, and duties that are an accepted views in a society. It is important to understand that the law provides a vehicle to fix problem arising from those obligation and duties that enable parties enforce promises in a court of law (S. P. Melvin, 2011). The functions and role of law in a business and society is very important, it plays a big role in its operation. Without the laws that regulate the businesses, the people, and society, it will not function properly and effectively, it may even fall. It is important for the businesses and its society to understand the various areas of the law and how it will...
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...the elements required for the information of a valid contract in the motor industry…………………………………………………………………………….3 1.2 Discuss the impact of different types of contract by providing explanations on comparison with local, export and distance buying modes………………………………………………..7 1.3 Analyze terms in contracts with reference to their meaning and effect in the motor industry………………………………………………………………………………………10 2.1 Apply the elements of contract in both cases business scenarios………………………..12 2.2 & 2.3 Analyze the law of terms in the above two different contract. Evaluate the effect of different terms in the two contracts………………………………………………………….14 Conclusion…………………………………………………………………………………....19 Reference……………………………………………………………………………………..20 Introduction: - The law plays an important role in protecting the fair of the relationship between people vs people as well as transactions in the contract. It contributes to keeping a peaceful country to reach modern and civilization life. In the business environment, the law has always played an important role because the business types are diversity and complex. To business’s activity of enterprises, which obey the law and avoid legal risks in business for sure, you need to be legal advice. In this report, I will act as one consultant in supportingWorld Auto Co in Vietnam, which is one of the famous company in producing motor between Vietnam and Europe markets avoid. 1.1 Explain the importance of the elements required for the information...
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...International Business Law Final Assignment – ISEG Group 1A Alfred Boudet 26th of November 2012 The Case Of Plant Relocation In this case I am working in Electrocorp, as the Chief Executive of the company. Electrocorp is an electronics company manufacturing onboard computer components for automobile. The company is facing an important choice to do. It can make more money for shareholders in relocating plants to a country with lower labor costs, less strict environmental regulations. Until now, all our plants are implanted in United States and until recently the company was in good economical health. But we face both ethical and economical problems. First of all, the production costs increased during the few last years further to the action of unions representing employees in the company waged successful strikes in order to increase salary and benefits. Today the salary and benefits package are about $15 per hour, which is very high in our industry, but it is the labor cost in United States. Secondly, some dangerous products are used in the company such the using of complex hydrocarbon solvents to clean the chips and some of these solvents are carcinogens and have to be handled with a high prudency. To avoid major problems there is some strict safety regulations inside the plants, which cost time and money. These safety regulations increase the cost of production...
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...made as early as 1300 B. C. as securities for mortgages and advance deposits. The first use of open credit in America can be traced back to 1620 with the establishment of the first permanent colony in New England. The Pilgrims spent three years negotiating with England to raise funds for their journey. Soon, a wealthy London merchant struck a deal with the Pilgrims to fund their trip by lending them 1800 British pounds, which today would be equivalent of 2400 US dollars. The terms of this agreement were that all credit advanced and to be advanced would be paid in exchange for the Pilgrims to work for a term of seven years. At the end of the seven year term, payment in full would be made to the merchant, also known as a creditor, based on the size of the initial investment. At end of the seven year period the Pilgrims were unable to settle their debt in full with the England merchant. An alternate agreement was made in which the Pilgrims were required to pay 200 British pounds per year for a term of nine years until paid in full. Unfortunately this arrangement failed as well and was renegotiated. Finally after twenty-five years, the final payment was made to settle the debt in full. The history of this transaction is noted as the first example of credit in early American credit. Throughout the years, several transactions were made that used a form of credit such as the financing of the American Revolution by Congress making efforts to finance the Army of the United...
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...Table of Content Title Page Background Introduction Rational Objectives Methodology Literature Review Limitations Analysis Recommendation Conclusion Reference Appendix Profile Unique Consulting Company Consulting Services (1994) Website-www.uniqueCC.org.com Address: 119 Street West Kill Road Kingston 10 Unique Consulting Company is a Jamaican management consulting firm that focuses on solving issues of concern to senior management. Unique serves as an adviser to business, governments and institutions around the island. This company is one of the most prestigious management consulting firms in the island and it is one of the market leading organizations in consulting services. This firm manages a wide array of investments for the firm’s Partners; an objective of the Investing Counseling Function is to help our investing partners create long term wealth by constructing appropriate investment portfolios and avoiding expensive and or inefficient products. At the same time, the products and advices offered must save Partners times relative to those which are available externally. This firm role is to provide investment education, counseling and select products to clients. UCC serves many successful clients like: Tracks & Records, NCB, MegaMart, Sandals, Digicel, Heart Trust Academy, Burger King, Intown supermarket Unique Consulting Company (UCC) was founded in Kingston Jamaica 1994 by Donald Spence and Amy Kindle, The...
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...Introduction: Simply, law can be explained as a collection of rules which are mainly created by a particular state or state government & the state, as an authority, is responsible for enforcing the law made within its jurisdiction via using various kind of sanction. While talking about law we should have a clear idea about three basic concept power, fascination & importance.Sources of law are also importance which can be constitutions, statue, common law, administrative law, equity etc. In business world, we use different kinds of law & law of contracts is one of the most widely used business law which is basically used to understand future business related The Aspects of Contracts & Negligence for Businessissues in more predictable manner by people engage in contracts. Contract is basically a promise that gives the official commitment that the law will be enforced.Judicial activism, which creates law to be less predictable & more flexible, & judicial restraint, which makes law more predictable & less flexible, is two important issues closely related to contracts that need to be defined properly. Task 1: P1- The essential element of valid contracts in a business context: A contract, to be valid in a business context, must have some essential elements which can be basically classified in four major categories- ð Agreement- In every contract, there must be an agreement between two parties where one party needs to make any kind of valid offer & the other party needs...
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...Carroll, Archie B. The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders, Business Horizons, July-August 1991 For the better part of 30 years now, corporate executives have struggled with the issue of the firm’s responsibility to its society. Early on it was argued by some that the corporation' sole responsibility was to provide a maximum financial return to s shareholders. It became quickly apparent to everyone, however, that this pursuit of financial gain had to rake place within the laws of the land. Though social activist groups and others throughout the 1960s advocated a broader notion of corporate responsibility, it was not until the significant social legislation of the early 1970s that this message became indelibly clear as a result of the creation of the Environmental Protection Agency (EPA), the Equal Employment Opportunity Commission (EEOC). the Occupational Safety and Health Administration (OSHA), and the Consumer Product Safety" Commission (CPSC). These new governmental bodies established that national public policy now officially recognized the environment. employees, and consumers to be significant and legitimate stakeholders of business. From that time on, corporate executives have had to wrestle with how they balance their commitments to the corporation' owners with their s obligations to an ever-broadening group of stakeholders who claim both legal and ethical rights. This article will explore the nature...
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...[pic] [pic] | | |UK COLLEGE OF BUSINESS AND COMPUTING | |Course title |Unit number and title | |BTEC HND IN BUSINESS | Aspects of Contract and Negligence for Business | | | | |Student name Student ID |Assessor name | |Abu Rahman Hndb 5969 |Nathanial Owusu Frimpong | |Date issued |Completion date |Submitted on | |20-03-2014 |19-03-2014 |21-03-2014...
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...INTRODUCTION This report focuses on the identification of the aspects of contract and negligence for business. There are agreements and contract in every business in recent than before. Verbal agreements are usually no longer used by the businesses. Written agreement in the form of contract is ore preferable to all. But, the profitability of contract is incomplete if the regulations and aspects are unknown. Well acknowledgement of contract in business provides a legal documentation securing the expectations of the parties involved. Contracts work as a safety tool of the resources. On the contrary, negligence is rising into the cornerstone of our system for compensating people for accidental damage and injuries. This is because it allows the courts to award damages in tort in some circumstances where it is not possible to do so in contract. This report will help learners to understand in and all about the contract formation and negligence of contract in businesses. LEARNING OBJECTIVES TASK 1 Understand the essential elements of a valid contract in a business context TASK 2 Be able to apply the elements of a contract in business situations TASK 3 Understand principles of liability in negligence in business activities TASK 4 Be able to apply the principles of liability in negligence in business situations. TASK 1 LO 1.1 Importance of the essential elements required for the formation of a valid contract Offer and Acceptance: The existence of an offer and an acceptance...
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...Business Agreement Task 1 P1: Explain different types of business agreements and the importance of key elements required for the formation of a valid contract. Business Agreement Business Agreement is the mutual understanding or assent of two or more than two legally competent parties. It is done or agreed upon on the relative duties and rights regarding current or future performance. An agreement typicallydocumentsthe give-and-take of anegotiated settlementand a contract specifies the minimum acceptablestandardofperformance. Types of Business Agreement There are various types of business agreements depending upon the nature, type and operations / activities of the business. These types can be categorized into following categories based on the above stated criteria. * General Business Agreements * Business Employment Agreements * Leases * Sales Agreements The General Business agreements contain Franchise Agreement, agreement with different agencies for advertising, insurance agreements, agreement on not taking legal actions, Settlement Agreement, Stock Purchase Agreement, business partnership agreement, privatization agreement etc. The different types of Business Employment Agreement are Employment Agreement, Consultancy agreement, Sales Representative Agreement, Employment Separation Agreement, Reciprocal Nondisclosure Agreement etc. Leases are of different kinds like Real Property Lease, Equipment Lease etc, and same is the case with Sales agreements, it also have...
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