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Aspects of Contract and Negligence to Business Situations

Introduction

The contract law is the most important law in the common laws. Contract are the most essential for the business purpose and also required in personal. A contract is important because it can be used in the legal system to ensure that both parties of an agreement are equally compensated for their work, goods or money. The contract law give safeguard to parties from the unnecessary loss and it enable to contracting parties to take legal action against the parties who are in default. As per the project it describe negligence also now a days everyday there are so much negligence case come in the law of court. Negligence means when a person failure to take care over something. In this following project it describe about the contract law and the other various aspects of contract and also it define the negligence and the nature of the negligence. The project define the other laws and the various case study. (Friedman, 2011).

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Task 1

1.1 Essential Elements For Formation of The Contract

A contract is written or express agreement between two parties to provide some specific service or product. An agreement creating obligation enforceable by law. And in the contract law it provide a remedies for the breach of the contract. Contract arise when a duty does or may come into existence, because of a promise made by one of the parties. For the legal binding contract a promise must be exchange for the consideration. The contract law governed by the statutory and the common and the private law (Pozgar, 2011). The formation of valid contract is necessary because otherwise later so much mistake come into contract and than contract will not enforceable by the law.

These are the essential element of the contract-

Offer: An offer or a promise or an agreement needs to be in contract because if there is no offer than there will be no contract. This is the first element of the contract and the whole contract is based on offer made by the parties. Offer make sure that the contract is legally valid and acceptable. The offer can be made for the specific person or to the whole world (Herm

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