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BUSINESS CONTRACT

UNIT 5: ASPECTS OF COTRACT AND NEGLIGENCE FOR BUSINESS

PREPARED FOR:

MRS DOTI CHEE (BTEC Lecture)

--- Banking Academy, Ha Noi ---

PREPARED BY:

Hạ Lê Hải - Jaycee - F06 – 033

Ngô Thị Như Quỳnh - Elly – F06 -

Trần Nhật Minh – Roger – F06-

Đặng Liên Hương – Victoria – F06 -

WORD COUNT: 3,150 words

SUBMISSION DATE: 30th July 2014

TABLE OF CONTENT

1.1. Explain the importance of the essential elements required for the formation of a valid contract. 3

1.1.1. Agreement: 3

1.1.2. Consideration: 4

1.1.3. Intention: 4

2.1. Apply the elements of contract in given business scenarios: 5

2.1.1. House contract: 5

2.1.2. Redecorating contract: 5

2.1.3. Rent contract: 5

1.2. Discuss the impact of difference types of contract 6

1.2.1. House contract: 6

1.2.2. Benny’s payment: 6

1.3. Analyze term in contract with reference to their meaning and effect and apply the law on terms in different contracts 7

Claim 3 7

Claim 4 8

2.3 Evaluate the effect of different terms in given contracts: 9

2.3.1 Contract for Cleaning, Housekeeping, and/or Janitorial Services: 9

2.3.2 Vehicle sales agreement: 10

BIBLIOGRAPHY 16

1.1. Explain the importance of the essential elements required for the formation of a valid contract.

A contract is an agreement between 2 or more parties which is enforceable at law. In other words, a contract may be defined as an agreement which legally binds the parties.

There are 3 essential elements required for the formation of a valid contract: agreement, consideration, intention.

1.1.1. Agreement:

Contractual agreement has traditionally been analyzed in terms of offer and acceptance. One party, the offered, makes an offer which once accepted by another party, the offered, creates a binding contract. (lawresources, 2013)

Agreement = offer + acceptance

* Offer:

An offer is a definite promise to be bound on specific terms. (BPP, pg59, 2010)

* The expression...