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Date Submitted: 11/16/2014 08:14 PM
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...