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Business Law

Introduction

Contract is considered as the written or spoken agreement which is especially concerned and tended to be enforceable by law. It involves different parties who are liable to carry out the contract. Here different case examples are stated that results in applying legal regulations to form a legal contract between the parties.

Question 1

As per the given case, binding agreement with Sam as they agree to put it in writing. Sam is an honest purchaser of painting and admires a painting of sunflowers prepared by Josie. He intended to buy the paintaing for $700, while, Josie replies that she will not accept less than $ 800 for the the painting. After that, another buyer turned to purchase the painting who is an art enthysiast, Wendy and impressed by the same painting and willing to pay $900 and Josie sells the painting to her[]. There was a binding agreement with Sam and both the parties are legally binded and enforceable by law. While, at the ground of dispute among the parties the agreement seems to be broken before the court of law. Hence, it is essential to provide crucial decision regarding breach of contract so that appropriate decision could be made regarding binding of contract. 4 crucial elements of contract which are as follows:

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Offer

It assesses that offer is considered as the term which is being provided by one person to another. For instance, it is essential for both the parties to form a particular time frame so that at that specific time offer is being made. However, offer does not include requests of proposal, estimation or intent of letter etc. Also, it is considered that offer lapses if it is not accepted upon time.

Acceptance

It is another term that assesses that acceptance is considered as the term when the party accepts the offer being made to them. It involves certain terms and conditions so that contract is being carried out. For instance, if any new term is introduced just prior to the agreement then it is considered as counter offer which is not essential to be accepted. It would occur very few times just earlier the contract is being accepted or rejected. Also, it is not relevant that the person who is making final offer accepts the proposal which would result in bringing irrelevant who makes the actual final offer and thus acceptance of the proposal which would result into bringing negotiation within contract. Acceptance could be given in writing, verbal or inferred through actions. Thus, all such ways showcases acceptance and thus conform to the method accepted in order to form legal contract.

Intention of legal relations

It is another term that helps in formulating the contract in regard to intend parties to enter into the legal contract. Thus, it is the duty of the parties to assess that they are obliged in regard to formulate the contract as per the law. It is essential for both the parties entering into the contract to have intention to create legal relationship so that they are able to formulate effective rules and policies in terms of following the rules and regulations. Also, it could be assessed that if all the parties are focused upon carrying out the contract then they are bound in legal relationship so that desired results could be attained. The contract is required to form legal contract and thus stated that in the contract they are legally enforceable by law.

Consideration

It is considered as the term that helps in binding parties to enter into the contract and form legal relations. Thus, setting certain consideration helps in promising the parties to provide them value in terms of asset or money. However, if any contract does not have any consideration than it is considered as invalid contract. Therefore, it is considered as trust among parties to carry out the agreement. Hence, it helps in satisfying the needs of parties and refrain them to carry out the activities.

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Terms and conditions

It is stated that terms and conditions are considered as crucial part for any contract. However, if there is no terms and conditions available within the contract than it would impact upon the agreement. Also, it needs to be recognised that each and every court gives unique decision and thus involve different terms and conditions if the case is disputed contract and then carry out the agreement.

Breach of contract

It could be assessed that this situation happens when any one of the party in the contract fails to achieve the objectives as per the specified terms and conditions. While, violation of the contract need to be identified at the time of carrying out the contract and thus focus upon the work being carried out by one party. However, at this time it is being placed in the hands of law and thus assess at the time of forming the agreement and damages could be overcome from th

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