Aspects of Contract and Negligence in Business

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Aspects of contract and Negligence Assignment Task 1 In order to determine which agreements are legally binding and have an intension to create legal relationships, the law draws a distinction between social and domestic agreements as well as agreements made in a commercial context. There are four main elements of the law of contract, which are the follows: Offer, consideration, acceptance and intention. These elements will be brought up in court by opposite parties in case there is a breach in the contract by either one. An offer is an expression of willingness to contract on certain terms and for it to be considered an offer it must be made with the intention that it will become binding upon acceptance, there being no further negotiations or discussions required. An offer can be made by words or by conduct. A statement of intention differ from an offer, as the party does not state that he/she will do something, but that he/she intends to do something. A good example of this is for example in an auction, when the auctioneer is talking through awaiting the best offer, he himself is not offering but he is intending to sell a certain item. Once an offer has been made a contract can then be formed, but only after the other party has accepted this offer. The acceptance must be an agreement to each of the terms of the offer and this can be made by words or by conduct. In the process of accepting, if the offeree attempts to add new terms, this is not an acceptance but a counter-offer. However if he/she makes no counter-offer but makes further queries this is neither an acceptance or rejection of the contract, meaning that the original offer stands. The doctrine of consideration is a very complex element of the contract of law by which English courts decide whether promises are enforceable. Generally it requires the provision of some benefit to the promisor
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