Aspects of Contract Negligence for Business Assignment 1 BTEC Nguyen Huu Phong 2017

Aspects of Contract Negligence for Business Assignment 1 BTEC Nguyen Huu Phong 2017 tại University of Greenwich Viet Nam, đây là một trong những môn rất quan trọng và cần thiết cho những người muốn theo nghành businness cụ thể là human resource management như mình. Bài assignment này được mình làm tại trường. Các bạn có thể xem và tham khảo nhưng lư

ASSIGNMENT 1 FRONT SHEET Qualification BTEC Level 5 HND Diploma in Business

Unit number and title Unit 5: Aspects of Contract and Negligence for Business CLASS:

Learner declaration:

I certify that the work submitted for this assignment is my own and research sources are fully acknowledged

Grading grid

Assignment title Aspects of Contractual liability in Business context

In this assignment, you will have opportunities to provide evidence against the following criteria Indicate the page numbers where the evidence can be found

no.

Assessor’s Feedback

LO1 Understand the essential elements of a valid contract in a business context

1.1 Explain the importance

of the essential elements

required for the formation of

a valid contract

Point out and give brief explanation of essential elements

of a valid contract namely:

 Offer and acceptance;

 Intention to create legal relations;

Consideration;

 Capacity;

 Privity of contract

1.1

 Achieved

 Not achieved

1.2 Discuss the impact of

different types of contract

 Provide brief understanding about basic types of contract, namely: Face to face; Written and Distance selling (electronic contracts)

 Point out characteristics of each type to show the differences among these types of contract

 Discuss the effects of each types of contract on the company and its benefits

2.1

 Achieved

 Not achieved

1.3 Analyze terms in

contracts with reference to

their meaning and effect

- Analyze the following terms that occur in your selected contracts,

if each of them is presented:

 Condition;

 Warranty;

 Other innominate terms;

Express;

 Implied;

 Exclusion clauses

3.1

 Achieved

 Not achieved

LO2 Be able to apply the elements of a contract in business situations

2.1 Apply the elements of

contract in given business

scenarios

Identify whether those essential elements have been integrated in your selected contracts by pointing out exactly those elements

1.2

 Achieved

 Not achieved

2.2 Apply the law on terms

in different contracts

 Identify and explain what terms have been used in the contracts

2.2

 Achieved

 Not achieved

2.3 Evaluate the effect of

different terms in given

contracts

 Figure out whether those contracts selected contain those terms by quoting them precisely

3.2

 Achieved

 Not achieved

(note on Merit/Distinction if applicable)

Merit descriptor No.1 (M1) Identify and apply

strategies to find appropriate solutions

 Achieved

 Not achieved

Merit descriptor No.2 (M2) Select and design

appropriate techniques

 Achieved

 Not achieved

Merit descriptor No.3 (M3) Present and communicate

appropriate findings

 Achieved

 Not achieved

Distinction descriptor No.1 (D1) Use critical reflection to

evaluate own work and justify valid conclusions

 Achieved

 Not achieved

Distinction descriptor No.2 (D2) Take responsibility for

managing and organizing activities

 Achieved

 Not achieved

Distinction descriptor No.3 (D3) Demonstrate

convergent/lateral/creative thinking

 Achieved

 Not achieved

Summative feedback

IV Grading Check: Comments if any:

Agree

Disagree Modify grade to

<ATTACHED EVIDENCE>

Introduction

LO1 Understand the essential elements of a valid contract in a business context

1.1 Explain the importance of the essential elements required for the formation of a valid contract 1.2 Discuss the impact of different types of contract

1.3 Analyze terms in contracts with reference to their meaning and effect

LO2 Be able to apply the elements of a contract in business situations

2.1 Apply the elements of contract in given business scenarios

2.2 Apply the law on terms in different contracts

2.3 Evaluate the effect of different terms in given contracts

Conclusion

References

Contract 1

Contract 2

Introduction

In business, the contract is an important factor and decided in the success of a project, a merger, sale or anything that affects the interests of the parties involved in the contract Drafting of a detailed contract and contribution in the success of the agreement Understand the elements and terms of the contract will help the parties to create less risk contract, completing the terms and brings many benefits In this report, I will analyze the elements of a contract and from there go to two contracts to analyze better these factors, how the contract terms are reasonable and avoid risks

LO1 Understand the essential elements of a valid contract in a

business context

1.1 Explain the importance of the essential elements required for the

formation of a valid contract.

The contract is an agreement between two or more parties to do or not to do a certain task in the framework of the law Contracts often associated with the project, in which a party want to have agreement with other parties to implement the project or part of their project And such as projects, there are social and political project and production project, the contract may be the civil agreement for economy or society

Void contracts are contracts that do not adhere to the conditions in effect by law and it have no legal value, it does not give rise to rights and obligations of the parties

The voidable contract is in effect but still have the risk of lapse This contract can have a party chooses to terminate the contract and it to be disabled However, if neither party would do it, then the contract is still in force

A contract need to have the necessary elements and these elements are stated clearly in the contract

a Agreement

Agreement is a concept that it expanded to include any arrangement or understanding between two parties or more about their rights and responsibilities towards each other Agreement usually include offer and acceptance

Offer is meant to be a thought and can be recovered or retrieved by offeror giving the offer

at any time before the offer is in effect or offeree agrees Offer includes the offeror and the offeree in an agreement to do or not do something

The valid requirements of the offer includes the announcement of clear agreements for the parties concerned to determine with seriously intentions and determine the conditions of goods, price, quality, must be clearly defined and legal requirements

One of the parties can terminate the offer in the case such as the offeree answers rejected; time limit to answer accepted; When notification of change or withdraw the proposal in effect; the party receiving the offer agreement to adjust the suggestions from the offeror

Acceptance is an act that expresses or implied by the behavior expressed the consent with the terms of an offer or an invitation, the invitation request —

Requirement

b Consideration

According to legal dictionary page stated that: "Consideration is an essential element for the formation of a contract It may consist of a promise to perform a desired act or a promise

to refrain from doing an act that one is legally entitled to do" More specifically, consideration was understood as something of value that a party spent to gain a benefit from another party Beside that, there are some case of exception in consideration such as past consideration and existing duty Past consideration is reciprocal be done before the other party to give suggestions and existing duty is available as the police catch the criminals will not be rewarded

c Intent to create legal relation

Intention to create legal relations is from the side of a clear intention want to contracts and want to be bound by the agreement is given

Intention to create legal relations including 2 types are Domestic/Social Agreements (usually not be binding) and Commercial Agreements (usually binding) Domestic Agreements are the agreement between family members and Commercial Agreements are the agreement between the friends Intention to create legal relations through the signature of each side that expressed the wish fulfillment, contract concluding effect

d Capacity

Capacity is understood as the capacity to bear the responsibilities of those involved in the contract The law stipulates that individuals involved in a contract must be able to sign the contract, otherwise it is disabled Qualified adults can participate in contracts and enforcing the law

For individual, person under 7 years old have no behaviour capacity, so contract will not have effect and person under 18 years old must have the guardian

For company and organization, legal representative for represent of company and the company must form the contract type matching businesses registered with the law

e Privity

Privity is understood that only the parties in the contract to be bound by the rights and obligations created by contract The other stakeholders are not in the contract that they are not bound by the rights and terms specified in the contract

1.2 Discuss the impact of different types of contract

Currently there are 3 main types of contracts are commonly used in business include oral contract, writing contract, distance selling Depending on the circumstances, the situation and the type of business that the parties will use different types of contracts to increase the efficiency, comfort and fit

First, about oral contract, oral contract is a form of contract that the parties deal with each other by talking and communicating Oral contract can have text or other physical evidence comes

to enhance the credibility of the parties concerned However, basically, the oral contract not through text

situation, easy to edit

proof Easy conflict occurs when two parties arising contradictions in the agreement The reliability is not high Easy to forget the terms of agreement Type of

business

Fit in daily life between family members, friends,

Writing contract is too familiar type of contract is determined by the text and mentions the issue of agreement between the parties Related parties may be individuals, organizations or companies The text will include the elements and sections in the agreement between the parties and in force when the parties signed on that text

based on the recorded agreement on the contract High reliability, compelling evidence for each party have signed the contract

troubles and problems arising from the process

Type of

business Large enterprises signed a large production, real estate contracts, Thecontract between the large business together

Distance selling (e-contract) is a common type of contract in modern times when that information technology gradually developed Distance selling is the type of contract is concluded when the parties involved signed the contract can not meet directly and the use of remote communication

and sales worldwide The effect of time and simplicity, reduce costs Users can comfortably when buying products, easily compare the quality and prices

to elsewhere

from the seller and its employees This will sometimes be overcome but also can't compare with the purchase directly at the store The reliability is not high, slow delivery time and the risk of quality loss when transported Shipping charges are applied, and the product is usually not accurate

Type of

business

Online business such as Amazon, Ebay, Taobao, Lazada, Small retail business through social networks such as Facebook, Zalo,

In General, the three types of contracts are used frequently in business and in social life depends on each situation and circumstances that apply the various contract types to increase the optimal advantages and disadvantages of these type of contract Flexibility to change the types of contracts in each situation will help users take advantage of the strengths and minimize the disadvantages of each type of contract

1.3 Analyze terms in contracts with reference to their meaning and effect

The parties to the contract are only to be bound by the terms of the contract and not be bound

by the statement was made in the talks before signing the contract The terms of the contract is valid only when the parties sign the contract The terms of the contract including the 8 types are: Express term, Implied term, Condition, Warranty, Innominate term, Exclusion clause, Penalty clause, Force majeure clause

the agreement

the parties need to understand their rights and obligations under the law

other party has the right to terminate the contract and request claim damages

have the right to terminate the contract which is only entitled to claim damages

The redefine terms depends on the severity of the cases If the serious breach then the remaining parties have the right to terminate the contract If the offense

is not serious, the remaining parties are not terminated a contract that compensation is required

be agreed in the contract

contract If a party does not perform true obligations of the contract shall be subject to a penalty clause agreed in the contract

Force majeure clause When an event occurs, the event beyond the control of the parties that these

parties violate could not make the proper execution of the contract obligations, its contractual obligations will be exempted from liability

LO2 Be able to apply the elements of a contract in business

situations

2.1 Apply the elements of contract in given business scenarios.

2.2 Apply the law on terms in different contracts.

2.3 Evaluate the effect of different terms in given contracts.

Conclusion

References