Module Name- International Business Law

2023 WordsAug 31, 20149 Pages
Name- Paras Gupta Module Name- International Business Law (LWO2999) Module Teacher- Mrs. Lilian Miles Student Number- M00432962 Word Count- 2021 words Introduction In the day to day activities of the business, Parties often face some problems in terms of transactions. Sometimes these transactions are violated because of offenses committed by one of the parties. However a contract is formed in order to solve these issues. Contract The word ‘Contract’ in simple words can be explained as an agreement made between two or more parties which tends to be legally binding. Contracts are further classified into three types: a) Verbal contracts/Oral contracts b) Written contracts c) Special contracts or contracts made by deeds In order to for a valid agreement, it is not necessary to form a written agreement. However, contracts are now made by way of deed or to be written as oral contract are hard to prove. Formation of a contract Although, a contract is the result of an agreement but every agreement is not a contract. There are some elements which turns the agreement into a legally binding contracts. If we can find those elements, it will be easy to differentiate a binding agreement or just an agreement which do not have any sort of legal standing. The elements required to form a valid contract should be: a) An agreement – made up of an offer and acceptance. b) Consideration c) The capacity to contract d) Intentions to create legal relations e) Legality of the subject
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