Description
I attached the assignment here
Unformatted Attachment Preview
Purchase answer to see full attachment
Explanation & Answer
Attached.
Running head: BUSINESS LAW
1
`
Business Law
Institution
Name
Date
BUSINESS LAW
2
TASK –A
Answer the following questions briefly.
1. Identify the essential elements of a valid contract. What will happen to a contract any of
the essential is absent in it?
A valid contract needs to have essential elements that:
1. Have an offer
2. Parties Accept the offer
3. Have Consideration by the parties involved
4. Have Intention to create legal relation
5. The Parties involved should have Certainty of terms
6. Each party should have Capacity of contract
No contract is valid unless it has the essential elements.
BUSINESS LAW
3
2. Are unenforceable contracts valid contracts?
Unenforceable contracts are not valid. However, there are contracts that are on their face
valid but which a court will not enforce.
II. Answer the following questions briefly.
1. Explain about discharges of contracts.
Discharges of contracts are the termination of contractual duties or dissolution of
contracts. A contract may be discharged under some circumstances by:
i) Performance of the contract.
ii) Agreement or consent by parties.
iii) Impossibility of performance by parties.
iv) Lapse of time to perform or submit.
v) Breach of contract by parties.
vi...