SCENARIO You are a solicitor working for a firm which provides a series of semin

Question

SCENARIO

You are a solicitor working for a firm which provides a series of seminars for clients wanting to set up a business for the first time. Your task is to produce a written report, to be given to each client attending the seminar, setting out in “user friendly” style the principles of law relating to the formation of a valid contract and their application in business situations.

You have decided to produce the information as a set of questions and answers with an analysis of several case studies to illustrate the legal principles.

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Quuestion 1. Explain the significant differences between the following types of contracts and discuss the impact on the parties of those differences:

a. Standard form contracts,

b. Contracts made face to face,

c. Contracts in writing, and

d. Contracts for distance selling?

e. legal capacity

Explanation / Answer

Formation of valid contract and there application in business situation - According to contract act it define obligation on either party. This obligation are subjected to language mansions in proposal & situation. Also contracting parties as well acts which needs to perform must be legal one. Many time due to friendly approach in business develop unwanted responsibility on either party. It require clear knowledge about the principals of business & obligation involve in contractual terms.

Different type of contract develop different obligation to its parties.

1.Standered forms of contract - these type contract must satisfy all four ingredient , a) legal proposal 2) legal parties 3) free concent, 4) acceptance must be unambiguous and definite.

2.Cotract made face to face - In case of bilateral contract if contract get accepted on basis of verbal communication and any evidence of its proposal & acceptance will be questionable, and hence in case of business its essential cataract must be written to protect interest of both parties .

3. Contracts for distance sailing- all type of sale via using internet & digital transaction of bill is term as distance sailing. Here both party need not meet personably & with the help of escrow account & assurance of payment such contract get finalized.

4.Leagl Capacity - Any institutions which exist due to existing law can enter in to contract & all proceeding can face by institution in case of default of either party. If consenting parties are not legal then its void contract.

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