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Aspects of Contract and Business Law. Conditions for forming a contract and relevant laws.

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Unit 21: Aspects of Contract and Business Law Pass 1 What is a contract? An agreement between two or more parties in which an offer is made and accepted, and each party benefits in some way. Some contracts must be in writing so that it can be enforced. Types of Contracts Verbal - An oral agreement made between two people. Written - contract is written up so that there is an actual copy which can reduce any possible problems which could arise. Majority of contracts are in this form e.g. a contract of employment. Standard form Businesses usually use a standard contract that states the terms and conditions of an agreement which are non-negotiable. This is common practise as a business would find it extremely inconvenient if not impossible to create contracts specifically for each individual customer. Requirements of a valid contract Offer - an expression of willingness to accept a specific set of terms, made by the offeror with the intention to enter into and be obliged to follow the terms of the contract. ...read more.


* When a document has been mistakenly signed in error. Types of Misrepresentation Fraudulent misrepresentation was defined by Lord Herschell in Denny v Peak (1889) as a false statement "made (i) knowingly, or (ii) without belief in its truth, or (iii) recklessly, careless as to whether it be true or false", that is to say there is absence of honest belief. - http://www.gillhams.com/articles/401.cfm Negligent misrepresentation is when the defendant makes a careless makes a representation while having no basis whether to believe it to be true Innocent - where one party makes a statement which he believes is true, there will be no misrepresentation and the statement will be considered innocent. Duress - is forcing someone against their will to enter into a contract (this could either be through physical or other means). A contract made under duress cannot be enforced, for example, being forced into a legal contract at gunpoint. Undue influence is where one person who is in a higher position, takes advantage of their power and exerts pressure on another person to coerce them into a legal contract. ...read more.


http://en.wikipedia.org/wiki/Electronic_Commerce_Regulations_2002 The consumer Protection (distance selling) regulations 2000 (as amended) The purpose of the Directive is to increase consumer confidence and so strengthen the single European market by providing an agreed minimum level of consumer protection throughout the EC. This regulation gives consumers a cooling-off period so that the customer can have a chance to examine the service or product being offered in the same way they could when in a shop. The regulation gives the consumer the right to cancel however, the consumer also has the responsibility of keeping the product in good condition before returning it. http://tutor2u.net/ebusiness/ebusiness-law-distance-selling-regulations.html Unfair Terms in Consumer Contract Regulations 1999 The Unfair Terms in Consumer Contracts Regulations 1999 protect consumers from unfair standard terms in contracts. If the term is considered to be unfair, then it is no longer legally binding on the consumer. The Office of Fair Trading along with certain other bodies can take legal action to prevent the use of such terms. The UTCCRs can protect consumers from terms that reduce their statutory or common law rights and from terms that seek to impose unfair burdens on the consumer over and above the obligations of ordinary rules of law. http://www.oft.gov.uk/advice_and_resources/resource_base/legal/unfair-terms/ ?? ?? ?? ?? ...read more.

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