INTRODUCTION
Contract may be defined as a voluntary agreement which takes place between two or more parties. In legal aspect, agreement turns into contract when it is enforceable by law. In this, the present report will shed light on the aspects of contract as well as associated laws and legislation.
ELEMENT 1
1.1 Accessing the sources of legal information
In law, contract may be served as an agreement that creates obligation for the parties involved in it. For developing valid contractual relationship it is highly required for the parties to comply with the essential elements or aspects (Cartwright, 2016). Such elements include offer, acceptance, legal intention, consideration, capacity of parties and lawful objects. In the absence of having one element an agreement would not be enforceable by law.
1.2 Difference between common laws and legislation in contract
From assessment, it has been identified that significant difference takes place between common laws and legislation. Moreover, common laws come from precedent, whereas legislation is introduced by the government authority. Hence, it is one of the main aspects which in turn differentiate common laws from legislation to the significant level (Poole, 2016). Further, rules related to contract, tort and property aspect comes under the category of common law. On the other side, legislation offers rigid and formal interpretation of rules as well as regulations.
1.3 Significance of contract and related \laws in business
In Australia, laws can be distinguished into two types such as common and statutory. In addition to this, businesses can also be divided in different forms such as sole trader, partnership, trusts, co-operatives, public and private limited organization. In this, Trade practices and privacy Act as well as law of tort are highly significant (Martin, 2016). This in turn provides high assistance to different types of business organizations in performing activities in an appropriate manner.
ELEMENT 2
2.1 Defining legal principles that govern simple contracts
Validity and performance are two major aspects of simple contracts which in turn help concerned parties in developing lawful relations. Further, there are mainly two types of contracts that can be made such as express and implied. Under express contract, both terms and conditions are mutually agreed by the parties (Adriaanse, 2016). On the contrary to it, in the case of implied term acceptance is given by offeree through the means of performance.
2.2 Documenting key elements of simple contract matter
In contract, main elements of which are needed for the development of legal relationship as follows:
- Intention in relation to creating legal relationship: According to such aspect both the parties must have legal intention in relation to going court when one individual makes default in performance (Hiscock, 2016).
- Offer and acceptance: For the legal binding, there must be an offer and acceptance between the parties. By referring the case law re Mount Tomah Blue Metals (1963) 4 FLR 478 it can be said that offer and invitation to treat aspect differs significantly.
- Legal consideration: In accordance with the case law, Central London Property Trust Ltd v. High Trees House Ltd [1947] KB 130, contract must be supported with legal consideration in the form of monetary value.
- Capacity of parties: To develop legal relationship parties to a contract needs to fulfil three requirements such as:
- Major person
- Sound minded
- Cannot be disqualified by any law
ELEMENT 3
3.1 Assessing legal matter that involves contractual issues
In the legal relationship or contract issue in relation to breach is highly common. Moreover, usually plaintiff makes sue on defendant party due to their failure in relation to complying with the specified terms and conditions.
3.2 Analyzing and evaluating key issues
By considering the case of Keneric Tractor sales Ltd v Langille (1987) it can be said that in this situation breach of equipment lease occurred. In this, defendant party had undertaken farming equipments from Keneric on rental basis. On purchase, Keneric provided lease to the manufacturer in the form of securit. During the mid of lease Langille stopped paying instalments. Hence, it is considered as contractual breach because Langille failed to act according to the terms and condition.
3.3 Reviewing analysis and designated person
In the case of Keneric Tractor sales Ltd v Langille (1987) court gave judgement that contract comes to an end when one party takes decision in relation to repudiation and other accepts the same (Time Limits, Breach & Remedies, 2012).
ELEMENT 4
4.1 Specifying process for discharging the contracts
According to Australian law, contract can be discharged by the concerned parties in the following way:
- By operation of the law
- By frustration
- Through the breach of contract
- By agreement
On the basis of the above aspect, if one party fails to perform according to contractual aspects then other has right to discharge the contract by giving notice. Further, innocent party has right to discharge the contract if defendant party makes material alteration in an agreement (Discharge of a contract | definition | methods of discharge, 2017). On the occurrence of such situation by serving notice contract can be discharged by innocent party.
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4.2 Listing available remedies at time of contractual breach
According to Australian law, remedies which are available at the time of contractual breach include compensation and termination. On the basis of such aspect, innocent party can either demand for compensation or repudiate contract (Yip ssssand Goh, 2017). Selection of remedy is highly influenced from the willingness of concerned party and type of contractual term. In addition to this, plaintiff party also have an option to affirm contract. If you want to receive an original document according to your university guidelines, then take our Academic Dissertation Help right away!
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4.3 Process for discharge of contracts
By doing investigation, it has been assessed that there are several situations or methods through which contract can be discharged. Hence, according to the situation parties to a contract can select suitable way for discharging the contract. For instance: In the case of actual breach, by giving notice to defendant party, plaintiff can discharge the contract. (Boyle, 2016) However, in this, innocent party is required to prove that defendant failed to perform according to the predetermined terms and conditions. Get the best law assignment help at an affordable budget.
4.4 Remedies available at workplace regarding legal matters
Through the means of corporate governance and complying with the legal requirements one can deal with legal matters at workplace more effectually. Hence, it can be stated that by indulging the system of internal control business unit can offer high level of protection to shareholders as well as stakeholders (Yip, M. and Goh, 2017). By undertaking such action firm would become able to maximize the value of shareholders and stakeholders.
CONCLUSION
By summing up this report, it has been concluded that by following the contractual aspects and legislation business units can perform activities more efficiently. Further, there are several remedies available to plaintiff party when breach occurs
REFERENCES
- Adriaanse, M. J., 2016. Construction contract law. Palgrave Macmillan.
- Boyle, L., 2016. An Australian August Corpus: Why There is Only One Common Law in Australia. Bond Law Review. 27(1). p.3.
- Cartwright, J., 2016. Contract law: An introduction to the English law of contract for the civil lawyer. Bloomsbury Publishing.
- Hiscock, M.E., 2016. The Universality of Good Faith and Moral Behaviour: A Challenge for the Principles of Asian Contract Law. In Legal Thoughts between the East and the West in the Multilevel Legal Order (pp. 355-367). Springer Singapore.
- Lindgren, K., 2016. A time difference between Australia and England: Urban 1 (blonk street) Ltd v Ayres. Commercial Law Quarterly: The Journal of the Commercial Law Association of Australia. 30(2). p.10.
- Lindgren, K., 2016. A time difference between Australia and England: Urban 1 (blonk street) Ltd v Ayres. Commercial Law Quarterly: The Journal of the Commercial Law Association of Australia. 30(2). p.10.
- Martin, P., 2016. Contract law: When changes to the law: Affect rights under contract. LSJ: Law Society of NSW Journal. (22), p.86.
- Poole, J., 2016. Textbook on contract law. Oxford University Press.
- Walker, A., Accadia, R. and Costa, B. M., 2016. VOLUNTEER RETENTION: THE IMPORTANCE OF ORGANISATIONAL SUPPORT AND PSYCHOLOGICAL CONTRACT BREACH. Journal of Community Psychology. 44(8). pp.1059-1069.
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