Introduction:

Simply, law can be explained as a collection of rules which are mainly created by a particular state or state government & the state, as an authority, is responsible for enforcing the law made within its jurisdiction via using various kind of sanction. While talking about law we should have a clear idea about three basic concept power, fascination & importance.Sources of law are also importance which can be constitutions, statue, common law, administrative law, equity etc. In business world, we use different kinds of law & law of contracts is one of the most widely used business law which is basically used to understand future business related The Aspects of Contracts & Negligence for Businessissues in more predictable manner by people engage in contracts. Contract is basically a promise that gives the official commitment that the law will be enforced.Judicial activism, which creates law to be less predictable & more flexible, & judicial restraint, which makes law more predictable & less flexible, is two important issues closely related to contracts that need to be defined properly.
Task 1:

P1- The essential element of valid contracts in a business context:

A contract, to be valid in a business context, must have some essential elements which can be basically classified in four major categories-

ð Agreement- In every contract, there must be an agreement between two parties where one party needs to make any kind of valid offer & the other party needs to accept the offer made.

ð Consideration- To be valid, every contracts must have some consideration on the basis of which they engage in the contract. There must be exchange of something. The subject matter of the contract may vary from contract to contract.

ð Intention to Create Legal Relationship- The subject matter & everything related to the contract must be legal & there should