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Understand the Essential Elements of a Valid Contract in a Business Context

In: Business and Management

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The unit introduces the law of contract, with a particular emphasis on the formation and operation of business contracts. You are encouraged to explore the content of these agreements and then develop skills relating to the practical application of business contracts, including offer, acceptance, intention, consideration and capacity.
As a newly appointed human resources officer for an organisation called SimoSito (a software development company), your line manager has asked you to prepare a report with supportive examples of contacts for the organisation covering different types of contracts that the organisation can use or adopt.
You will produce an individual written report for this assignment. The report should be approximately 2000 words and presented in formal report style.
Assessment 1:
ELEMENTS OF A VALID CONTRACT IN A BUSINESS CONTEXT
Assessment Period:
6 weeks
Learning Outcome: LO1
Understand the essential elements of a valid contract in a business context
Assessment Criteria
1.1 explain the importance of the essential elements required for the formation of a valid contract
1.2 discuss the impact of different types of contract
1.3 analyse terms in contracts with reference to their meaning and effect
TASK BRIEF
Task 1:
This task addresses LO1- 1.1/1.2/1.3
Produce a report that can be used to explore the types of business contracts, their terms, their meaning, their effects, and their impacts on a business. Support your report with examples of such contracts.
There are a variety of business contracts available to businesses. You need to explain about these contracts, their terms, their effects, their meaning, and their impacts on the business with supporting examples to clarify your explanation. (1.1, 1.2, 1.3)
You are recommended to look at, types of contracts such as: face to face; written; distance selling as well as terms

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