A Business Is Without Signing A Contract Essay

A Business Is Without Signing A Contract Essay

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Running a business nowadays without signing a contract is impossible due to the numerous advantages and implications offered by a contract. Indeed the basic purpose of a contract is to offer a framework within which people, entities, can freely contract. For someone who wants to run a business or who is in charge of projects in a company, having an understanding of the common law of contracts and the potential risks associated with it can be the key to avoid many troubles. For example, as marketing manager in charge of a diversification project in new countries analyzes all the potential opportunities and threats that may arise from the new market, it is also important to seek and to identify the law a company is bound by. The purpose of this paper is to discuss some elements that can be used to minimize the risks impacted by a contract and those impacted by potential disputes. More specifically, elements such as offer and acceptance, the letter of intent, areas of potential disputes, parties’ liabilities in a contract and tort law will be discussed in this paper. In order to strengthen the explanation of the elements mentioned above, different cases law will be used throughout this paper.
I- Offer, acceptance and consideration
A contract is defined as an agreement enforceable in law between several parties which involves sales of good, services or land. According to Keenan and Smith (2006, 85-110), in order to be a justifiable one a contract needs to exhibit three elements: offer, acceptance and consideration. An offer is considered as the willingness for a party to enter into business with another party. Hence, the acceptance is the mirror image of the offer. It is the decision of the other party to whom the offer has been made ...


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...dy in your possession”. Despite Mr Gibson’s response, his house was removed the house from their maintenance list and sorted it in their purchase list by the council. In effect, Mr. Gibson was told that Manchester city council would not be carrying on business with him (Beale et al., 2008).
The court first gave reason to the plaintiff. Undoubtedly for the court, there was a contract, even if it wasn’t written. Indeed, according to the council there was no need to analyses the contract on the offer and acceptance principles, instead it should be looked at “the correspondence and the conduct of the parties as a whole”. However, this city council made appealed and won the case. One of the reasons is the word written in that letter which didn’t constitute an offer “this letter should not be regarded as a firm offer of a mortgage” (Gibson v Manchester City Council 1979).

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