Aspects of Contract

A contract represents an enforceable accord between two or more individuals or bodies pursuant to which the involved parties undertake a binding duty. Many businesses—both commercial and individual—are performed pursuant to agreements/contracts, either written or oral, and law courts decide argument between the contracted parties. In the case involving Sam and Bob, Sam is entitled to decline selling the book to Bob if Sam and Carl entered into a binding agreement that Carl will buy the book. Sam has to abide by the terms of his agreement with Carl and therefore selling the book to Bob will be a breach of contract.
There are four main essential elements in the formation of a valid contract: capacity—each individual or entity should have the authority or potential so as to enter into an enforceable agreement. This is meant to protect people who have no capacity—minors, intoxicated, or with mental problems—from entering into any contract. A valid and enforceable contract must also entail offer and acceptance. No contract exists unless the offer presented is accepted. This should be clear and explicit; once an offer is accepted, the involved parties are termed to have had ‘meeting of minds’ (Whittaker, 2001, p. 104).The third element is consideration—something of valuable in exchange for another of value—and this may take the form of goods or services, or property. Legal purpose is the last aspects of creating an enforceable contract. This implies that the object of a contract should be consistent and legal with a public policy.
Besides, some form of contracts may be common in a single jurisdiction than the other. Unilateral, bilateral, implied, executory, voidable, and oral are the more common types of contracts applied worldwide. T...

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...s of the other. Vicarious liability in business comprises of the responsibility a business tacitly holds for its employees’ actions, subcontractors or any other individual using its facilities. For example, a manager harassing subordinates, courts might hold a business owner vicariously accountable for the maltreatment, although he might have not known about it.

Works Cited

Whittaker, S, 2001, ‘Public and private law-making, Contracts and status of ‘student rules,’ Oxford Journal of Legal Studies 21(1), 103-128.
West, D, & Benton, L, 2009, Contracting to avoid extra-contractual liability—can your contractual deal ever really be the "entire" deal? The Business Lawyer 64(4), 999-1034.
Hartshorne, J, Smith, N, & Everton, R, 2000, 'Caparo under Fire': A study into the effects upon the fire service of liability in negligence, The Modern Law Review 63(4), 502-522