NATIONAL DIPLOMA IN BUSINESS LEVEL 5
Unit standard: 11633
NDB 612 BUSINESS LAW
Title: Apply the law of contract to a given fact situation
Student: Arshveer Singh Kahlon
1.1 Explain at least four points of differentiations between contract and agreement with the help of examples.
• A contract is a written or verbal agreement between two or more parties that is enforceable by law
• Its scope is limited.
• The proper way to make an official contract is through legal means.
• A contract is made legal when it involves important issues where a promise cannot suffice.
Example - If any party doing any property deal in simple way like both parties are read to property deal without forcing anybody in written it is contract between two parties.
• Agreement is a written or verbal contract between two or more parties that is not enforceable by law.
• Its scope is very wide.
• An agreement can be done without legal involvement.
• Agreements are generally made over small things, and are usually held by taking someone’s word.
• Example - An agreement may simple involve one party accepting another party offer. Since this scenario does not involve consideration, it is not a contract.
1.2 – Explain the four elements of a valid contract.
Offer: - An offer is an expression by one person or group of person, made to another, of his willingness to ...
... middle of paper ...
...s the party from a particular act. The specific performance and injunction such like a same things but the main difference is that in specific performance the courts orders to party to do something and in injunction the court say the party to do not something. An injunction is an equitable remedy in the form of a court order that requires a party to do or refrain from doing specific acts. A party that fails to comply with a faces, criminal or civil penalty, including possible monetary sanctions and even imprisonment.
Relief: When a contract is cancelled by any party, the court, in any proceedings or on application made for the purpose, may from time to time if it is just and practicable to do so, make an order or orders granting relief under this section. The court give justice to the Jonathon and make Nicholas to sell the property to non-other than Jonathon.
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