LSBF-Manchester Business group 1 Student -James Flannery Student number - M1008780 Unit 5: Aspect of contract and negligence Tutor:

Jasmin Powell

Contracts in business Purpose The purpose of this report is to explain the essential elements of a valid business contract and what makes a contract valid, I will also be applying the different elements of contracts to business situations to see how effective they can be.

Introduction In business it is extremely important to have an understanding of the different types of contracts a business can have. A contract is a legally binding document between 2 or more parties, a contract is in place to set certain guidelines to what is expected of each party. If one party does not abide by the terms of the contract than legal action can be taken against them. I will be exploring the nature of obligations for both sides of the contract and the availability for remedies when a contract is not fulfilled in accordance with its terms. Essential elements of a valid contract