The Legal and Regulatory Environment of Business.docx

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Running head: THE LEGAL AND REGULATORY ENVIRONMENT OF BUSINESS 1 The Legal and Regulatory Environment of Business Student’s Name: Institution Affiliation: The Legal and Regulatory Environment of Business Contract Formation Every day individuals enter into promises: setting disputes, leasing or selling the property, becoming a worker among others. However, people often conclude treaties without taking
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THE LEGAL AND REGULATORY ENVIRONMENT OF BUSINESS 2 account of essential provisions required to establish an enforceable agreement ( Reed et al., 2013). Basic Requirement to Form a contract. There are usually six fundamental necessities in a legally enforceable treaty which comprise: An offer This is an exhibition of readiness by one party to the agreement on some established terms and conditions with another party. The comprehending of the agreement will become binding if accepted by an individual to whom it is offered. Acceptance It is the ultimate and unqualified manifestation of consent to the terms and conditions of the offer. The person to whom the offer is given is the only one who is legally intended to accept the offer unless an agent is directed to agree on behalf of the individual. Competent parties All parties intending to enter into the contracts should be deemed to have the ability to treaty except the individual is viewed as a minor, insane, drugged or drunk or incompetent when entering the agreement. Lawful subject matter For an agreement to be legally enforceable, the subject must not violet the public policy or prohibited by the law.
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THE LEGAL AND REGULATORY ENVIRONMENT OF BUSINESS 3 Mutuality of Obligation For the agreement to binding, both parties must have a similar purpose or interest on contract terms that is they must agree for the same matter.
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