Business Law Essay Example | Topics and Well Written Essays - 1250 words - 14

Business Law - Essay Example ct to gain the protection of the law, it must satisfy the element of offer, acceptance, purpose to create legal representation, and there must be a consideration. Under the element of offer, a promisor invites a promisee to a responsibility and he makes it in such a way that he expects an acceptance from the promisee1. For example, person A offers to rent out his building to person X, for business purposes. In this example, â€Å"responsibility† is denoted by the building that person A wants to rent to person X, for business purposes. In acceptance, a promisee agrees to take up the responsibility offered by the promisor. For example, after person A offered to rent out his building to person X, person X agree to become a tenant under the conditions offered. This amounts to acceptance. For a contract to exist, it must be legally binding document. It must be recognizable by the law, and its provision acceptable by the legal principles of the nation. Finally, a valid contract must have some values exchanged, and this is termed as consideration. For instance, take our case above. He can pay either in cash, or through some valuable products. This paper also identifies the public, social and business issues that influenced the courts in their rulings. This paper has a conclusion, which is a summary of the main points addressed2. One key fact that relates to the enforceability of a contract is whether there is an element of substantial performance within a contract. This fact is better portrayed in the case involving, Jacob and Young vs. Kent (1921). In this case, the plaintiff did not build the house as per the contractual agreement with the defendant. However, the portion left was minimal, and redoing the work would have meant demolishing a large percentage of the whole building, and on this basis, the plaintiff refused to re-do it. The plaintiff won the case, as the court ruled that when there is a defect in contract performance, and it is minimal, then the concept of