ASPECTS OF CONTRACT AND NEGLIGENCE FOR BUSINESS Essay

ASPECTS OF CONTRACT AND NEGLIGENCE FOR BUSINESS - Essay Example A contract is formed with the intention to form a legal foundation which authorises all the functionalities. In this similar context, a contract is formed with an offer. Offer along with acceptance refers to the modes of evaluating the procedure of negotiation in order to select whether as well as when a particular contract is made. Moreover, the terms of contract are ascertained in this mode. The key features of offer include the aspect of proposal, expression or preparedness to carry out or refrain from executing something along with making of an expression to the other person. Moreover, offer can be implied or expressed. It can be general or specific as well. In this regard, there are two entities that form an offer i.e. offeree and offeror. Offeree defines the person or a unit to whom a particular offer so as to enter within a contract is made by offeror. For Instance, when a company offers to sell certain products at assured discounts rates to the consumers then it can be consid ered that the company is making an offer. Other elements of a forming a valid contract i.e. acceptance also lays high amount of importance as a contract may not get detailed picture without the fulfilment of this particular element. There are generally three types of acceptance i.e. conditional acceptance, implied acceptance and express acceptance. Correspondingly, the method of acceptance relates to certain steps wherein full performance of required aspects need to be made, subsequently the offeree commences to perform based on different types of contract and promises to perform. Moreover, based general rules and expectations, the acceptance is executed. Another element i.e. consideration also lays high amount of importance as it allows different parties involved in a contract to get certain benefits. Moreover, a contract also binds itself with certain regulations in which minors who are under the age of 18 cannot enter into the terms of a contract. Thus, this aspect can also be co nsidered to be very important as it indicates the sincerity of a contract. In relation to the case of ‘Techno products’, all the elements of a contract especially, offer, acceptance and consideration seem to imply a very clear relation (Community Legal Information Centre, 2012; Gillies, 1988). 1.2 Discuss the Impact of Different Types of Contract Different types of contract formation i.e. bilateral contract, unilateral contract or a business contract among others may render certain impacts that mainly take monetary forms. Considering this aspect, there are other forms of impact that mainly comprise pricing arrangements as well. Correspondingly, making pricing arrangements in different types of contract may give rise to conflicts between the partners which may impact a contract in a negative way. According to the case i.e. Fea v. Dep't of the Army, several conflicting situations in the