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Unit 21 P1 & P2 (Pass) International Business Studies Btec
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Unit 21 P1 & P2 (Pass) International Business Studies Btec
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Learning outcome 1: understand the legal requirements for a validcontract.
Unit 21: aspects of contract and business law
P1 & P2: Report.
Tutor: R. Kutsoati
Student: Arno Vollebregt
Class: IBS 3 B
Date: 13-10-2017
1
, A. Identify the legal criteria for offer and acceptance of a legal contract
Definition of contract
When a contract is signed it means two or more parties have agreed with the terms and
conditions written in the contract. This signed contract means that it is official now; it is a
legal thing now. When someone signs a business contract this usually means that the
employer and employee both agreed on the wage conditions and other promises. The
employer expects the employee to work hard and efficient.
Types
With almost everything you do or buy there are contracts involved. When you buy your
groceries, go shopping or buying electronic devices there are contracts involved. There
is 2 different types of agreeing to a purchase or a contract; verbal and written.
- Verbal
To agree on a verbal you have to know the person you are agreeing something with
very well. You usually use verbal agreements between friends or businesspeople that
know each other quite well. Both parties have to agree to close the contract. A verbal
contract is not as secure as a written one because if one person makes up his mind and
disagree with the terms he is not attached to the contract; there no signature of
accepting the contract nowhere. So it is not a legal contract.
- Written
Written contracts are the most common ones, they use it a lot in the business world.
This written contract is detailed and clear for both parties and includes a signature of all
the parties who agreed on the contract. The contracts that must be written and signed
by all parties include:
- The sale of land – the contract must include a signature of all parties included; all
terms agreed and must be dated by the parties.
- Regulated credit and hire agreements – under the Consumer Credit Act 1974 all
agreements of this type must be written
- Employment – this is a requirement of employment legislation that all employees
must be given.
By law the outcomes of verbal or written contracts are exactly the same; all parties
agree on signing the contract.
2
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