Business Law Essay Example | Topics and Well Written Essays - 1250 words - 4

Business Law - Essay Example A contract is a "promise" or an "agreement" that is enforced or recognised by the law. In the civil law, contracts are considered to be part of the general law of obligations. The requirements that must be met for a contract to exist between Taite, Lewis & co and Whizz plc are as follows: -> Offer and Acceptance: - In this case, the primary requirement would be a properly constituted offer to be made by the partners of Taite, Lewis & co to Whizz PC Ltd. The offer made should be in written and should clearly state all the necessary details like pricing list, time duration and so on. Acceptance would be the agreed consent of Whizz PC Ltd on the offer being laid down by Taite, Lewis & co. -> Intention to create legal relationship: - When these two parties agrees to enter into an agreement, they must be an intention on part of the parties, to create a legal relationship, in the absence of such an intention, the agreement does not become a contract. -> Lawful Consideration: Consideration means something in return, it is an advantage or benefit moving from one party to other. In this case it would be the promise or the consent to pay  £545 for each PC to be purchased from Whizz PC Ltd. -> Capacities and Competence of the parties to contract: Both the parties involved must be competent to contract. It is highly essential to see that both the parties are qualified under the legal considerations.