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Student No: 0227133 BU 110 Business law Essay title: Contract law Tutor: Ann Griffiths CONTRACT LAW 1. Contracts are very important, both in business world and in everyday life. Businesses make multi-million pound worth deals, buying and selling shops, factories and leasing buildings. Equally, our everyday lives involve making a contract in one way or another, weather it be buying a car, hiring a video or even something as little as buying a bus pass. It may involve a small amount of money but is still a form of a contract. There are seven requisites that are essential factors to form a legal contract. These are as follows: 1. Agreement - Offer and acceptance 2. Consideration - considering keeping an offer open if beneficial. 3. Intention - the parties must have intended their agreements to have legal consequences. 4. Form - in some cases certain formalities must be observed. 5. Capacity - parties must be legally capable of entering...

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