Blog Evaluation Law

Running Head: Blog Evaluation









Importance of Law in Business
[Name of Writer]
[Name of Institute]
Importance of Law in Business

INTRODUCTION
Over time, the modern andcivilized societies of mankind have devised numerous rules and laws, for making the societies, even more livable and acceptable, rendering fairness and justice to everyone, in every possible regard(Shihata, 1996). This assignment aims to undertake numerous instances in the domain of business and analyze the importance of law for business decisions.

DISCUSSION
Important Elements of Contract inBusiness Context
With respect to the business contract, there are five imperative elements and constituents of a valid contract. These elements pertain to Offer, in which the terms dictated bythe offer make part of the contract. Second element pertains to acceptance, in which the party, to whom the offer had been extended, conforms to the stated terms and conditions. The third elementdenotes, consideration, which relates to the bargain constituent of the respective contract. The fourth element, intention, reflects the acknowledgement of both the parties of a legal binding through thiscontract. The final fifth element, certainty, articulates the clarity and precision of the contract to be enforceable (Shihata, 1996).


Different Types of Contracts Law to a Modern BusinessThe different types of contracts that have found their way in the modern business arena are bilateral contracts, in which both the parties render promises of their own respective sides; Unilateralcontract, in which the promise pertains to performance. Express contract denotes the verbally agreed or a written contract. Implied contract, takes a bit of detour from the conventional aspects of thecontracts and results in a contract that takes place due to the voluntary actions of the respective party. Quasi contract enforces the placement of a contract, in absence of one, primarily because...