BM0742: A contract is simply an exchange of commodities/services between two parties for a price: Business Law Assignment, MU, Singapore

Outcomes-

• Understand the essential elements of a valid and legally binding contract and its role in a business context.
• Explore the significance of specific terms in a business contract.
• Examine the role of the Law of Tort in business activities assessing particular forms of tortious liability.
• Understand and apply the elements of the Tort of Negligence.

Criteria- Explain the different types of business agreements and the importance of the key elements required for the formation of a valid contract.

• A contract is simply an exchange of commodities/services between two parties for a price.
• A contract is a which legally binds the parties to it.
• “An agreement which is binding on the parties to the agreement and enforceable in law”
• Obviously, there must be an agreement between at least two persons that either may sue the other in court.