An agreement enforceable by law is a contract. It is the voluntary arrangement between the two or more parties and is enforceable by law. It is essential for the formation of a contract that both parties must have the mutual assent. An oral contract also called the verbal contract because this contract is made by using the words of the mouth, however, in the written contract all the terms and conditions of the contract are available in written form and if a person signs in the written contract, then he will be bound by the terms of the contract whether he reads the terms or not (Grundmann, 2011). It is essential for a valid contract to satisfy the five basic requirements which includes an agreement between the parties in which one person makes the offer and the other accepts it, both parties must have the intention that they are legally bound in that agreement, both parties must become aware about the terms of the contract, the capacity to contract and there must be consideration provided by each party. A contract in which there are mutual obligations between the parties is called bilateral contract, whereas if only one party to the contract assumes the obligation is called a unilateral contract. It is crucial for every legal contract to be valid that the subject matter of the contract must be for the legal purpose. The parties to the contract must have the capacity for entering into the contract and the terms of the contract must be enforceable by the parties (Andrews, 2011). Minor has the lack of legal capacity to enter into the contract, however minor who entered into the contract with the party has the capacity to void the contract, but the other party has not such authority so that it means under the infancy doctrine any contract with the minor is voidable by the minor. A contract includes the enforceable promise, however the terms of the contract has been satisfied when the promise is fulfilled. The performance includes carrying out the legal duties imposed on the parties by the contract terms. If any party does not perform the terms of the contract and the party has not any legal, justifiable reason so that party breaches the contract (Lau & Johnson, 2011).
Ownership
Ownership concept is very essential for the society. The concept of ownership indicates a right to exclude the others. Without the laws, it is very difficult to protect the ownership of any property. If the law did not protect the ownership of the property, each person has to protect his own property. The intangible property, including transfer, acquisition and sale does not exist physically, but it has also some principles of ownership. The property is classified by the ownership which includes public and private property. Private property includes the property that is owned by the private owner and it is something that is not the government, although public property includes the property which is owned by the government. The finder of the personal property has the right to claim the ownership of the property if it is discarded. The real property ownership gives the right to own the property of the owner and the right to eliminate the other under the boundaries of the law. The ownership provides the complete authority on the property and it gives the right to enjoy the property and dispose of the property (Lau & Johnson, 2011). In several countries, the power of ownership is limited by the law. There is a small difference between the possession and ownership, but the law treated the both concepts in a similar way. An individual can have the possession of the thing, but not necessarily the ownership. For instance, if a person borrows a book from some person so that person has the possession of the book but not the ownership. The ownership is the combination of rights that allows the person to use the property although he has a right to communicate it with the others. The ownership is made up of three essential elements which includes the right to manage, right to enjoy and the right to dispose of. In order to own the property, the person must have the capacity for ownership. According to the law of contract, in order to purchase the property, both parties must have the capacity to enter into the contract (Nourmohammadi & Javadi, 2016).
Responsibility
The legal responsibility refers to the obligation that is legal however, it is the obligation to answer the act which is done and repair the injury which is caused due to that act. The responsibility is the obligation that arises without the contract, however one party is bound to repair the injury of the other party. According to the law, the injured person is entitled to receive the compensation for the damages, however the general rule states that no one is responsible for the acts of the other. There are several laws which states that a person is responsible for the act of the other. As a business professional, the person has the responsibility of the company, the stakeholders of the company. The most essential rule of professional responsibility includes the obligation to keep the client secret (Lau & Johnson, 2011). According to the law, it is the responsibility of the government to take the charges against the criminals. Responsibility is the common theme of the legal environment. The fiduciary responsibility exists between the members of the committee. According to the law, the clubs have the responsibility and the duty to provide the safe and secure environment for its players and the members. There is also an ethical responsibility of the clubs against their members to manage the funds of the club and all the legal requirements of the consumers. The government is responsible by the law to provide protection to the residents in the country and provides a healthy environment to the individuals. It is the responsibility of the government to resolve the health issues of the individuals (Hicks, 2013). An individual which provides services to the other person has the responsibility to work carefully, to act only in the interest of the client and is responsible to perform the work on time. The government has the responsibility to make the safety policies in order to protect the residents and provide them better opportunities for living. According to the law, if any person provides harm to the other person so that he will be responsible for the compensation of the damages if the injured person has the proof against that person. It is the crucial responsibility for every business to perform according to the terms of the contract otherwise the business will be responsible for the breach of the terms (Mishra, 2011).
References
Andrews, N. (2011). Contract law. Cambridge: Cambridge University Press.
Grundmann, S. (2011). The Future of Contract Law. European Review Of Contract Law, 7(4). http://dx.doi.org/10.1515/ercl.2011.490
Hicks, K. (2013). Responsibility. Vero Beach, FL: Rourke Educational Media.
Lau T., & Johnson, L. (January 2011). The Legal and Ethical Environment of Business, v. 1.0. New York, NY: Flatworld Knowledge. ISBN:978-1-4533-2750-0
Mishra, D. (2011). Corporate Social Responsibility for Community or Business: Incidence from Odisha. IJAR, 3(10), 1-3. http://dx.doi.org/10.15373/2249555x/oct2013/75
Nourmohammadi, H. & Javadi, M. (2016). The Ownership of the Devoted Property and the Endowment Managers in Iran's Laws. Asian Journal Of Research In Social Sciences And Humanities, 6(1), 119. http://dx.doi.org/10.5958/2249-7315.2016.00012.5
