Total Weighted Mark:
Student s Name Student s ID
Course Name/ Code
Business Law BUS 305
Dr. Nizar Y. Al-Abed
CLOs as per the Syllabus
CLO 1 to 8
For details of marking scheme, refer to Rubrics # ACA/F11.04
Contract Law and its Application in Business Transactions in UAE
CONTRACT LAW & KINDS OF CONTRACT
IMPORTANCE OF CINTRACT LAW
In a work environment or normal life, contracts are an essential thing. It is a commitment in daily dealings, even between members of society. You have to recognize the terms of the contract, how to deal with it, the obligations arising from it, and the implications for it as well.
On the other hand, the Islamic religion also urges adherence to contracts, and the Arab Emirates is known as the contract and the pact, so that it was found in the Noble Qur an. In addition, the constitution of the United Arab Emirates defines the importance of contracts in state law.
It highlights the importance of contracts in preserving rights and urges preventing disputes between the parties
When disputes arise, it is easier for the judge to resolve the problem by referring to the contract and its interpretation.
The contract should also include the type of contract, obligations and duties, contract term, value, payment method, penal conditions, the mechanism of termination and dispute resolution, as well as the duties of the contract parties, specifying the competent authority when resolving disputes, and not disclosing the details and terms of the contract.
The agreement is a restricting record that sees and controls the opportunities and commitments of the social occasions to the arrangement. The understanding is legitimately enforceable accepting it meets the requirements and support of the law. An understanding usually incorporates the exchanging of product, organization, money, or ensure to do or not to do any of those. Break of understanding , infers that the law should give the hurt party either the entry of available fixes under the arrangement or various laws of suitable domains. For what it s worth, the arrangement is a comprehension enforceable by law.
Business law is classified as one of the branches of private law related to the business of companies and institutions
Several basic branches can be included under business law, including economic law and general business law
is a legally confining by one party to fulfill a guarantee to another party as a compromise for suspected. A fundamental legitimate agreement ought to include four key parts: offer, affirmation, thought and assumption to make legal association and it influences the offer of labor and products; middle person arrangements; permitting and diversifying; unfamiliar direct speculation; and joint endeavors.
Contract Laws International agreements connect privileges, obligations, and commitments to the contracting parties. Contracts are utilized in five primary sorts of deals:
(1) offer of labor and products, particularly enormous deals;
(2) dissemination of the association s items through unfamiliar wholesalers;
(3) authorizing and diversifying that is, a legally binding relationship that permits a firm to utilize another organization s protected innovation, showcasing instruments, or different resources for a charge;
(4) FDI, particularly in a joint effort with an unfamiliar substance, to make and work an unfamiliar auxiliary;
what s more (5) joint endeavors and different kinds of cross-line coordinated efforts.In such manner, contract the board or association is a strategy applied to the organization of arrangements lawfully wrangled with clients, accessories or staff. Contract the leaders infers administering or changing the arrangements of the arrangements and ensuring consistency with the rules as set out in the understanding. Contracts guarantee a standard business work on, giving clarification to the subtleties. It helps with accomplishing the ideal results quickly and goes comparably verification on the off chance that the longings of one get-together are not met, it is considered to be a break of the understanding and the singular requirements to encounter the cost of the assistance.
Different sorts of agreements in business law are used for different sorts of business courses of action. Business contracts serve to submit the social affairs needed to fulfill their authoritative commitments by introducing them to the risk of legal results if there should be an occurrence of an agreement break. Agreements may arrive in a wide scope of constructions to suit different conditions, needs, and purposes. They can be ordered ward on how they are outlined, what kind of thought is being offered, how they will be executed, and whether or not they are significant.
An agreement suggests a course of action between two social occasions to make a legitimately enforceable obligation to perform, or renounce working out, a particular endeavor. It can relate to essentially any kind of trade, including an arrangement, organization, move of property ownership, or a blend of different sorts of trades. Parties going into an agreement may be individuals, business affiliations, or government associations. An agreement may influence various people. A large part of the time, just social affairs who go into an agreement have commitments and opportunities under the agreement.
Kinds of Contracts:
General business contracts
Bill of Sale
Promissory note General Business, Contracts
General business contracts refer to legal agreements that rely on a business internally. In other words, when a business structured, they use the following contracts to organize the terms and how it will operate:
Agreement of collaboration (this involves not only what each partner will bring to the table, but also the relationship between partners and their stake in a company).
Nondisclosure agreement (this is a highly popular arrangement that allows firms to seal sensitive information from getting out by requiring people to agree that releasing it will result in legal ramifications).
Property and equipment leases (these agreements cover the terms of a lease for a piece of property or equipment payment terms, conditions, and so on).
There are a variety of different sorts of generic business contracts, but these are the four most common.
Example of a General Business Contract The types of general business contracts vary greatly; we could provide anything from a sample of an agreement to sell/purchase a business to a typical nondisclosure agreement. A general business contract is used to create agreements between representatives of two companies. Here s an example of a partnership agreement: Let s imagine Mariam and Noura wish to create a coffee-selling firm; this will be a partnership agreement. As a result, before they begin operations, they must first determine the following: * ownership portion (what will each partner contribute to the business? How much money will each partner put towards initial fees and equipment, for example?) * profit/loss division (how much profit and how much loss will each partner be allowed to take? This is usually determined by their stake in ownership) * partnership duration (will this agreement continue forever, or will it end at a certain point?) * authority (Who has the final authority to bind the corporation in the event of a debt?) * death or withdrawal (what are the terms if a partner dies or departs the company?) * decision-making /resolutions (what is the decision-making process in case of disputes?) Partnership agreements occur whenever two partners enter a business together, and this is just a sample of the terms that will be included in their partnership agreement. This is like how other general business contracts operate as well; before two or more parties go into business with one another, they draft a contract that outlines the terms necessary to protect all sides.
Bill of Sale A contract is a sales contract that transfers a portion of an asset from one party to the other. In this type of contract, the contract specifies the selling party and the two new owners of the personal property, the amount of the contract, and so on. A bill of sale is typically used to show that the owner owns the asset in the event of a situation where the owner may need that type of information. Case of a Charge of Deal A Bill of Sale contract is one that s very basic and utilized regularly. A circumstance case where this sort of contract would be used may be a utilized car buy. The assentation between the vender and the car buyer, an illustration of a Charge of Deal contract So, in case a car-buyer finds a vehicle they like online and choose to buy it, they contact the vender. When they concur to a cost and the deal goes through, they moreover sign a Charge of Deal this formally exchanges the proprietorship of the vehicle to the buyer. Without the Charge of Deal, the buyer has no confirmation that he lawfully claims the car. This sort of contract is as it were utilized for huge buys that require enrollment (such as a car) this contract isn t required on the off chance that, for illustration, one party is buying a coffee mug from another party. Employment Agreement As the name suggests, an Employee Agreement covers all employee relationships and offers both sides legal protection if needed. The contract might state how long the employee contract is for the rate of pay, conditions, and other details. It will usually also cover the terms of bonuses, the amount of time the employee is expected to work, and the reasons why the employee may be fired.
Employee Agreement is a broad term used to categorize any contract that involves a business and an employee. More specifically, there are three types of employee contracts. They are as follows: * General employment contract (this is your typical employee/business contract you sign when you get a new job these outlines how long the worker will work for, the pay, benefits, reasons for end, conditions, etc.). * Free temporary worker understanding (not all work contracts are entirely business/employee some of the time, it is an understanding between a trade and an autonomous temporary worker who offers a benefit to a commerce but isn t being contracted as lasting staff). * Noncompete agreement (this is a contract that outlines how long an employee must wait to compete against a business once they are leaving or are terminated from a staff position).Not as it were do these work understandings secure the workers in terms of lawful security, but it too secures the commerce as well; when both parties know precisely what their partnership will involve and what is anticipated of them on both sides, this permits for much way better participation and involvement.
The Importance of Contracts:
It helps you to guarantee your rights in legal terms, which means that it will ensure that you always stay on the right side.
It helps you secure your money which means that if your customers won t pay you will lose so the contract can communicate with the customers so if they decide not to cooperate then the legally enforceable contract will support any legal action to recover the debt
Contracts help reduce conflicts and problems
Additionally, protects intellectual property The contract explains how to use intellectual property that it s part of your business and to make sure it won t be stolen
Contracts to protect private details and keep them from deviation will also guarantee workers all their rights that employers may ignore. It also shows that the place of the valuation union is the settlement system and the contract, which will affect the real contract at the basic level.
An unbalanced contract is used when it is made by convergence of the tender in a right-to-use plan to regulate persons within the restricted party s relationship. This contract is used regularly in a more restrictive way.
A less clear contract has been found and a contract containing extensive utilitarian material is used to deal with development cycles while a contract with a generally clear specific material will be used to examine social event exercises there is no doubt affecting both parties.
The social relationship pushes for inseparable use. Making a contract and thinking about this huge number of evaluations is an unsuccessful activity in terms of order and it is advised to seek help from a special
You can get our ideal online homework help services with four easy steps. All you have to do is inform us of your requirements. Immediately we will match with a specialist in your academic discipline. After that, we will track your order, review it to ensure it meets your requirements, and submit it to your email.
Fill in your assignment instructions on the order form
Immediately you contact us for homework help; we will assign your assignment to an academic expert.
We have a team of editors, who will thoroughly review your assignment, ensuring there are no errors before submission
Once we have completed the assignment, we will deliver it to your account. Additionally, we will send a notification to your email.
Once you consult us for homework help online services, you will attest to why we are among the USA's best essay writing services.
Read on and find out some of the features that make our services superlative.
You can confirm that the content you get is original for free using our plagiarism checker.
We offer unlimited access to our essay homework samples.
Once you place an order, we format it accordingly without demanding additional charges.
We offer free unlimited revisions until your assignment is of your desired quality..
We have a team of specialized editors who review your assignment before submission.
You can track the progress of your homework for free.