A legal agreement between two parties is referred to as a contract. A contract is made between two parties where they mutually agree to something. In a contract, an offer is made by the first party. The second party agrees to the offer. Both parties must agree to the terms and conditions written in the contract. Both parties must be mentally sound who are agreeing or signing the contract. It is also important to remember that the contract made is allowed by the law, or in other words, the contract should be lawful.

Business Transactions

Different types of transactions are covered by contracts in a business. In all kinds of businesses, the transactions are done by contracts. The exchange of goods, services or cash takes place between two parties in a business deal. Law students study the legal principles and case studies in business law dissertation topics. The business transactions include a few important points such as;

• Discussing terms and conditions and the agreement of both parties on the transactions specifications. This is referred to as negotiation.
• The agreement acceptable by both parties is written in the form of a document. This may be called an agreement.
• The terms written on the contract are then accomplished. 
• Legal action will be taken, if any party fails to agree to any of the terms written in the contract.
• It is the duty of both parties to keep the information confidential mentioned in the contract.
• The business contract should be simple and clear, to avoid any kind of disputes that can arise. It will also minimise any confusion that may arise later.  

There are a few things which need to be kept in mind before choosing business law dissertation topics. Although business studies is not hard as assumed by many students. That is why they ask others to help with my dissertation. Hopefully, this article will help you with your research work and dissertation as you walk through it.

Types of Contracts

There are different types of contracts, among which a few are the following:

• Written Contract

It is a contract in which the two business parties agree to the terms and conditions in a written document. Both parties sign the document. This is the best form of a document, where no other proof is required in case of any negligence by any of the parties.

• Oral Contract

This is also called a spoken agreement. These contracts are also legally bound, but in case of any unexcused failure by any one of the parties, this becomes hard to prove. 

• Unilateral Contract

It is a type of contract in which only one party signs the document. 

• Bilateral Contract

A contract in which both parties sign the terms and conditions mentioned in the document. For example, a job contract from a company.

Breach of Contract

If any party does not follow the terms mentioned in the contract, compensation will be made as written in the contract. Furthermore, the contract will no longer remain valid and it will be cancelled.

Legal Principles in Business Law

The legal principles are the important rules that govern how the businesses are operated, decisions are made and how the disputes are resolved (breach of contract). Following are some of the legal principles in business law.

• Contract Law and Legal Principles

In contract law, the contract made should be lawful and there should be an exchange of something valuable between the two parties.

• Tort Law and Legal Principles

The principles in tort law are that there should be no harm to humanity in the business. Such products should be launched in the market which is safe for use by the consumers.

• Employment Law and Legal Principles

Terms and conditions written on the job or employment contract should be clear. These terms include the date of joining, salary, reasons that might lead to termination of job etc.

• Consumer Protection Law and Legal Principles

This law makes sure that businesses dealing with the consumers should be honest. Information given to the customers about the products is accurate. The products must be safe for use. Trading of products should be done with honesty.

Case Study in Business Law

Case study acts as a learning technique for students. An issue is given by the professor to a group of students on which they have to study or do research and make a case study. They have to find out the root cause of that issue or problem.

Case Study Format

A topic is written at the top. For example.,

ABC Corporation vs. XYZ Software Company. 

The case study is then divided into four parts. These include facts, issues, judgement and effects.

• Facts of the case include the facts about the case. It should not be too lengthy. Ideally, three to four paragraphs are enough.
• Issue of the case specifies the reasons that resulted in the dispute between the two companies. Issues should also be written within three to four paragraphs or a few specific points.
• The judgement includes two things. Firstly, the observation of the court. Secondly, the final judgement or decision made by the court.
• Under the heading of effects, we mention what were the effects after the decision of the court.

Merits of Case Study

• A lot of detail is required to make a case study, so a student has to cover vast areas.
• It helps in getting ideas for further research.
• By making a case study we get to know the attitudes of actual social realities and human experiences.
• It is a scientific research method as the study is based on facts and evidence.

Conclusion

Contract law plays an important role in businesses. It helps in binding the two parties to stick to the contract made and signed. It also avoids conflicts between the business parties. Formation of a business contract is essential as it decreases the chances of dispute and also helps in building healthy and successful business relationships.