Introduction This determines how various business transactions are carried out in areas such as contract employments. It also formulates the rules, regulations, rights and privileges governing the formation of a business and its further operation. For example, business. gov is an official site in the U. S that provides assistance to small businesses in making them properly understand their legal requirements and locate government services from federal, state and local agencies. Question 1Rules of Contract in Business Contracts in commercial engagements are a part of business law used on daily basis to guarantee the legality of dealings.
It is of essence to ensure that any business contracted is conducted professionally where both parties; the purchaser and trader get to know and understand the terms and conditions included and are well-acquainted with the rights, privileges and responsibilities awarded by the contract. In the essay which involves Peter’s plan to sell his Rolls Royce, there are clear evidences among various parties involved which shows lack of association to the rules of business contract. Creditor-debtor relation is a case of business contract. However, circumstances such as debtor’s failure to refund the creditor contribute to conflict between the two such that some legal action may be required.
Debts may be recovered back through debt recovery law, which is a way of protection to any innocent persons trying to recover back any form of financial- related asset that are subjected to the individual, therefore their own rights. Such are instituted by banks and other credit institutions such as credit card suppliers. According to David Baum, residents of the United States (U. S) carry their daily operations using credit cards under the purchaser’s credit law.
Therefore, most people in the U. S hold some debts which include credit purchases of appliances, clothing, cars, vacation trips and other forms of goods and services. In this case, there are laws, rules and regulations governing consumer’s credit installation. The same laws protect both the credit provider and consumer to ensure that their rights and privileges are not misused in any negative manner. This is an act that generally defines business law actions. First, in rules and regulations of commercial contracts, the trader should clearly define the terms and conditions of sale and purchase as part of trading contract, ensuring that they stick to the same during the agreement.
Peter accepted to sell the Roll Royce to Laura and gave her the condition of a must payment of the cash via internet banking. Hereby, the agreement was clear between the two parties because Laura accepted the condition and decided to buy the Rolls Royce. Also, it is important for any customer to consult the dealer about all details concerning a contract before making the final decision.
Therefore, Peter had the right to destroy David’s check that he found in his room because David seemed not to have confirmed the payment means that Peter wanted his customers to use, which was payment through internet banking. Yet, it is evident that he had consulted Peter for the selling price of the Rolls Royce whereby Peter had provided his e-mail address for further details.