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FORMS OF BUSINESS LAW AND ELEMENTS OF CONTRACTS

This essay discusses the forms of business law and elements of contracts. Business law is the law governing commercial entities and transactions. The main forms of business law are firstly, employment Law; health insurance to employees, discriminative issues. Secondly, immigration Law; issues of foreign employees. Thirdly, contract Litigation; ensuring the best interest of both parties, thus offer remedies of breach of contracts. Fouth antitrust; ensure the different businesses in a marketplace operate on the same level. Fifth, intellectual Property; Copyright laws protecting creative work. Finally taxes: Income, Sales, Property, Employment, and interest taxes. The type of business concerned is vital in preparing the content and elements of contracts.

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CONTENT AND ELEMENTS OF CONTRACTS

The elements of contracts required for its validity are Offer, Acceptance, Consideration, Legality. Contracts always start with an offer, which is an expression of a willingness to enter into a contract on certain terms. Acceptance by the offeree is the unconditional agreement to all the terms of the offer. The forms of business law are important in determining types of contracts. Consideration is the act of each party exchanging something of value to their detriment. Finally, both parties must be legally allowed to bind themselves to their agreement. Generally, the above elements are required when determining the remedies for breach of contracts.

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REMEDIES FOR BREACH OF CONTRACT

The remedies for breach of contracts are an award of damages, specific performance, rescission, and restitution. Compensatory Damages cover the loss of the non-breaching party and it is of primary relevance to the forms of business law. Nevertheless, the two kinds are general damages covering the loss directly and necessarily incurred by the breach and special damages covering actual losses caused by the breach. Punitive Damages are intended to punish the wrongdoer for egregious behavior and to deter others from acting similarly. In conclusion, the calculation of compensatory damages depends on the type of contract breached, per the elements of contracts and the type of loss incurred.

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