btec level 4 hnd diploma in business unit 7 business law

Oral contracts are typically deemed to be as legitimate as written contracts, however, this varies depending on the jurisdiction and, in many cases, the type of contract.. Pros Easy cont

ASSIGNMENT FRONT SHEET 2

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 7: Business Law

Group number:

1 Tran Minh Thi (GBS210001)

2 Nguyen Duc Quang Minh (GBS210160)

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Table of content

1 Definition of types of contract

2 Pros and cons of types of contract

3 Invalid

4 Overview of the contract

5 Point out types of clauses in contract

6 Problem and Solution

I Introduction

I work as a paralegal in a law business in Vietnam This time, I was entrusted with investigating how Vietnamese businesses conform to contract law by unearthing several scandals, legal issues, and contract law conflicts

II Main content

1 Definition

Oral contract: An oral contract is a sort of commercial contract that is stated and agreed upon verbally but not in writing Although proving the terms of an oral contract in the case of a breach might be challenging, this sort of contract is legally enforceable Oral contracts are sometimes mislabeled as verbal contracts, however, a verbal contract is truly any contract because all contracts are made via the use of words Oral contracts are typically deemed to be as legitimate

as written contracts, however, this varies depending on the jurisdiction and, in many cases, the type of contract Certain sorts of contracts must be written in various jurisdictions in order to be regarded as legally binding A contract involving the conveyance of real estate, for example, must

be written in order to be legally binding

An oral contract can be regarded as binding in some instances, but only if it is supported by a written contract This indicates that once the parties have agreed on an oral contract, the

contract terms must be written down Other evidence that may be used to support the

enforceability of an oral contract is the testimony of witnesses to the contract's inception When one or both parties carry out the terms of the contract, this can also be seen as proof that a contract existed Furthermore, letters, notes, invoices, receipts, emails, and faxes can all be used

as proof to establish an oral contract's enforceability In the 1990s, actress Kim Basinger backed out of her pledge to feature in Jennifer Lynch's film Boxing Helena, providing a notable example of the enforceability of an oral contract The producers were awarded $8 million in damages by a jury Basinger contested the ruling and eventually settled for a reduced amount, but not before declaring bankruptcy

Electronic contract: Vietnam's Law on Electronic Transactions 2005 stipulates: "An electronic contract is a contract established in the form of a data message in accordance with the provisions

of this Law" "Data message" is also specifically defined as "information generated, sent and stored electronically" Accordingly, "electronic means" is defined as "vehicles operating on the basis of electrical, electronic, digital, magnetic, wireless transmission, optical, electromagnetic or similar technology "

Written contract: A written contract is a documented agreement between two parties, one of

g p ,which is a lender and one of which is a borrower Written contracts are not only legally binding, but they are also more enforceable than spoken agreements The fundamentals of a written contract are one firm agreeing to deliver a product or service and the other party agreeing to payment conditions for the purchase of that product or service Exchanges of letters, including memoranda, in which promises are made and bargains are accepted, can nevertheless be deemed a written contract, with or without a signature Although most regulations governing written contracts limit them to contracts signed by one or both of the parties to the agreement When a written contract is signed, it becomes legally binding If you fail to meet the payment conditions stipulated in the contract, the other party has the right to take legal action to recover the money you owe This may entail filing a lawsuit to recover the outstanding sum If the court issues a judgment against the payee, the contractual party may seek wage garnishment or other ways to guarantee debt collection A judgment can be obtained as long as the contract is still

within the debt statute of limitations The statute of limitations will commence on the day that the first late payment action is registered

Oral contracts are sometimes certified by a third party; nonetheless, if there is a disagreement, it will be acknowledged; yet, it is necessary to know who is doing the certification They can travel together if the weather is good; nevertheless, they must know where they are going because a lot

of them do not have a face or do not have a certificate; it is quite tough

Convenience, speed, transparency

E-coins can be signed anywhere, anytime without having to directly meet with partners, without worrying about managing business trips and disrupting the business activities of enterprises E-contracts also bring about quick, accurate, transparent implementation processes and procedures and help improve business and production efficiency and contribute to protecting the

environment

Easy to manage, store and search

Compared with conventional paper contracts, which are costly to manage and store, electronic contracts have solved all problems related to storage and search Moreover, with the modernity

of today's technology, contracts can be easily accessed, looking up signed contracts, pending contracts, and returned contracts thanks to the system's filtering function

Save time and money

=> All of the above advantages are based on the highest purpose - to reduce costs for businesses With an electronic contract, all user operations from creating, censoring, signing, sending and receiving contracts are authenticated via the internet quickly, without having to spend time and money on printing , manage, store, deliver the contract or move to the location to sign the contract directly with the customer

Cons

Because electronic contracts are borderless when a dispute occurs, it is difficult to determine the place of contract conclusion, especially in international transactions Therefore, in order to ensure that risks are addressed by jurisdiction or a mechanism to deal with the parties, additional agreements are needed to clearly define this

Due to the immaterial and intangible nature of the contract, when there is a dispute, it is also very inconvenient to not be able to prove the original and original signature Therefore, in this case, the parties need to have a clear identification of the third party in determining the digital signature or similar conditions of validity of the specified contract

There may be cases of data loss or disclosure, which can happen when parties authorize a third party to store information or authenticate data The issue of information disclosure due to cyber hacker attacks is also one of the risks for the parties in the conclusion and performance of electronic contracts

The problem of fraud is also a big risk that makes Vietnamese businesses hesitant to approach contracts

e-Written contract

Pros

Formalising an agreement places restrictions on your ability to operate flexibly in the future A clear example of this point is in employment law When a company has a contracted employee, it creates clear rules about the duties of each party By contrast, discretionary arrangements give both employers and employees more flexibility in their roles

If a company is not satisfied with some element of the agreement after the fact, it must attempt

to renegotiate or bear the brunt of legally defined terms A similar challenge exists in some business arrangements, where a defined contract may limit the flexibility of the respective parties

or partners to cooperate in handling planning and performance

Some oral agreements are legally binding However, a written contract almost always improves your chances of enforcement Without written terms, a legal dispute often turns into a scenario where your words go against the words of another person or company

State and federal laws sometimes provide that a written contract is required for legal

enforcement According to FindLaw, real estate transactions and debt settlement agreements are among the required contracts to be written The lack of a written contract puts a lot of decision-making power and authority in the hands of the judge, for example, when business partners want

to dissolve a company

Cons

One limitation of a written contract compared to an oral agreement is the execution time Some prefer to rely on a gentleman's agreement or informal arrangement to avoid investing time in contract drafting Additionally, making contacts often means getting an attorney involved, which results in costs for one or both parties

Extended contracts that aim to cover the legal bases of one or both parties also lead to delays and possible confusion A long contract may require scrutiny from the attorney of the non-drafting party The complex language also makes it difficult for the courts to adjudicate future disputes

3 Invalid

An invalid contract is one that has no legal value and does not give the parties any rights or

responsibilities When a contract is deemed illegal or the substance of the contract is declared void, the parties are not required to execute the other party's rights and responsibilities When a civil contract fails

to fulfill one of the standards outlined in Article 117 of the 2015 Civil Code, it is deemed void Article 117

of the Civil Code specifies the criteria for the validity of a contract, which include:

"- In line with the existing contract, the subject possesses the civil legal capacity and civil act capacity."

- The contract's subject matter must be entirely voluntary;

- The contract's aim and content do not violate the law and are not detrimental to societal morals." Nota bene: Some contracts are required by law to have a contact form, and the contract form must conform with the law as a condition of the contract

The situation in which the contract is void

If a contract fails to fulfill the legal requirements, it will be declared illegal, specifically:

When a contract violates a legal ban or is opposed to societal morals, it is null and void Contracts having aims and content that contravene the law's ban are against social ethics The provisions of a law that prohibit the subject from performing particular activities are known as prohibitions of the law The community recognizes and respects social ethics as shared rules of behaviour in social life In this instance, the statute of limitations for petitioning the Court to declare a contract void is unrestricted

A contract is null and void since it is forged

A false civil transaction is defined as: When parties enter into an artificial contract to conceal another contract, the deal is deemed fictitious and ruled void, while the concealed contract remains in effect unless such a contract is also unlawful under the rules of the Civil Code or other applicable legislation

Nota bene: If a fictitious contract is formed in order to avoid responsibilities to a third party, such contract is likewise ruled illegal

As a result, the contract is regarded artificial in two situations: when it is made to conceal another contract or to avoid duties to a third party In this instance, the statute of limitations for petitioning the Court to declare a contract void is unrestricted

The contract is void due to ambiguity

A confused contract is one that is formed when a mistake prohibits one or more parties from accomplishing the aim of the contract's formation When a contract is determined to have been made in error, the wrongdoing party has the right to petition the Court to declare the contract null and void The parties' goal of forming the contract has been met,

or the parties may quickly resolve the confusion such that the goal of establishing the contract is still met

Due to fraud, threats, and pressure, an invalid contract is declared null and void When a party enters into a contract under duress, threats, or coercion, he or she might seek the Court to declare the deal void Deception in a civil contract is an intentional act

by one party or a third person to cause the other party to misinterpret the topic, nature of the object, or content of the civil contract so that the transaction is established In civil contracts, intimidation or coercion was a deliberate act by a party or a third party that caused the other party to undertake civil contracts in order to avoid damage to his or her own life, health, honor, reputation, credit, dignity, property, or relative In the event that this defective contract violates the requirement that the party engaging in the contract be

voluntary In this scenario, the statute of limitations for seeking a Court to declare a contract void is two years, beginning when the individual conducting acts of intimidation

or coercion ceases the threatening or coercive act

Minors establishing and performing invalid civil transactions, incapacitated civil acts, people with limited cognition and behavior control, and people with limited civil act capacity

In this scenario, the contract is null and void owing to the contracting entity's breaches According to the signed contract, the persons indicated above do not have full civil actability When a contract is established and performed by a minor, a person with civil act capacity, a person with limited cognition or behavior control, or a person with limited civil act capacity, and the contract is requested of such person's representative, the Court shall declare that the contract is invalid if it is established, implemented, or agreed by its representative under the provisions of law, except in the following cases:

A contract made by a minor under the age of six, or by a person who has lost civil act competence to fulfill his or her daily needs;

A contract only grants adults, persons with civil act incapacity, people with limited cognition, behavior control, and people with the limited civil ability the person who has made or fulfilled a contract with the rights or waivers of responsibilities The individual who formed the civil transaction as an adult or after recovering civil act ability recognizes it

In this case, the statute of limitations for requesting a Court to declare a contract invalid is two years, beginning with the date the minor's representative, the person who loses civil act capacity, the person who has difficulties in cognition or employment owners of acts, persons with restricted civil act capacity, who know or must know the represent upon natives themselves established and performed contracts by themselves

4 Overview of the contract

This summary explains the terms and conditions of the attached contract, as well as the tenant's legal and contractual rights and duties This overview also includes information on the services that realtors, landlords, and tenants may give to tenants

Name of Tenant: _Trần Mạnh Trung_

Name of Landlord: Lê Hồng Trung _

Broker: _Nguyen Thi Thuy Trang

Property Address:370 Nguyen Van Quy, Phu Thuan Ward, District 7, HCMC

Representative Name: Lê Hồng Trung

Landlord's Address: 83C Do Thuan Alley, Cau Den, Hai Ba Trung, Hanoi

Main contact phone number: 0985410754

Lease Contract Date: 09/02/2022 _ Term : 1 year

Tenant's rights

1 Receive the rental house according to the agreement;

2 To exchange the currently rented house with another tenant, if the lessor agrees in writing;

3 To sublease the currently rented house, if the lessor agrees in writing;

4 To continue renting under the terms agreed with the lessor, in case of change of house owner;

5 Request the lessor to repair the house being rented in case the house is severely damaged