"Aspects of Contract and Negligence for Business[Name of Institution][Name of Student]Word Count: 2138Contract and Negligence Law1Table of ContentsTask 1 .............................................................................................................................................. 2Offer and Acceptance .................................................................................................................. 2Intention ...................................................................................................................................... 2Lawful Consideration .................................................................................................................. 2Capacity ....................................................................................................................................... 3Legality........................................................................................................................................ 3Free Consent ................................................................................................................................ 4Certainty ...................................................................................................................................... 4Impact of Various Types of Contract .......................................................................................... 4Analysis of the Terms in Contract............................................................................................... 5Task 2 .............................................................................................................................................. 5Application of Terms of Law on Different Contracts ................................................................. 7Impacts of Terms ......................................................................................................................... 7Task 3 .............................................................................................................................................. 8Nature of Liability ....................................................................................................................... 8Vicarious Liability of Business ................................................................................................... 8Task 4 .............................................................................................................................................. 9Vicarious Liability....................................................................................................................... 9References ..................................................................................................................................... 10Contract and Negligence Law2Task 1 All matters need to be regulated by principles which must be followed in order to ensurelegal compliance. In this regards, for making a valid contract, many principles should be trailed.The main principles and their importance for transforming any agreement into a contract arementioned here.Offer and Acceptance It is important to have a lawful proposal and acceptance once an offer is proposed byanother party who is willing to make a contract. By lawful it means that proposal and acceptancemust be in conformity with the rules which are mentioned in the law of contract (Ayres andAyres, 2012).Intention This principle is important to consider as the basic principle in terms of making contract areal valid contract that is initiated between two parties to a contract. For making an agreementinto a contract, all parties to a contract should possess a clear and conscious intention in terms ofmaking a valid contract with other parties who are willing to make a contract (Fried, 2015). Lawful ConsiderationIt is a requirement that a lawful consideration should be observed for making a contract.The basic initiating point in consideration is illustrated from the case of Currie and Misa (1874- 1875). This case demonstrates that in the lawful sense, the valuable consideration is said to beconsisting of interest, profit, right or any advantage that is accruing to one party to the contract or "