Markets and Legal Frameworks

1. AIMS AND OBJECTIVES

The objective of this first summative assessment is to assess your ability to evaluate two important aspects of business environment – the economic performance of a country and contractual obligations. You will examine the economic performance of a selected economy and analyse the factors that influence its performance. You will additionally be assessed on contractual obligations and the relevance of a contract within a commercial environment.

You MUST answer both questions below. They relate to legal and business environment. They are designed to engage you in reading, research and critical analysis. In order to successfully answer each question, you will be expected to display a competent knowledge and explanation of the relevant topic coupled with evidence of understanding and research.

2. TASK

You must answer both questions. Each question will be marked out of 50 marks. The word count for each question is 700 words;

Question 1
Produce a report that compares the economic performance of UK and an EU country of your choice since 2020 by examining the data on GDP growth rates. Analyse the reasons for the observed differences/similarities in their growth performance.

Arguments should be supported by secondary data and graphs.
(50 marks)

Question 2
With reference to the English common law assess the essential components of a valid contract. What are the factors that influence the enforceability of a contract in a business environment?
(50 marks)

3. ADDITIONAL GUIDANCE

i) Teamwork
Not applicable – This is an individual assignment.

ii) Instructions for completion of the first summative assessment.
You should present your answer to Question 1 in the form of a report and support your arguments by reference to secondary data and graphs. Your answer to question 2 should be presented in the form of an essay. The word count for each question is 700 words. The overall word count for both questions is 1400 words. Credit will be given where you have clearly shown independent research by reference to other relevant textbooks, internet resources and legal journals/articles – In such event you should provide a detailed bibliography identifying your sources. The bibliography does not form part of the overall word count.

Your assessment must be electronically submitted via Blackboard by 12 noon (UK time) on Thursday 21st March 2024. It should be submitted to Blackboard in the “Submit my Work” sub-folder within the “Module Assessment and Submission” folder in Blackboard. No other method of submission will be accepted. You are strongly recommended to complete your assessment in good time for the deadline.

iii) Research and documentation
Research the topic thoroughly, aim to support your arguments with evidence, using appropriate terminology to your discipline.

iv) Referencing
Provide an accurate and complete list of sources used. All quotes, and resources used must be referenced correctly and consistently, using the Harvard system. (See guidance here.)

NOTE: If you generate text using AI and present it as your own work, it’s academic misconduct. If you use AI to generate text then it must be cited as you would any other source. (See guidance here.)

4. MARKS AND FEEDBACK

i) What do I need to do to pass?
You need to achieve a “Band 2” grade to pass this First summative assessment (see Rubric below), achieved through your combined criteria scores.

ii) Marking criteria
• Knowledge and explanation of both the subject area and chosen topic.
• Application and communication of discipline skills.
• Work as a whole.

All the above criteria have the same weighting.

iii) Example questions to evaluate your work
(Threshold pass)

• Have you identified the relevant areas of markets, economics and law which are applicable to each of the two questions?
• Have you displayed a suitable knowledge and explained each topic which underpins the relevant areas?
• Have you communicated your work effectively and evidenced your learning in answering each question?
• Have you applied a range of techniques, skills and tools derived from your learning experience in answering each of the two questions?
• Have you explored each topic under discussion and addressed criticality?
• Have you checked your work for spelling, grammar and ensured that your referencing is appropriate and relevant?