Outline and Essay Assignment

OUTLINE1

INTRODUCTION1

The meaning of Contract and the Fundamental Characteristics2

The Legal Significance of Contract2

An oral or Written Contract between Two or More Persons3

1.THE LIMITS OF COGNITION4

A.Bounded Rationality and Rational Ignorance4

B.Disposition5

2.APPLICATIONS6

A.Liquidated Damages6

B.The Excuse of Express Conditions7

C.Form Contracts7

3.VALIDITY OF CONTRACTS8

A.Enforceable8

B.Void8

C.Voidable8

D.Unenforceable9

4.SOURCES OF CONTRACT LAW9

A.Judicial Decsions as Common Law9

B.Legislation: The Uniform Commercial Code10

5.FOUR METHODOLOGICAL ISSUES IN CONTRACT THEORY10

A.Doctrine as Legal Theories versus Doctrine as Legal Data10

B.Normative Versus Explanatory Primacy11

C.The Origins of Methodological Disagreement12

D.The Distinctiveness of Doctrinal Areas13

6.THE FUNDAMENTAL POLICIES AND VALUES OF CONTRACT LAW14

ESSAY15

REFERENCES19

Outline and Essay Assignment

Outline

Contract law distinguishes various exemptions to the principle that courts may as well completely implement deals between competent performing actors. Eisenberg (2002) contends that we can greatly validate various principles through reference to the restrictions of human cognition. He investigates later experimental study on the boundaries of human cognition related to the subject of contract and then illustrates how these explorations, from contracts, pact to relinquish fiduciary compulsions, contracts leading substantial and deep relationships, and prenuptial contracts. Whilst the breaking points of discernment do not clarify all of agreement law, Eisenberg (2002) contends, a comprehension of the mental imperatives on decision-making may as well assume a focal part in the advancement of agreement convention.

Introduction

One of the fundamental principles of contract law is that negotiations and agreements are imposed as per their terms and conditions. This principle is usually termed as “bargain principle.” In the eyes of courts, the bargain principle emerges as to be a doctrine about contemplation; however, it is also a doctrine about the level of judicial assessment and about remedies. An intricate societal intention persuades the bargain doctrine. Parties involved in the contract usually are the preeminent judges and usually discovers their decisions. Although the bargain doctrine, contract law set forth a range of boundaries on the complete enforcement of bargain agreements. Few of these boundaries pertain to scenarios in which the promissory has held him in a guilty conduct.

The meaning of Contract and the Fundamental Characteristics

A contract is generally defined as an agreement between two or more persons that is enforceable at courts of law. As per the law and regulations, the contract or agreement between the parties obligates each party to perform or not perform a certain action or conduct. Fundamental characteristics of a usual contract involve offer, acceptance, consideration, intention, and certainty. Some imperative facts include offer and acceptance are the initial phases in forming a contract that may formulate a lawfully obligatory agreement. The party can accept the offer at any instance until it is ceased. An offer can only be accepted by the offered or his or her agent. Consideration should be lawfully adequate, however, need not to be sufficient. The parties should be determined for a contract to develop legal relationships to formulate an impossible agreement and assumptions subsist for domestic / social contracts and commercial / business contracts. Ultimately, the courts will examine and review the conducts of the parties to classify terms and conditions of an agreement, however, keep in mind that these should be outlined ...