CONTRACT LAW

Contract Law

Contract Law

Introduction

English Contract Law was established during the industrial revolution. England and Wales regulate these rules. It shares a common heritage across the countries of Commonwealth including UK, Canada, Australia, India and United States. With the increase in European influence, the law is undergoing continuous reform and change. A contract is a name given to any agreement that is enforceable in court. English law gives enormous importance to obliging the rules of the court.

The law of contract which we are going to analyze here is actually the law relating to acceptance of an offer. Every contract is not enforced by court. For the enforcement of promises, or an agreement court observe some elements. After having a check on these elements, court will prove that agreement as a contract. The contract actually involves a process of certain elements. The process starts from an offer. For the formation of the contract the offer must be accepted, unconditionally.

There are certain more requirements for the offer and acceptance. After the communication of acceptance, law needs two other elements as well. One is consideration another is terms of the contract. This essay also review the extent to which the law in this area need clarifying, such as that relating to option contracts, counter offer, and postal rules of acceptance.

Discussion

In a contract agreement, a contract comes into existence when there is an offer by the buyer, and there is acceptance from the seller. For instance, we assume that Mr James is selling Blue and White Design Chinese Ming Vase to the UK government. This agreement is enforceable as the buyer promised to pay the amount in three instalments and the paper work between the two parties was also completed. UK law gives the freedom to both parties for accepting or rejecting it, and the contract could also be carried out through the help of an agent.

An Offer

The contract starts with an offer. It is the expression of willingness to have a contract on certain terms and conditions. It enables other part to accept the offer and provides the basis for an agreement. An offer is there whenever the objectivecomes from the offeror's conduct or words. Offer doesn't require further negotiations as it's just the start. Many communications cannot be the offers but looks like it. They may be invitation to treat, statements of intention or transfer of information. The difference between offer and others is easy to describe in theory but difficult in practice.

An offer is the starting of the contract; it is the willingness and demand to have a contract on certain terms. It should be made with the knowledge and acceptance of the fact that it can only proceed towards the contract only if it is accepted. There should be no more negotiations done or required. The understanding of offer can be gained through the summary of two cases from Manchester City Council. The council took the decision the sell the houses which are owned by sitting ...