CONTRACT LAW

Contract Law

Contract Law

Introduction

According to the Contract law a signed and written offer by a merchant is binding for the period stated in the offer, which may remain open for a rational time if nothing is said in the offer, not to exceed three months. But Mika has not made any signed contract. Nevertheless, acceptance can be obtained in any manner that is commercially reasonable, provided that the offer does not particularly require the manner of acceptance. However under the UCC, an acceptance can include additional terms. If the terms in the acceptance are conflicting, they are part of the contract if the offered indicates a conditional acceptance. These additional terms are said to be part of the contract unless they alter the contract materially. And If the Mika offer says that no additional terms can be unless specifically approved, then the offering party has the right to challenge these terms. If the parties are unable to d anything, then the UCC gap fillers are used to supply terms in order to substitute the terms in the offer and acceptance conflict.

Problem Statement

The law has made it quite clear that the performance by contracting parties of their existing duties will not constitute good consideration for a fresh promise.

Main Body

One might have thought that contract law would have become fixed and certain after such a long time of human bargaining. In fact, most principles of contract date from as late as the eighteenth and nineteenth centuries and they are, of course, being re-examined today. Contract law is generally at home in business houses for, although contract is also based upon the moral importance of keeping one's promises, it will rarely be the subject of legal dispute between friends and family. (Bradley, 2003)

Like all areas of law, an element of 'public policy' enters the decisions of the courts and it is not surprising that the changes and developments facing the business community will tend to drive the law of contract. It may be that students will find cases on horse-dealing being applied to wider issues about the ingredients necessary for agreement. Later, those deals concern motor cars.

In fact, however, the law of contract is not just about high finance and sophisticated negotiations involving cutting edge economic philosophy and the cleverest minds trying to catch each other out by slippery language and sophisticated interpretations. Contract problems are more often about very ordinary people going to the district judge in the county court to decide some dispute which others might think of as trivial, but which has ignited one or both of the parties into an argument about fairness and what was done as well as what was agreed. (Koffman, 2004)

The problem here is how to deal with the enforcement of gratuitous promises. A gratuitous promise means a promise for which the promisee does nothing in return. Every legal system recognizes that to enforce all gratuitous promises would be undesirable, since there is too great a risk that the promisor may have given his ...