Offer and Acceptance in English Contract Law

Offer and Acceptance in English Contract Law

Section 1: Principles That Underpin Offer and Acceptance in English Contract Law

The English law on the formation of contract generally requires there to be an offer and acceptance. By the presence of both only then a legally binding bilateral contract can be formed. It is not necessary for a contract to be in a written form. A contract is an exchange of promises and it lies fundamentally at the heart commercial transaction. Contract law is developing in the area due to the qualification of contractual relations between economic operators and their customers and users (Lewison, 1997).

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 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.

In a contract agreement, a contract comes into existence when there is an offer by the buyer, and there is acceptance from the seller.

Contract law in fact a sub-sector liability law -is a set of legal rules governing the civil liability arising from different types of contracts. Includes separate institutions of contractual obligations (purchase, lease, contract, etc.). The main source of civil rights and obligations is a contract that defines the mutual rights and obligations of the parties. From the quality of the contract depends on economic security and business reputation of the entrepreneur. To say that the treaty should be made wisely makes no sense. However, in practice, often typical of the contract, most of which do not protect, and often violate the rights of one or both sides. Every situation has its own specifics and nuances that need to imagine an individual approach, and a standard contract in such cases, the worst form of the transaction. In addition, well-written contract helps not only to better define the mutual rights and obligations, but also to protect against unscrupulous contractors. The same number of problems concerns the representatives of tax and other government regulatory bodies. They evaluate the agreement of their own standard, and their doubts are not always interpreted in favour of a business entity. A contract normally takes place when two parties agree to certain terms, in exchange of some considerations. In this case, firstly, a verbal promise exists that does not give any indication of a contract. Oral contracts are enforceable but cannot be proven in court, in case of their breach (Knapp, 1987).

According to UK contract law, it is mandatory for both parties to fulfil the terms of the agreement; otherwise, the innocent party has the right to claim damages in court against the other party. It is also important to analyze the terms and conditions of the contract before a claim of penalty is ...