BUSINESS LAW

Business Law



Business Law

Introduction

The law of contracts defined by the rules of the Civil Code regarding contracts. These rules define the obligations of contractors and are from the moral principle of respect for the word given, which will result in the sixteenth century to the rule of binding the conventions. The independent source of obligation is the will, regardless of the formality of the expression of consent. To formalize contract replaces the principle of consensus based on trust the beneficiary of the obligation that it will be executed by the debtor of the obligation. The contract gives rise to the literal sense of the obligations of "good faith "(Posner 2002, p. 59). Contract law is developing in the area due to the qualification of contractual relations between economic operators and their customers and users. The rules of contract law in these contracts of adhesion extremely supplemented or amended so imperative for the development of regulations, which corresponds mainly to the development of these relations group. We are witnessing a renaissance of formalism, designed to protect the consent, and a questioning of contractual autonomy.

Case 01

According to the given scenario there is no contract found in between Carols and Gerald. In the case scenario, initially Carol left a note for Gerald that mentioned the price of £300 for the painting. On the second day, Gerald refused to sell the painting and increase the price to £350 and Carols asked for some time to decide. On the very next day, Carol was ready to buy painting for £350 but, Gerald sold the painting to Jason for £380. In the whole scenario, there is no contract found in between Carol and Gerald. According to contract law, a contract is an agreement between parties which is binding in law. Furthermore, the privileges and obligations of the parties under a contract may be enforced by the courts. The enclosures may compel presentation of contractual obligations by the party in default or, more routinely, may accolade damages for breach of contract (Posner 2003, p. 98). For a contract to be formed four essential components should be present that are offer, acceptance, concern and aim lawful relations. A contract is a promise or set of promises made by one party to another for breach of which the law provides a remedy. The promise or promises may be expressing (either written or oral) or can be inferred from the circumstances. Normally, the remedy for breach of the contract is money damages designed to restore the injured party to the economic situation that he or she expects the fulfilment of the promise or promises (known as a "confidence measure" of damages). Occasionally, a court may order a party to carry out his promise (an order of "specific performance"), but the cure is unusual (Kotler 2005, p. 4). However, in this case, carol did not do any auspicious commitment also there is no offer found in the given scenario. If Gerald do any contract with the Carols, and he is ...