Contract Law

Contract Law

Introduction

The law of contract which we are going to analyze here is actually the enforcement of promises. 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.

Discussion

Meaning of Contract

The analysis of a contractual law mostly takes place with respect to offer and acceptance. When it comes to an offer, one of the parties, which is the offeror, offer to the other party, which has the liberty to accept the offer or not. If the other part, which is the offeree, accepts the offer, then it creates a binding contract between the two parties. However, there are a number of considerations when analyzing the concept of a contract law. The primary or the significant concepts of the contract law are an invitation to treat, and invitation to offer. It is essential to determine the differences and distinctions between the two concepts before analyzing contract laws. The two concepts of contract law depend on offer and acceptance. Therefore, one needs to have adequate facts and examples to identify if a situation deals with an invitation to offer or an invitation to treat.

Contract is known as the promise or the set of promises which are enforced by the law. For a valid contract there should be two or more separate parties must be involved. The parties should have to be certain consensus on specific matters. They should be ready to create legal relations for their promises as they are contractual promises in contract. The promises must be supported by consideration. The contract doesn't have promises all the time which are bare but it also have some bargain in it. The requirement of two or more parties in a contract is the first essential thing for the contract that is why the arrangement between 2 departments or faculties of the same organization or company is not a contract generally because a person is not being allowed to make a contract with himself. But it may also depends upon the capacity if the different individuals or parties. The companies which have separate legal personalities involved can have contract where they act in as independent legal entities.

Terms of Contract

Various statements are being made by one party to encourage the other party to enter into it, before entering into a contract. But a dispute can arise later that which of the various statements should considered be a part of the contract and which the pre contract terms were. The problem is that the parties are bound to follow those things which are made as terms ...