CONTRACT LAW

Contract Law

Contract Law

Introduction

A contract is referred to an agreement that involve a lawful object that is entered by two or more parties voluntarily when they aim to create one or more legal obligations among them. A contract involves a number of important elements that include an “offer” and “acceptance” by “competent persons” that possess the legal capacity to exchange “consideration” for the creation of “mutuality of obligation.” A contract can also be defined as legally enforceable set of promises that is made by a party to another party. A contract involves the sale and purchase of goods and commodities that is also concerned with bargaining and is also commercial in nature. A contract law involves all the important elements that are very important to be kept in mind while making a contract (Beale, 2002, pp. 80). The core focus of this paper is to discuss the importance of contract law with respect to a case study that has been selected for this discussion. A brief discussion is presented in this paper to understand the different aspects of contract law to understand the different aspects of contract law in the selected case for this discussion. The following discussion will be involving to advise the parties in the case as to any rights and liabilities which may arise in the law of contract.

Discussion

A contract is a broad term and it includes different types of contracts and these different types of contracts also have different impacts on the parties involved in the contract. A brief discussion on the impacts of the different types of contracts is presented as follows.

The final (main) contract, which is based on the direct appearance of various rights and obligations of the parties, coupled with the movement of material goods (for example, to transfer the goods, to undertake the work to assist in the provision of services, etc.)

A preliminary agreement is the so-called agreement to further the conclusion of the final agreement. In the preliminary contract, there must be clearly established deadlines to reach a final agreement, or in the event that one party to the obligation on the conclusion of the main contract, the other party will be hard to prove in court the violation of their rights.

Unilateral contract provides occurrence at only one side is right and the other just responsibilities. Example - loan agreement - one side has a right to return of its own funds, and the other, in turn, has the obligation to return these funds.

The onerous contract is a contract which involves mutual granting of property of the parties. Example - a contract for the sale - the seller sends the buyer a certain thing, and the buyer, in turn, gives him the money for the purchased item, that is, there is the onerous nature of the transfer of property.

Free contracts are at the sole discretion of the parties. The process of the conclusion follows from the principle of freedom of each party to decide whether it is an agreement by ...