CONTRACT LAW COURSEWORK

Contract Law Coursework

Contract Law Coursework

Introduction

In our society everything is governed by certain laws, similarly, businesses also include laws. Business law is also called commercial law, which governs people every aspect of how to conduct a business. When people sign a business contract they become legally bind in an agreement for an exchange of services that are valuable. Usage of these contracts help in business dealing to ensure an agreement is acted on, and if the contract is broken it results in lawsuits or out-of-court settlements and the payment for the damages caused by breach (Slorach & Ellis, 2012). Business is conducted under the principles of trade agreements or any bilateral agreement in the business partners. This means that any company can exchange business activities with other company on the basis of any written trade agreement or contract that is signed by both parties and thus possess has legal obligations for each party is involved in the agreement (Moore, 2012).

The Contract Law is a body of rights which are utilised by courts in the civil proceedings to safeguard the businesses and employees who have been the victims of wrongful acts of other organisations and individuals inside their own organisations. According to the Contract Law, the individual who becomes the victim of the malicious activity or illegal conduct is known as the plaintiff, and the aggressor who inflicts the damage unto others is known as the defendant. In any case, there are certain fundamental conditions which have to be met with the Contract Laws (Ramseyer, 2009). In fact, business values and legal liabilities are present from the beginning of trading. For many businesses there have always been valuable things such as the business opportunity, new market, customer segment, clients, expansion, etc. However, the criterion to give value to things has changed through time. This also reflects in the case of Abie as all three companies have changed its value maintained in the contract with her.

Discussion

Contract Law and Breach of Contract

The Contract Law recognises trade agreements and contracts as the formation of trade agreements, bilateral trade agreements and trade organisations is expected to increase trade. Organisations try to achieve or get closer to free trade by reducing or eliminating the tariff with members of the trade agreement (TA) and maintaining it with the non-members. In fact, the law of contracts is defined by the rules of the Civil Code on contracts (Clarkson et al., 2010). Such rules define the duties of contractors and derive the moral principle of respect for the given word, which give rise to the sixteenth century the rule of binding conventions. The source of the obligation becomes autonomous will, independently of the formalism of the expression of consent. To formalise contracts, the principle of consent is based on trust of the beneficiary of the obligation that it be executed by the debtor of the obligation. The contract gives birth in the literal sense of the obligations of good faith (Craig & Burca, ...