Advantages And Disadvantages Of Breach Of Contract

A contract is a legally obligatory promise or set of promises (Bagley, C. 2013). If this promise is broken, either party involved can be legally responsible and take the other party to court. There are four basic elements in the creation of a valid contract. The first consist of an agreement between the parties involved, by an presented offer and acceptance. The second states that the parties’ promises must be supported by something of worth, known as consideration. The third advises both parties must have the ability to enter into a contract. The fourth element states the contract must have a legal purpose (Bagley, C 2013).

It is agreed by many, if not all, that the compensatory principle is the ruling principle in breach of contract

Contracts can be discharged by complete performance or material non performance of the contractual duty. For example: A contractor does not do any work promised on a bathroom, or almost none, then the homeowner does not owe him anything. Therefore, the homeowner - the non breaching party is discharged and the contractor is liable for the breach of contract (lectriclaw, 2012).

There are four remedies for breach of contract under UCC Article 2. Categorized as remedies of law; the first is compensatory damages, which cover direct losses and costs. Compensatory damages are an attempt to put the non-breaching party in the same position it would have been had they not suffered the breach. Second are consequential damages, which are to cover indirect and foreseeable losses not covered by compensatory damages. Third is restitution to prevent the unjust enrichment of one party in the agreement. Fourth, liquidated damages are provisions agreed to by the parties when drawing up the contract in the event of a default or breach of contract by either party (Melvin, 2011).

Misrepresentation: Misrepresentation is where there is a false statement in the contract which is made by one of the parties to the

Contracts are an integral part of our everyday life and play as important role in our personal and business lives. In order to deal effectively with promises provided in the business world, a legal framework is needed. Basically, a contract is a promise or set of promises, for which the law provides a remedy if a party breaches or failing to perform. In order to form a contract, four basic elements are needed: an agreement, bargained-for consideration, legal capacity to enter into the contract and a legal purpose consistent with law and public policy. The case Michelle M. Nichols v Century West, LLC et al. below described how the contract is important in business and the promises enforceable in court.

A breach of contract means that one or more of the terms and obligations written in a deal has not been fulfilled. When one or more of the parties involved in the deal do not comply with the agreements in the contract, it is considered breach a contract. They have the rights to take legal action and claims for compensations or damages in a court. Breach of contract includes failing to perform as promised, making it impossible for the other party to perform as promised, or making it known there is an intention not to perform (When Can You Sue for Breach of Contract?,

The contract is an agreement that is given the full force by the law. It has been further defined as legally binding agreement between two or more parties negotiating and agreeing to a deal, under which both of the sides are bounded by the terms of that agreement. In its nature, the contract is a promise or set of the promises which is essentially commercial and is involving either sale or hire of the commodities. Contract are the base for performing business, and the laws on this matter are clear and designed to enforce the rights, but also responsibilities of all the parties to the contractual agreement. The contract law is the scope of law which recognizes and governs those rights, responsibilities and duties arising from the concluded agreement.

When a condition is breached by either of the parties would result in the other party to either terminate the contract or proceed with suing for the damages caused.

A contract is an agreement between two or more parties that the law recognises and will enforce in necessary. Contracts are essential to commerce and business and are also a fundamental part of our daily lives.Businessess inter into contract individuals, other businesses and governments to by and sell goods, services and intellectual property. Contracts can be written, verbal, express or implied. now many of the contract we enter into are verbal, because of this, many people are often unaware they are entering into legally biding contracts. many of the common law principles upon which contract law is based were developed in the 19th centuty, one of the principles that People intering a contract should have the right to include in it whatever they wish to negotiate the best possible bargain, complete freedom to contract. However, as modern life become more complex, it has become evident that not everyone has full and free options when entering into a contract, practical exemple of this include our dependence on services such as plumpedwater supplies, electricity

In the paragraphs that follow I will address the issues such as evaluation of the contracts and decide if they will be governed under the common law rules or the Uniform Commercial Codes (UCC). The paper will also analyze the essential elements of an

In terms of business, contracts are really important, they are an agreement between two or more parties to provide a product, perform a service, or commit an act. There are many different types of contract which have different terms and conditions. These terms and conditions are always enforced by law and breaking them can result in actions such as financial penalties. Some examples of different business contracts are; partnership agreement, bill of sale, independent contractor agreement, and property and equipment lease. In this short essay, we will take a look at an article addressing a type of contract, then give a quick summary of the article, and finally offer up recommendations relevant to the article.

A contract is a formal agreement in which the right of party will be enforce by law. The formation of contract includes formal contract and simple contract. Formal contract has to be valid from its specified form: deed or under seal also written and signed by parties. Simple contract must be supported by consideration. A valid simple contract includes 3 elements: agreement, which include an offer and acceptance to hat offer, valid consideration and intention to create legal relation.

case he or she may be held responsible for the reasonable value of what was

Contracts are used in many different forms and for just as many different situations within our everyday lives. Some contracts are more involved than others and for some; contracts are an essential of their success. As we continue, we will take a look at different types of contracts with the main focus on enforceable contracts. With so many elements that are incorporated into any contract, the six essential elements of enforceable contracts will be the main focus of this writing. Having a clearer understanding of the essentials of life will help prepare us for life’s curves that may come our way.