Law 421 Contracts

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Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class, I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach of contracts will be highlighted. Also, legal excuses for nonperformance or other grounds for discharge of contracts will be addressed. Finally, three types of common contracts personally and professionally encountered will be mentioned.
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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). A cancellation can be effected if one party breaches the contract, or a termination can occur when either party lawfully ends the contract for anything other than a breach. In this case, all executor duties are discharged on both sides but in the event of a partial breach, there is still a right to seek a remedy (lectriclaw, 2012). Procedures dealing with all aspects of contracts are a part of everyday transactions and can affect every individual on one level or another.
In everyday living, contracts can be a basic part of individual life. On a personal level, there are several types of contracts that have been encountered. These contracts are life, health, and automobile insurance that is a benefit for the person insured in case something happens such as a death, a hospital stay or a car accident. Also, there are employment contracts that are signed when one accepts a job such as an employment application, and service contracts such as contractors performing work on my home. These are basic examples of how contracts affect everyday life on a personal

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