Mid Semester Problem Based Assignment : Law 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).

Contract law has set out to provide a healthy trade environment. Contracts are promises enforced by the law, with the support of something of value that has a legal purpose. It is an agreement between parties, formed by the elements: offer and acceptance, with all parties having the capacity to perform obligations enforceable by law. There are instances where the enforcement of a contract would bring about gains or losses to society and commerce.

A contract is a bargain which two or more parties entered into voluntarily with a lawful object, each of whom intends to create one or more legal responsibility between them in law. Thus, a contract may be formed when two or more parties each promise to perform or to refrain from performing a little action now or in the future. (Boston, T. 1779) What is more, contract law shows what promises or commitments our society believes should be legally binding. Similarly, Professor Arthur Corbin's (1874–1967) famous first axiom of contract law is that the main purpose of law is the realization of reasonable expectations induced by promises. Hence, comments demonstrate that the purpose of contract law is to protect legal promises or commitments between two or more parties which build a

A legal contract arises when there is an offer, acceptance of that offer and also a sufficient consideration to make the contact valid. There are five essential elements that make a contract legal and these includes;

A contract in its essence according to Davitt is “a union of two or more persons, originating in their mutual promises enforceable in law, for the reordering of their relations of title, duty and claim regarding something to be done or not to be done.” Id. at 273. The tricky part concerns what a mutual promise enforceable in law entails. As stated above, there are many difference schools of thought about what fills in the gaps of promises and what is enforceable by law.

P2 EXPLAIN THE LAW IN RELATION TO THE FORMATION OF A CONTRACT IN A GIVEN SITUATION

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.

Contract is defined as an agreement between two or more parties creating obligations that are enforceable or otherwise recognizable at law. For purposes of this chapter, we are concerned with agreements to buy and sell some type of agricultural product. Contracts 101 You should be concerned about contract law because it determines how parties to the contract will need to keep the promises they make. Although very few contracts ever end up in court, if the parties to a contract disagree on something and are unable to resolve the disagreement, they may have to resort to the judicial process. This means that as the parties negotiate a contract, they need to consider how a judge might ultimately interpret it. For a contract to be enforceable, it must involve:

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.

Numerous pieces of evidence led me to my conclusion about the contract in question. The first item of business a judge would attend to when making a decision is to decide whether a contract is present between any of the parties, and who those parties are. The contract under examination is between buyers Jon and Marsha and the seller Boren Deal. The documents pertaining to this case include the REPC as well as Addendum No. 1 which states the seller’s terms, and Addendum No. 2, the

The contract in English law enhances principle of freedom of contract. Indeed, the terms of the contract is freely determined and agreed by the parties. However, there are various circumstances in which additional terms may be implied into the agreement. The aim of implied terms is often to provide a supplement to a contractual agreement in the interest of making bargain more effective, to achieve fairness between the parties and to alleviate hardship.

that the document did not appear to be contractual. In D J Hill and Co

Contractual agreement has always been viewed in terms of offer and acceptance. The universal principle to contract law has always been parties may get into an agreement in whichever way they deem fit and they are subject to certain terms as they choose. As far as legal requirements vital to their formation are binding contracts may be formed. Moreover a binding agreement may be manifested in terms of writing or in verbal form.

The rules of contract law fulfill the facilitating planning and the realization of reasonable expectation function of law. This function of law interoperates and enforces agreements between parties which have an expected outcome or promise. This function of law is necessary for modern societies to operate. Business transactions rely on contracts as a way to issue confidence that said request can and will be executed (Barnes et. al., 2003).

A contract is a legally binding or a valid agreement between both the parties. The law consider as a valid contract if the agreement contains the following elements offer and acceptance; an intention between both the parties to create relations, consideration to be paid for the promise made. In Australia the equity law played an important part in changing the laws regarding the contracts and what occurs when they are breached. In this contract law, there are six essential elements necessary for legally binding contract.1) an agreement (offer and acceptance) 2) Consideration 3) Legal relations 4) Intention 5) Formality 6) certainly. The basis of contract on this is agreement or consensus where party entered into a contract based on mistake, miscommunication, undue influence or unconditional conduct. There are some rule which apply on this case whether there was a genuine consent before entering into the contract, was there any pressure