The Contract Law Of Contract

2156 Words Mar 20th, 2016 9 Pages
Form of law that rules oral and written agreements attendant with exchange of goods and services money and properties. It includes topics such as the nature of contractual obligation limitation of actions - freedom of contract - privacy of contract - termination of contract and convers also agency relationship commercial paper and contract of employment, if you are employed you’ll no doubt have a contract when you buy house insurance or but the house itself there will be a contract even buying half a dozen eggs or a newspaper from the comer shop will be governed by the law of contract
Contract can be also defined as below
• Contracts are enforceable promises, or unpaid agreements that govern economic exchange
• Free market economy relies on the ability of private parties to enter these exchanges and obtain gains from trade
In essence any agreement that is enforceable in a court of law is a contact English contract law attempts to adhere to a simple principle that you should only be bound when you have given your informed and true consent to a contract
The main areas under contract law include
• Formation of contract (offer , acceptance , consideration , intention)
• Capacity to form contract
• Contents (terms, exclusion, private )
• Vitiating factors (misrepresentation, mistakes, duress, illegality, etc.)
• Discharge (performance agreement , breach frustration )
• Remedies (damages, performance, injunction etc.)

As you can see it’s quite a hefty area of law, and…

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