The Contract Law Of The United States

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Essay Paper on the Contract Law of the United States Introduction Contract Law of The United States of America In order to have civilized interactions between people contract law is an invention that creates good faith and fair dealing. The United States people have a government that has a legal system that enforces agreements called contracts. An agreement without enforceability leaves the parties vulnerable to mistakes, dishonesty, changes of mind, illegality. Also, a contract means that the people can have reliability in their relations. People can have their problems remedied and damages made up for. Contract enforcement makes a more stable platform for businesses, making them more likely to do business and helping the economy,…show more content…
What business and people are allowed to do is regulated by contracting. Contract laws are made by the state or the courts. Our society is controlled by contracting, which keeps order. Contract laws are enforced by the courts. Fairness and equity in contracts is the assignment of the courts. Certain basic contract rights are protected by the law. Unfair and unconscionable advantage by strong groups and powerful individuals over less influential individuals is regulated by contracting. Aspects of the Contract Law of the United States The Contract Clause Article I, section 10, clause 1 of the United States Constitution, states: “No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.” Law that retroactively impairs contract rights is prohibited by this Contract Clause. State legislation cannot impair contract rights. Court decisions can still be used to impair contract rights.[2] Contract Clause. (2015, February 11). The individual State governments and the United States Congress have rights established by Article 1 of the United States Constitution. Any law that impairs the obligation of contracts is not allowed by Section 10. However, states are not
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