The Pros And Cons Of Property Law

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The law should protect agreement that are freely entered into (May, p. 445). Property law is concerned with creating legal rights, tort law and criminal law with defending rights, contract law is intended to provide for the orderly transfer of rights from one person or organization to another. In the field of contact law, we see how the "bindingness: of law is based on self-binding acts of the individual (May, p. 445). It is often said that contract law is the cornerstone of free society, and yet, contract law is also criticized as being the basic economic exploitation by the powerful against the poor (May, p. 445). Societies, especially coercive governments, were created to enforce contracts and make it reasonable for people to enter into and perform their contracts (May, p. 445). Any legal contract must contain certain elements. First, it must contain an offer. The offer is what someone is going to do, such as lease you a tractor, sell you a guitar, paint your house, or simply pay you (The Basics of Contract Law, 2017). Second, the offer must be accepted. Acceptance means that you agree to what is offered, without any changes. (If you make changes to the offer, it is typically considered a “counter-offer.” which must itself be accepted) Third, it must represent the intent of both parties to enter into a legally binding agreement (The Basics of Contract Law, 2017). In other words, both parties have to be aware that the agreement could be enforced by law.

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