CONTRACT LAW CASE STUDY SAMPLE
In contract law case study assignment , Offer and Acceptance approach is used to determine when an agreement exists between the two parties. In order to constitute a contract, there must be an offer by one person to another and an acceptance of that offer by the person to whom is made.
By definition, the contract is a legally enforceable agreement associated with the exchange of goods, services, money, and property between two or more parties. Contract law is defined as the body of law that governs oral and written agreements.
You can take professional contracts law case study help from our law experts to write an assignment or understand the topic better.
Important elements of contract law :-
In contract elements such as :-
- intention and
These are vital as they cement the validity of a contract. The acceptance should reflect the offer precisely in order to result in an agreement known as ‘consensus ad idem’. It is clear that a contract that lacks these elements may be considered invalid.
Contracts And The Law
The essence of a contract is an agreement between the parties or the “meeting of minds”. The essence of contract law is that it is a complex of inter-relating rules for working out all of the problems associated with contracts, including if an agreement exists, what the enforceable limits of that agreement are, and so on.
The Common Law
Common law is essentially judge made law. Here in the US, common law begins with our roots in England and was advanced by judicial decisions over time.
For example, some judge somewhere ruled that if a peasant’s cow walked onto his neighbor’s yard and damaged his property, that peasant was responsible for failing to keep his cows on his land.
Contract & Business Law
A contract is a written or an expressed agreement between the two parties to provide a product or service.
There are various contracts in business law and can be classified as listed as follows :-
Valid Contract :- The contracts which are enforceable in a court of law are called valid contracts.
Void Contract :- A contract which is not enforceable in a court of law is called void contract
Voidable :- A contract which is deficient in only free consent, is called voidable contract.
Illegal :- If the contract has unlawful object it is called Illegal Contract.
Unenforceable :- A contract which has not been properly fulfilled legal formalities is called unenforceable contract.
Hence, these are the various contracts in the business law, and many law firms and lawyers have to manage their legal contract from time to time.
The Uniform Commercial Code (UCC) is what governs commercial transactions in the U.S. The UCC contains laws that apply to many aspects of business transactions, such as letters of credit, bulk transfers, leases, sales, and secured transactions.
Types of Contracts on the basis of Formation :-
- Express Contracts
- Implied Contract
- Quasi Contract
Types of Contracts on the basis of Nature of Consideration :-
- Bilateral Contracts :- It is a legally binding contract formed by the exchange of mutual or reciprocal promises. An offer in the form of a promise is accepted by a counter-promise. Contrary to unilateral contracts in which only one party is obligated to fulfill their promise, bilateral contracts ensure that both parties required to execute their promises to the other party.
- Unilateral Contract :- In this only one party assumes the obligations under the contract. For example, you may promise to give someone £100 if they quit drinking for a year, or to pay a £100 reward to someone who finds your lost dog. The reason this is unilateral is that only one party will assume an obligation you are obliged to pay the person who finds your lost dog, but they have not promised to find the dog, and neither are they obliged to do so. Likewise, the person who gives us drinking alcohol for a year is not under an obligation to do so, but if s/he does so, then he is entitled to be paid the money. You have an obligation which takes effect on the happening of the specified event.
Types of Contracts on the basis of Execution :-
- Executed Contract
- Executory Contracts
Breach Of Contract :-
Breach of contract is a violation of protocols under the contract which is bound by law. For example, if a person working in a company and he has signed a contract of 2 years, he can not leave the company before that span unless and until company puts some terms which he agrees to.
contract law is everywhere. In the education field, in the corporate sector, in sports and many more. Reading many contract law case study assignment help to clear the main agendas that define the regulations of breaching the law. For breaching the contract there can be reasons like:
- Personal reasons for shifting the place or job shifts due to family.
- Economical reasons for not getting an increment or proper salary.
- Professional reasons for being harassed in the company either mentally or physically.
A breach of contract, or a contract dispute, arises when one of the signing parties does not live up to its obligations. This can look like substandard quality of work, not providing payment, missing deadlines, or a variety of other similar situations in which one party doesn’t honor its word.
Compensation for a breach of contract can be in expectation damages or consequential damages.