If an award of money is not compensatory because something about the promised performance was unique, the party who breaks a contract may be ordered by the court to perform as agreed.
If the seller accepts the counter-offer, a contract may be completed. The objective of this paper is to have an overview on how the law of contract applies to various given situations as it is an important aspect of business law Question 1: Only a free sample term paper on contract law in India can be a constructive piece of advice for the student in need.
This article was last reviewed or amended on May 24, With rare exceptions, a promise by one party, without some form of consideration being extended by the other party, does not result in a contract or other enforceable obligation, regardless of the sincerity of the promise.
Some types of contracts must be in writing, for example, contracts for the purchase or sale of any interest in real property, contracts to pay debts of others, and contracts that require more than a year to perform.
Use of the contract in business affairs ensures, to some extent, the performance of an agreement, for a party that breaks a contract may be sued in court for the damages caused by the breach.
So, if the agreement has been made orally it can be considered an oral contract or an informal exchange of promises and thus cannot be enforced if necessary. A unilateral contract is where parties in agreement or party where a promise ensues in exchange for a performance or forbearance.
Most business transactions involve commitments to furnish goods, services, or real property; these commitments are usually in the form of contracts. Although this was the only condition of the agreement — the widgets in exchange for some money and the agreement did not include either a method of shipment, specific quantity of the widgets or the price of the widgets which Brainstorm would have to pay.
A contract for the sale of illegal drugs, for example, violates public policy and is not enforceable. At least two parties are required; one of them, the offeror, makes an offer which the other, the offeree, accepts.
Dixon J in Grundt stated the general principle of common law estoppel versus Great builder Pty Gold mines Ltd as being that "the law should not permit an unjust departure by a party from an assumption of fact which he has caused another party to adopt or accept for the purpose of their legal relations.
And second, this paper will have to estimate the status of the agreement under the Uniform Commercial Code of the USA.
High Trees House went ahead and made payment for the preceding five years. Contract law is a set of laws and a branch of the juridical system which focuses on the organization of various written agreements.
Therefore, the discussion, essentially, will be on these three elements. All the serious and profitable contracts have to exist in the written form in order to inform both sides of the agreement about their rights and duties.
Contracts for the sale of personal property--that is, movable property--as distinguished from land, at a price above a specified sum set by law must be in writing unless payment or delivery has been made or unless the goods were specially manufactured.
Some of these elements are, an acceptance, offer, the capacity to contract, must be legal, and consideration Carmichael, R.
It is in no sense an offer for sale, the acceptance of which constitutes a contract. Mutual Consideration The mutual exchange of something of value In order to be valid, the parties to a contract must exchange something of value.
Consequently, this agreement had to be set in paper so that it would be enforceable — this is the condition for all serious Contract law term papers defined in the US Statute of Frauds. Determining how good a bargain is becomes the responsibility of the parties involved.
The case Western Cas and Sur. The parties of the contacts can be different: The objective of this paper is to show that Frank is not liable to pay for the expenses his friends incurred and that the promise made is not contractual.
An exception to this understanding occurs when a party has performed most of his or her obligation and the part not performed is relatively immaterial.Sep 08, · Unit Aspects of contract and business law Assignment 1 - Understand the legal requirements for a valid contract Task one (p1) Identify the legal criteria for offer and acceptance in a valid contract A contract is defined as a legally binding agreement and are very important in business.
A contract may be defined as an agreement between two or more parties that is intended to be legally binding.
The essential elements of a contract are: offer, acceptance, consideration (not required for contracts under seal), intention to be bound, mutuality, capacity and legality.4/4(1). Term Papers. UK Essays. Essay Paper on Contract Law and Uniform Commercial Law. Consequently, when we consider the agreement under discussion from the point of view of traditional contract law, it becomes understandable that the agreement can be considered a contract and even is defined as a bilateral contract.
But if we envisage. Contract Law Essays. The selection of contract law essays below have been submitted to us by students in order to help you with your studies.
Please remember to reference killarney10mile.com if you wish to cite any of these essays in your own work. See all college papers and term papers on Law Free essays available online are good but they will not follow the guidelines of your particular writing assignment.
If you need a custom term paper on Law: Contracts 3, you can hire a professional writer here to write you a high quality authentic essay. Although sometimes an oral contract is referred to as a "verbal contract", the term "oral" means "spoken" while the term "verbal" can also mean" in words".
Under that definition, all contracts are technically "verbal".Download