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Business Law Name: Institution: Subject: Date: Abstract One of the common every day branches of law is contract law. Most contracts generally pose no major problems as they address the simple interchange of goods from the seller and cash from the buyer. However, there are contracts that could get complicated and pose serious consequences…

Introduction

Most contracts generally pose no major problems as they address the simple interchange of goods from the seller and cash from the buyer. However, there are contracts that could get complicated and pose serious consequences. The chances of this happening are therefore minimized if the parties contracting understand the concept of what they are agreeing to, the rights, the obligations and the how to foresee potential problems. Under law, a contract is a legally binding promise or set of promises between two parties (Young, 2010), in this case Simon and Lady Gaga. However, there are certain contracts that must, by law be in writing. Examples include insurance contracts or contracts that involve the sale of land. Verbal contracts have one main shortcoming. Whenever there is a dispute over the terms of the contract, it may be very difficult to prove the terms and conditions on which the contract was founded. Parties may deliberately or accidentally forget what they had agreed to. In such a situation, it would be Simon’s word against Lady Gaga’s in the case of a breach. It would therefore be advisable for Simon to enter into a written contract. The foundation of the law of contract is based on a wide body of equity and common law. ...
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