Law of Contract - Assignment Example

Only on StudentShare

Extract of sample
Law of Contract

It may be noted that a contract essentially contains two elements: Agreement and enforceability by law. An agreement is defined as 'every promise and every set of promises forming consideration for other.' This essentially means that there should be an offer and acceptance to form an agreement. It is important that before an agreement is finalized there should be a Consensus ad idem (Consensus to the matter) between the two parties. Both the contracting parties should 'say and mean the same' without which there cannot be a contract.
The other element of contract, enforceability by law, emphasizes the importance of intention to create a legal obligation or duty to perform or abstain from performing certain act(s). These acts could relate to social or legal matters.
A standard form contract is a pre-established record of legal terms regularly used by a business entity or firm in transactions with customers. The record specifies the legal terms governing the relationship between the firm and another party. The firm requires the other party to accept the record without amendment, and without expecting the other party to know or understand its terms.
A Standard Form of Contract is used because the contract record specifies the legal terms governing the relationship between the firm and another party. ...Show more


A contract is an agreement enforceable by law. A contract is made between two or more independent legal entities, by which rights are acquired by one or more, to act on the part of the other. It creates and defines obligations between the parties of the contract.
Author : kuvalisjules
Save Your Time for More Important Things
Let us write or edit the assignment on your topic
"Law of Contract"
with a personal 20% discount.
Grab the best paper

Related Essays

Law of contract
Because of this, contracts have become a major part of every business. They are simply inevitable as people have to make sure that their businesses will achieve their set goals and objectives2. Business people hence use contracts whenever they are involving another party into their businesses, and whenever they enter into any business deal, so that they can be sure that they will not waste their time and lose their investment.
11 pages (2750 words) Essay
Law of Contract Essay
The plaintiff had been under the impression that by virtue of the particular buyer-relationship policy of the defendant, they would be given a reasonable notice of termination of a running contract they had with them. But the defendants terminated the contract with the plaintiff without giving a reasonable notice.
8 pages (2000 words) Essay
Rape in Correctional Facilities
Even though rape or any kind of sexual assault in correctional facilities is prevented by the 2003 Prison Rape Elimination Act (PREA), still the cases of sexual offences in correctional facilities are increasing. This paper briefly analyses the rape in correctional facilities and the possible solutions to eliminate sexual assault cases behind the bar.
3 pages (750 words) Research Paper
Law of Contract
Sir William Anson, a jury defined a contract as a “legally binding agreement between two or more parties”, by which one or more parties acquire rights to act or forbearances on the part of the other or others. Thus, the law of contract imposes an obligation on every person to honor his legally enforceable promise, failure to which he is liable to compensating the injured party or otherwise account for his conduct (Richards, 2007).
6 pages (1500 words) Essay
The Complexities Involved in the Sentencing Phase in the United States
It is something that people have to live with in order to avoid a miscarriage of justice, so to speak. The justice system forms the third leg of the triad in the handling of criminal cases, the other two being law enforcement system and the penal or corrections system.
4 pages (1000 words) Research Paper
Law of Contract - Exclusion Clauses
Exclusion clauses are those clauses that seek to limit or exclude liability of a party in a contract by stating that liability will be limited or will not arise for all or partial defaults under the agreement on the part of either parties. In other words, these clauses state that one party to the contract will not be responsible for specific happenings arising from the contract.1 Exclusion clauses are developed from common law by courts backed with case law in order for an exclusion clause to be valid it must be a term of the contract; it must cover the damage that was caused and it must be reasonable it satisfy the three tests at common law.
4 pages (1000 words) Essay
Equity and the law of trusts
The government of Scotland tries to make sure that they help people by making sure that they are inculcating family values and trusts amongst each other and not making rules and regulations regarding what to do and how to behave with each other or raise their children.1 The laws which are designed for the family, in such laws the rules are regarding the responsibilities which are related to the couples, the parents along with the people who are a part of it and who participate in the children welfare.
7 pages (1750 words) Essay
Law of Contract
In a contract there are normally four elements which are: Offer: This is an expression by the individual giving the offer, showing the will to abide by the set terms and conditions, with the objective that if the offer is acknowledged he or she will be bound to the contract.
10 pages (2500 words) Essay
Law of contract- Exclusion causes and privity
The doctrine of privity in contract means that only the parties involved in a contract are allowed to enforce it. It restricts possibility of a third party/beneficiary in enforcing a contract, (Atiyah, 1995). Under the rule of consideration, the consideration has to move from a promisee to the promisor, this raises the doctrine of privity, where each party need to clearly show the people who are the parties in a given contract thereby defining their obligations.
8 pages (2000 words) Case Study
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email