Business Law - Contract - Essay Example

Only on StudentShare

Extract of sample
Business Law - Contract

As a general rule, contracts are binding regardless of their form as long as the essential requisites are present. However, there are those contracts that should be in certain form, for example, should be in writing, to be enforceable.
A contracting party who violated the terms or conditions of a contract may be sued for breach of contract in a trial court. Breach of contract may be committed if there is a valid or binding contract or when a contract was already formed. The guilty party is ordered to pay damages capable of pecuniary estimation to the aggrieved party. A person who is in good faith or who is innocent cannot be sued if there is a breach of contract. Likewise, a third party who has no participation or connection in the formation of the contract cannot be sued.
A contract may be bilateral or unilateral. A bilateral contract is one in which both of the contracting parties formulated and agreed upon the terms and conditions of the contract. Thus, the contracting parties have reciprocal obligation to perform their promises and the contract is already binding and enforceable immediately after a valid consent was given. In a contract of sale for example, the buyer promised to pay the seller of a piano the amount of $1,000 if the seller had delivered the piano in the house of the buyer. ...Show more


Contract is an agreement or a promise made usually between two parties where one engaged himself or herself to deliver goods or to render service to the other. When the other party accepted the offer, a contract is deemed formed. The validity and the enforceability of the contract depend on the provisions of the laws that cover the kind of contract that was formed…
Author : petracorwin
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Business Law - Contract"
with a personal 20% discount.
Grab the best paper

Related Essays

Paper on International Economics
Some development economists have even gone so far as to argue that the state no longer has a place in national economy development programmes, projects and strategies as the age of intervention has receded into history. While not denying that globalisation has, to an extent, reduced the economic role of the state, the fact remains that it retains the power to formulate and implement such protectionist policies as would restrict the volume of trade inflows into the domestic economy.
7 pages (1750 words) Essay
Business Law - the law of contract
Elizabeth explained to James that the correct price for the watch was supposed to be 250 and not 25 as indicated by the price tag. This issue concerns invitation to treat under the law of contract. Marked prices of goods displayed in shop windows or catalogue mentioning prices of goods do not, as a rule constitute an offer as to compel the store person to sell those goods at the marked prices.
6 pages (1500 words) Case Study
Contract Law Bachelor Essay
Despite pushing the date for supplying the Yorkshire sand, Graham replied that he would still wait for the sand on January 12. In this contract, there was an intention to create legal relations. A contract is a result of an agreement between the parties, but in order that a contract should be enforceable, there must have been an intention to create legal relations.
3 pages (750 words) Essay
Contract Negotiations in Business Law
This denial for coverage was due to a misrepresentation based on a report known as the "woodburning stove Inspection Report." The insurance company claims that there are two faults in the circuit court's judgment. The first error being that the court had sustained the third-party defendants' pleas with regard to the statute of limitations.
2 pages (500 words) Case Study
Contract law exam
( Couturier v Hastie (1856) 5 HL Cas 673). Lord Roskill has stated that the doctrine of frustration is 'not lightly to be invoked to relieve contracting parties of the normal consequences of imprudent commercial bargains',(Pioneer Shipping v BTP Tioxide [1982] AC 724).Finally the statutory aspect of this vitiating factor has been dealt with by The Law Reform (Frustrated Contracts) Act 1943 which allows contracting out in cases of frustration (Section 2(3) permits contracting out.The act also excludes the application of certain contracts like those pertaining to carterparties,contracts for the carriage of goods by sea,contracts of insurance and the contracts for the sale of specific goods.
3 pages (750 words) Essay
Contract law - commercial transactions
The next element is acceptance of the offer. Bob accepted the offer to repair the house on or before December 25, 2005. And Bob, by soliciting the offer, “accepted” a unilateral contract by his action of performing the payment within the time period requested by the offerer.
6 pages (1500 words) Case Study
Business Law/Contract phases
120, 1st Floor, GK Classics, Srinagar Colony, Hyderabad -500073, Andhra Pradesh, India and the second company being M/s. UNITED GROUP INFRASTRUCTURE PTY LTD, (UGI), a Private Limited Company, Incorporated laws of
6 pages (1500 words) Essay
Managerial Finance
The Present Value explains the worth of the money to be received some time in the future in to days terms whereas the Future value compounds the money at a particular rate and explains what a sum of amount will be in the future.Interest
1 pages (250 words) Assignment
Business law - Contract problems, FIRAC case, and short summary
Cunningham has sued for breach of contract but Driscoll argues for summary judgment on ground that the contract did not satisfy statute of fraud. Though an agreement to create future contract develops legal obligations if the parties intended
3 pages (750 words) Assignment
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