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Remedies for breach of contract
Remedies for breach of contract
Contract rules of law
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Introduction Definition A contract is any legally binding agreement that is made between two parties. In the legal system an agreement must be between two people or more parties whereby the agreement must be entered voluntarily. In the agreement a lawful object must feature in and should create legal obligations which may either be one or more between the parties coming into an agreement. In the legal system, for a contract to become, it must involve two elements which are namely offer and acceptance. Therefore, the contract elements of offer and acceptance must be conducted by two proficient parties or people who have got legal aptitude. This is to ensure that the parties involved exchange deliberation in order to arrive at a reciprocated commitment (Chen-Wishart, 2012). Overview In the whole process of forming a contract, it is necessary to have a proof of all the elements or processes involved thereof. There are several ways or manner in which the proof of contract element may be done. The proof of either some or all contract element can be done in writing, orally or by conduct. However, in case there is a breach of contract, there is a remedy for that breach which is referred to in legal system as damages. The damages are usually in the form of specific performance or in form of compensation of money and which is enforceable through an injunction. These two types of remedies or damages award the side or the party at loss what is normally known in legal terms as the benefit of the bargain. Normally, the expectation damages or the benefit of the bargain is superior to the typical sheer reliance damages as stipulated in the promissory estoppels (Beale et al, 2010). In legal perspective, the word promise is a legal syno... ... middle of paper ... ...ows, A. S., & Cartwright, J. (2010). Anson's law of contract. Oxford University Press. Chen-Wishart, M. (2012). Contract law. Oxford University Press. DiMatteo, L. A. (2010). Strategic contracting: contract law as a source of competitive advantage. American Business Law Journal, 47(4), 727-794. Epstein, D. G., Arbuckle, M., & Flanagan, K. (2010). Contract Law's Two PE's: Promissory Estoppel and the Parole Evidence Rule. Baylor L. Rev., 62, 397. Jackson, K. (2013). Contract enforceability and the evolution of social capital. Journal of Law, Economics, and Organization, 29(1), 60-77. MacQueen, H. L., & Thomson, J. (2012). Contract Law in Scotland. A&C Black. Miller, M. R. (2010). Contract law, party sophistication and the new formalism. Mo. L. Rev., 75, 493. Winfield, P. H. (2013). The Province of the Law of Tort. Cambridge University Press.
Phillip Clarke and Julie Clarke, Contract Law Commentaries, Cases and Perspectives, (Oxford University Press, 2nd ed, 2012) 432-3.
-Court must be convinced that failure to comply with an agreement will lead to one of the parties to suffer prejudice. Court will protect innocent party, will provide remedy
Having evaluated the current state of English contract law, mainly made up of piecemeal solutions, it can be seen that despite being satisfactory and doing its job, there still remain gaps within the law of contract where unfairness is not dealt with. Moreover, due to the ad hoc nature of those piecemeal solutions, the latter have often produced inconsistent justice and have manifested cases of unfairness. Hence, “a relatively small number of respected Justices have endeavored to draw attention to the fact that the application of a general principle might be useful and even necessary in English law.”
Agreement is a mutual understanding of two parties and willing to accept terms and conditions in order to form a legal contract (Penthony et al.2014). Agreement consists of two components; offer and acceptance. Offer is made by an offeror in an exchange for performance from another party on certain terms while acceptance is the action of accepting to the terms of the offer. An offer must follow the requirement in order to form
E.G. Lorenzen, Causa and Consideration in the Law of Contracts (1919). Faculty Scholarship Series. Paper 4560.
James G. Skakoon, W. J. King and Alan Sklar (2007). The Unwritten Laws of Business. /: Tantor Media.
HILLIARD, J. And O’SULLIVAN, J. (2012) The Law of Contract [Online] 5th Ed. Oxford: Oxford University Press. Available from - http://books.google.co.uk/ [Accessed: 2nd January 2014]
The English contract Offer and Acceptance General principles There are three basic essentials to the creation of a contract which will be recognised and enforced by the courts. These are: contractual intention, agreement and consideration. The Definition of an Offer. This is an expression of willingness to contract made with the intention (actual or apparent) that it shall become binding on the offeror as soon as the person to whom it is addressed accepts it. An offer can be made to one person or a group of persons, or to the world at large.
One of the last remaining strongholds of classical contract law is the notion that contracts require offer and acceptance therefore, in order for a contract to become binding, offer, acceptance, consideration and intention to create legal relations must exist. However contracts are formed in different ways for each different circumstance. (Shawn Bayern, Offer and Acceptance in Modern Contract Law: A Needles Concept, 103 Cal. L. Rev. 67, 102 (2015)
The basic law of a contract is an agreement between two parties or more, to deliver a service or a product. And reach a consensus about the terms and conditions that is enforced by law and a contract can be only valid if it is lawful other than that there can’t be a contract. For a contract to exist the parties must have serious intentions, agreement, contractual capacity meaning a party must be able to carry a responsibility, lawful, possibility of performance and formalities. Any duress, false statements, undue influence or unconscionable dealings could make a contract unlawful and voidable.
A contract is an agreement which has its specified terms and conditions between two or more parties in which there is a promise to do something in return for a benefit.
A contract is an agreement between two parties in which one party agrees to perform some actions in return of some consideration. These promises are legally binding. The contract can be for exchange of goods, services, property and so on. A contract can be oral as well as written and also it can be part oral and part written but it is useful to have written contract otherwise issues can be created in future. But both the written as well as oral contract is legally enforceable. Also if there is a breach of contract, there are certain remedies for that which are discussed later in the assignment. There are certain elements which need to be present in a contract. These elements are discussed in the detail in the assignment. (Clarke,
Friend, Celeste. "Social Contract Theory [Internet Encyclopedia of Philosophy]." Internet Encyclopedia of Philosophy. Hamilton College, 15 Oct. 2004. Web. 01 Oct. 2011. .
A contract is generally considered to be an exchange of promises or an agreement between parties which in due course legally binds the parties; this can be enforced by the English Law. A contract is always, referred to the basic foundations of Contract Law, which refers to promises being kept amongst two parties. It is clear that all people make contracts nowadays and do not even consider for a moment that they are forming contracts; these can be formal or informal, oral or written.
McAdams, T., Neslund, N. & Neslund, K., 2004, Law, Business and Society, 7th Edition, New York: McGraw-Hill Companies.