Contract Law Assignment Help | Law assignment Help
A contract is a written document which is signed between two parties for a product or services to be followed. For instance, a person is purchasing a computer system will get a document signed by the company noticing about the services to be provided in future. One can also have contract while purchasing or renting a property. Contract based on property dealing may consist of the terms and conditions to be followed by both the signing parties and if one of those party or individual break the condition or law as described in the contract is liable for legal punishments which is also a general rule for such deals only if the contract is registered by the prescribed authority or state government. There are generally six conditions that are mentioned in a contract which further make it legal. And these are:
- Details specifically mentioning the product or services to be provided.
- Acceptance of the specific offer by other or second party or individual to be provided by the first part.
- Consideration i.e. exchange of some amount of money or any kind of compensation or something of interest that may be exchanged between both the parties.
- Capacity of parties to fulfil the conditions written on the contract (capacities should be in terms of both age and mental abilities)
- Determination for carrying out their promises by both parties.
- Legally enforceable terms or conditions.
Thus, a contact is a written agreement signed by both the parties within sound mental stage or condition , promising to fulfil the demands as written and having some exchange of money or some kind of value; all to be performed within the limits or by the signing of law handling body or concerned authority. A contract, is thus considered to be legal. There are also other types of contract which can be enforceable between thee two individuals or parties or which can be in general or which can be enforced by legal authorities like advocate or court. For instance, everyday meal or coffee that we purchase may come into the category of expressed contract or general contract in simple words.
A contract law undertakes the consideration of contracts which can be written or oral under the bindings of law. In every state there are different conditions to be followed or imposed in contracts and as per the law of state further contracts are managed or created. Contracts are common to fulfill especially when it is about business. Either it is about purchasing or renting machinery for a time period, purchasing or renting of property for commercial uses, advertisement of a product, introducing the product in the market or handling the issues related with product or services; a contract is made to legalize the things or promises. And when it is breached or cheated by any party or individual; the person become punishable under the law or the other party can demand for any kind of value or compensate or even can demand for special things to be done by the contract breaker under the consider of law handlers or court. There are different types of contract and for each contract different considerations are taken into account. For instance implied in-fact contract, this type of contract binds the parties with a mutual agreement which contains the considerations and the mutuality of both the parties and an unambiguous or to the point offer which is signed by both the parties which is further equivalent to their acceptance with the offer being made in contract but there are no expressed terms of the agreement. Similar to general definition of contract law, if we talk about United States contract law, it is an agreement signed between two promising parties (with good mental ages and capabilities) under the US law. And in case of breaching that may be due to some kind of damage, misunderstanding or any kind of consciousness, the further steps are taken as per the law which may vary from state to state.
Today most off the states have adopted UCC law which further stands for Uniform Commercial Code which was first published in 1952. The goal behind the implications of this law was to harmonize the law of sales and other commercial transactions across the US. However, the adoption of this uniform act varies from one US jurisdiction to another; some have adopted only some of its articles while some have not adopted any of those articles written in UCC. Girls of UCC includes:
- To protect and modernize contract law
- Harmonize the state law with relation to commercial transactions within different states.
- It also deals with the movable or personal property and its transactions.
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