Contract Law Cases
What is contract in law: Introduction
Modern society is unbelievable without the possibility to conclude binding Legal contracts. Not only that contracts allow businesses to trade goods and offer services, but contracts are also used by citizens to pursue the things they’re after, even if they don’t always realize it. Thus, people conclude contracts when they buy products in a supermarket, rent an apartment, take out insurance, open a bank account, take up a new job, download software, are treated by their doctor, go to the hairdresser, or order tickets over the Internet to go to a Lady Gaga concert.
The set of rules and principles that governs these transactions is the law of contract. It governs not only the so-called consumer contract Law like those just mentioned but also commercial Legal contracts. One only needs to browse through a random newspaper to find examples of the latter. They range from contract Law for the sale of goods to franchising and distribution contract Law and also include agreements to create a joint venture, take over a company, build an airport, or invest in a foreign country.
Contract law is such an integral part of present society that it’s almost impossible to imagine a society without it. However, societies without contract Law are conceivable in situations where the State or the community takes care of everything, including the provision of the necessities of life (such as, in today’s world, food, housing, and health care). In such a society, the need to contract with other people is absent.
It isn’t only Communism that has – at least in theory – an example of such a society. A great example is the form of community that existed in prehistoric times before there was any division of labor: small groups of nomadic people who shared what they found by hunting, fishing, and gathering had nothing to contract about among themselves or with different teams.
Example of Contract
Exchange: The core of a typical contract is the exchange:
One party gives something to another party and receives something in return. This exchange is prompted by the idea of both parties benefit from it: the buyer offers to buy goods because she values these more than the money she holds in her pocket, whereas the seller would rather have the money than the goods. Yet while this economic rationale underlies most Legal contracts, it isn’t true for all contracts. In particular, in the case of gratuitous contracts, Like a promise to make a gift, the law can make the promise enforceable even if only one party will benefit from it.
Questions: This article presents the main questions that contract law seeks to answer. These questions are structured in accordance with the chronology of the contract. The first question is when exactly there is a binding contract: can any promise to do or to give something (or to abstain from it) be enforced in the courts?
Once we’ve decided that a contract has been validly concluded and is enforceable, another question emerges:
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What is it exactly that the parties should do as a result of this?
This question Could seem superfluous when parties have agreed upon all their mutual obligations under the contract, but the reality is different: in many cases, disputes arise about what parties are actually bound to do. Contract law provides the tools to establish the exact contents of the agreement. If it’s clear that the contract is binding and we know about it is contents, yet another question can arise:
What rights does a party have if the other party does not perform?
Can a contracting party then always claim the performance of the contract? Can it bring a claim for damages? Or is it possible for it to claim termination of the contract, meaning that the frustrated party no longer has to perform itself? These 3 questions on formation, contents, and remedies are discussed in Sects. 4.3 –4.5. They’re preceded by Sect. 4.2, which is devoted to an overview of the sources of contract law, followed by Sect. 4.6, which offers a brief outlook on the topic.
4.2 Sources of Legal Contracts
Contract law within the sense mentioned above (as a set of rules and principles that governs transactions among parties, thereby setting the rights and obligations of these parties) is made up of a large number of different rules. In this section, a distinction is made on the basis of the origins of these rules. Such a categorization on the basis of sources allows us to distinguish between 3 types of rules relevant to contract law: rules that are made by the contracting parties themselves, rules that emerge from the official European, national, and supranational sources, and, finally, informal rules that are made by others (including nonstate organizations and academics).