Contract law model essay

According to the law of contract, vitiating factors are the ones that tend to affect the validity of the contract Scott Once the vitiating factors exist like in the case of Tim and Andy, then the contract can be rendered null and void or voidable. The law recognizes situations in which the agreement between the parties has been interfered with in a sense that is fundamental, so as a result of this Tim has been provided with a base in which he can claim that there is no reached agreement between him and Andy.

The vitiating factors which include misrepresentation, undue influence and certain forms of mistake render a contract voidable and therefore the contact may be terminated Ewan The vitiating factors include misrepresentation, mistake and undue influence. Misrepresentation refers to a false statement of fact which is made by one of the party to another party Ewan In this case, a false statement of fact has been made by Andy to Tim. Since Tim has found misrepresentation in the signed contract; he is therefore allowed to recede. According to rescission, when one party breaches the contract, the other party is set free and can rescind the contract.

Therefore, if Tim wants to sue for any remedy, he then must first file a suit for rescission of the contract with the courts, when courts issue him with a rescission order then he is free from contractual obligations Randy Questions 2 states: Eva takes her expensive fur coat to Ace Dry Cleaners, an establishment that Eva and her family have always used for dry-cleaning. As in the past, Eva was handed a docket and, as usual, she placed it in her purse without reading it.

When she called to collect the coat it was missing. In this question I will focus on providing advice to Eva.

Contract Law – Promissory estoppel Paper

The agreement between Eva and Ace Dry Cleaners is a unilateral contract. When a part of the contract party does something that was not required to have been done, the action can constitute consideration by binding the other party.

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This makes a subjective matter valuable in consideration as it is what makes the parties attribute it. Additionally, consideration can be used to encourage finality in dispute resolution in case where forbearance is not unspecified. On the other hand, consideration may have some negatives. For instance, consideration in a contract may be nonexistent and yet it can be sufficient to sustain an agreement. This suggests that the factual detriment to the promisee and benefit to the promisor are doubtful Atiyah, This makes consideration be relegated to the status of a single form of evidence that a promisor proposed to be bound.

Essay about Contract Law - Words | Bartleby

Both parties to the contract must be endowed with consideration for them to sue on the contract, hence making consideration somehow difficult to engage in. Though the doctrine of consideration has been there for long, it has experienced in the common law a lot of uncontroversial history Val, This has been through the existence of lack of unjust results and lack of imbedded status by the doctrine in the courts. This feature has been attributed by the increasing flexible approaches of judges. Consideration must, therefore, have some real value and should represent detriment to the individual who contributes it.

On the other hand, consideration has unwanted consequences. This happens due to the unenforceability of unjustified promises unless in deed form.

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By doing so, it brings down the legitimate meanings of parties who wish to undertake binding obligations legally. Consideration should not be removed, and the current courts should find its existence to reflect the intention to the parties of the contract. True intentions of the contract considerations should be captured in the findings of the consideration. Atiyah, P. Consideration: A restatement. Essays on Contract. Oxford: Clarendon Press. Melvin, A. The principles of consideration. Oxford: University Press.

Schwartz, A. Foundations of contract law. Oxford: Oxford University Press. Trebilcock, M. The limits of freedom of contract. Val, D.

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The sophisticated doctrine of consideration. New York: Oxford University Press. Walker, D. The law of contracts and related obligations in Scotland 3rd ed,.

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Activate JavaScript to see the phone number. Toggle navigation. This can be verbal, written or in standard format. A contract should be fully understood by all parties included and a signature may be required in some cases as evidence of understanding. Contract Types: There are three types of contracts which can be formed.

Breach of Contract - Essay Example

These are verbal, written or standard form. A verbal contract is where two or more parties come to a spoken. A contract is an agreement which normally consists of an 'offer ' and an 'acceptance ' and involves the 'meeting of the minds ' or consensus between two or more parties with the intention to create a legally enforceable binding contract.

Therefore in this essay, the four core elements needed for the formation of a contract such as offer, acceptance, and consideration and intention to create legal relations. From buying a car to being employed, contracts govern all areas of life. That means that any contract that is made legally, which will be discussed. Form of law that rules oral and written agreements attendant with exchange of goods and services money and properties. In like manner law legitimate frameworks, an agreement or casually known as an assertion in a few words is an understanding. Contract Law What is a contract? There is no exact definition of a contract stated in the English law, but a contract simply occurs when two or more people comes to an agreement, under the law, to refrain or to do something having a legal relations and not just an exchange of mutual promises.

In common English law, there are 3 essential points in order to create a contract, which is, the agreement, contractual intention, and consideration in both parties. Typically, an agreement can happen when. Contract is an agreement between two or more competent parties in which an offer is made and accepted, and each party benefits. No contract can come into being unless the following features exist: an actual offer, an acceptance, consideration this means that each party will contribute something of a material value to the bargain and an intention to create legal relations.