Sample free essay on Contract Law

Sample free essay on Contract Law - 2.0 out of 5 based on 1 review
1 1 1 1 1 1 1 1 1 1 Rating 2.50 (1 Vote)

A contract is an agreement that outlines specifics details of an issue between different parties regarding a certain matter; it is usually a written document, although it can also be verbal and is enforceable in a court of law (Turner. P. 32)[1]. For a contract to be considered valid it must contain seven important elements: consideration, form, intention to create legal relations, agreement, genuine consent and capacity to implement the contact (Turner. P. 67)[2]. When a contract has been broken a breach is said to have occurred, breach of contract in legal terms is used to describe actions that has been undertaken by one of the parties in contravention to the binding agreement as originally agreed between the parties. It is also used to describe cases where the terms of an agreement as entered between various parties is not honored according to the article of the agreement. In general, all forms of contracts reached upon between various parties are governed by the principle of pacta sunt servanda (Yovel. P. 4)[3]. In the preceding case scenario we are going to apply the various legal principles that govern the law of contracts to determine the legal options for Greg under the two circumstances.