Contract Law: Understanding the Basics and Application in a Case Study

CONTRACT LAW

Contents
INTRODUCTION.................................................................................................................................3
CONTRACT LAW...............................................................................................................................3
Issue:.................................................................................................................................................3
Rules:.................................................................................................................................................3
Application:.......................................................................................................................................5
Conclusion:........................................................................................................................................6
CONCLUSION.....................................................................................................................................7

INTRODUCTION
Contract law refers to the laws which is mainly imposed upon the business regarding
managing the overall business activity. It usually govern the relationship, validity and
interpretation which is made through the form of agreement where one party offer some
valuable things to the another party1. In this, the agreement is made on the bases of promise
and it is made on the bases of written consent. If any parties agree to enter into any contract,
they are legally bound by the norms imposed upon the contract act, 1990.
CONTRACT LAW
Issue:
In this case, the issues is raised regarding not taking possession of the ornament,
instead of paying the full amount regarding purchasing the centerpiece. As contract is made
between the Eva and Smyslovski, regarding purchasing the ornament after examining that
Jellett is representing the ornaments. But in this case, the issue is raised regarding organizing
the event for the fake ornaments which is examined by DCA experts. In return, the statement
is made by the Smyslovski, regarding not accepting the mistake which is undertaken by him.
The reason behind his mistake is that he is not familiar with the concept of the art and thus
the mistake undertaken in respect of selling the wrong ornament.
Rules:
Contract Law: All agreement are resulting in formation of the contract but not all contract are
to be the part of the agreement. In terms of understanding the valid contract, it is necessary to
Offer and acceptance: To enter into valid contract one party offers the valuable things to
another party and the other party accepts the offer. To enter into the valid contract, it is stated
that their must be communication between the parties regarding accepting the offer and such
offer is valid for the particular time period2.
 Promise: In terms of entering into the agreement, promise is made between the parties
regarding accepting such offer on terms, of consideration or any money which makes
the contract valid.
 Legally binding: The parties are legally bound if they fulfill the terms such as they
must be competent to enter into the contract or such agreement is made with the
mutual consent of the parties. It is necessary that such contract is on the bases of
written format and also its condition are necessary to be fulfilled to make the contract
valid3.
1 McDermott, P. A., 2017. Contract law. Bloomsbury Publishing.
2 Mataija, M., 2020. Anna Beckers, Faculty of Law, Maastricht University, the
Netherlands Rónán Condon, Assistant Professor of Law, Dublin City University,
Ireland Dorota Leczykiewicz, Associate Professor of Law, University of Oxford,
UK (Doctoral dissertation, Google).
3 Beale, H. and et.al., 2019. Cases, materials and text on contract law. Bloomsbury
Publishing.