Contract Law - Final Essay

Contract Law - Final Essay

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Contract law is referred to as the legal and valid contract who in turn requires the
presence of three core elements which mainly includes agreement, legal relations and
consideration. Contract law is referred to as the agreement between private parties who tends to
focus on creating common obligations which are enforceable by law1. A void contract is referred
to be the one which does not have any legal effect from the beginning. It is referred to as void ab
initio. This study will focus on understanding the doctrines and the various rules and principles
which are governing contract law. This study helps in determining the issues which are
impacting development of contract law. This study will also focus on evaluating the legal
obligations of parties to the contract and also determine the legal consequences in relation to the
breach.
MAIN BODY
English contract law is considered to be as a body of law who in turn tends to focus on
regulating contracts in Wales and England. A contract is referred to an agreement which is
enforceable by law and is based on voluntary obligations. A legally binded agreement is based
on three elements which mainly includes an agreement, intentions to form legal relations and
consideration. A legal doctrine is referred to as a framework which is based on procedural steps,
set of rules, which has been established with the precedent based on the common law. Doctrine is
considered to be a legal principle which has been established with the repeated application in
relation with legal precedents. Doctrine of stare decisis states that, court tends to look into the
past judgement made by the court on the cases which have similar material facts and issues.
Precedent is considered to be as the legal rule or principle which has been created by the decision
of the court. This decision tends to set an example or act an authority in order to judge or resolve
the similar issues in the future. Doctrine of stare decisis states is useful in enabling judges to
effectively reduce the uncertainty related with taking decision. Breach of contract is considered
to be as the legal cause of action in which the law is binded by the agreement. Breach of contract
takes place when legally one party's failure in order to fulfil the contractual obligations. A breach
of contract can occur when the party fails to perform work on time, or does nor perform the work
in accordance with the specific terms of agreement. The rule of the common law is that, when a
party tends to sustain a loss on the grounds of the breach of contract, so far the money can be
1 Austen-Baker, Richard
1