Contract Law: Breach and Remedies

individual essay

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION ...............................................................................................................................6

INTRODUCTION
Business law is a branch of law which includes commercial matters. There are mainly
two types of matters which are part of business law namely: laws relating to commercial entities
and laws that relates to commercial transactions(Astorri, 2019). Laws are always evolving with
the change in the society and its needs. There are many laws which comes under the ambit of
business law. They are: contracts law, employment law, intellectual property law, taxes,
bankruptcy, immigration law, etc. A law of contract is mainly the agreement which is formed
between 2 or more people(Winn, and Govern, 2018). Contract law mainly deals with the rights
and duties of the parties of the contract. It also specifically mentions all the essential elements
needed to form a valid contract. The parties must have business ethics before entering into any
contract as the breach of it would amount to damages and punishments. This report deals with
the breach of contract and the remedies available to the parties.
MAIN BODY
Contract law is a branch of business or commercial law which deals with the realtion of
the parties in the contract. It also deals with the rights, duties and obligations of the parties
entering in the contract. When a contract or an agreement is reached voluntarily, fulfils all the
essential requirements of the contract and is enforceable by the law, then it is considered as a
valid contract (Puri, 2016).There are few conditions which are to be fulfilled to make the
contract valid and legally binding. Firstly there shall be an agreement which includes offer and
acceptance from the parties. Secondly, after the agreement is reached it is important to see that
there exist an intention to create a binding and legal relationship between the parties. Thirdly,
there should be consideration between the parties i.e. payment should be made in exchange of
the goods or services provides or anything that is mentioned in the contract(de Elizalde, F.
2018).There are many ways in which a contract can come to end like: expiration of the term of
contract or termination of contract. The contract can also come to end in case of frustration when
a person is not fulfilling duties. To end the contract is not easy(Phang, and Yihan, 2019). To
save the innocent parties from the fraud and breach of contractual relationship there are
remedies given. Remedies includes damages which depends on the amount of breach, innocent
part can also ask for specific performance and injunction.