Report on Different Aspects of Contract Law

Added on -2020-02-19

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REPORT ON CONTRACT LAW2Executive Summary Contract is a term which is commonly used in the day to day language by people belonging to different classes, where their employment status is differentiated and even the nations are not same. Yet, the common law of contract is nearly uniform in each nation and the different aspects of contract law are more or less the same for all the businesses, irrespective of their type of business form and the industry in which they operate. Contracts are formed for nearly every part of the business of a person and have to conform to the principles which are formed under the common law of contract. Through this report, an attempt has been made to educate the family running the small family business regarding the different feature of contract law. This includes a discussion on contract formation, the vitiating factors, the different types and theories of contracts, the terms of contractincluding the exclusion clauses, and the further legal issues, which are commonly raised in the businesses running on day to day basis. The discussion of vitiating factors would not only cover the discussion on these factors, but also on their sub-types and their impact on the contract. It is suggested for the family to undergo this discussion and apply them aptly, on the basis of requirements, in their business, so as to safeguard their rights and avoid any unwanted consequences in form of damages for breach of contract or the rescission of contract owing to misrepresentation.
REPORT ON CONTRACT LAW3Contents1.Introduction..............................................................................................................................52.Principles of Contract Law.......................................................................................................52.1.Basics of Contract Law.....................................................................................................62.2.Classifications of Contract................................................................................................62.3.Offer vs. Invitation to Treat..............................................................................................72.4.Acceptance and Postal Rules of Acceptance....................................................................72.5.Consideration and ’the Test of Enforceability’.................................................................82.6.Key Theories of Contract Law..........................................................................................93.Contractual Terms and Exclusion Clauses...............................................................................93.1.Condition vs. Warranty...................................................................................................103.2.Implied Terms.................................................................................................................103.3.Importance and Methods of Incorporation......................................................................103.4.Importance of ‘Construction’ for Interpretation of the Contract....................................113.5.Term vs. Representation.................................................................................................114.Further Legal Issues...............................................................................................................114.1.Term of Contract vs. Misrepresentation.........................................................................12
REPORT ON CONTRACT LAW44.2.Types of Misrepresentation.............................................................................................124.3.Categories of ‘Mistake’ and their impact........................................................................134.4.Frustration of Contract....................................................................................................134.5.Duress and Undue Influence and their impact................................................................134.6.Remoteness and Measurement of Damages and their impact.........................................145.Conclusion..............................................................................................................................146.Bibliography...........................................................................................................................156.1.Articles/ Books/ Reports.................................................................................................156.2.Cases...............................................................................................................................166.3.Legislations.....................................................................................................................176.4.Others..............................................................................................................................17

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