Analysis of Contract Law: Essential Elements, Remedies, and Rights

This essay provides an overview of contract law, emphasizing its role in regulating business practices. It discusses the essential elements of a contract, including offer, acceptance, consideration, and legal obligation, and explores the concept of counter-offers and their impact on original agreements, referencing the case of Hyde v. Wrench. The essay also examines various remedies available for breach of contract, such as specific performance, damages, rescission, and injunctions. Furthermore, it outlines the rights of parties in a contract, including the right to disclosure of facts, timely consideration, filing suit, monetary payments, and exclusive ownership. The essay concludes by applying these principles to a case scenario, highlighting the rights of the involved party and potential remedies.

Individual Problem/
Essay

Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
CONCLUSION...........................................................................................................................................6
REFERENCES............................................................................................................................................7

INTRODUCTION
Business law is a practice in order to regulate all the law and order in the organization
and also to promote the growth and production with all the rules implemented in the corporation.
This focus on providing all the essential rules for the companies in order to frame effective
business practices. This mainly have different branches in law which are like employment law,
contract, IPR etc. contract law is an effective framework of rule which is a set of agreement
enforceable between the parties. This considers having some essential elements with the
remedies for the breach of contract available in it (Kötz, 2019). In this essay there will be a brief
discussion about the case study and remedies provided in contract law with the rights and
regulations in it.
MAIN BODY
Contract law provides agreement framed in two or more individuals or parties in order to
legally bind for some agreement or a task to be made. This usually have formal agreements
through which parties used to comply and frame their important works With the mutual
agreements and by regulating the outlaws (Luts and et. al., 2021). This is considered to have
effective agreement which is being bind it between the parties as there are some important
essentials which are to be fulfilled in order to complete the contract and its requirement they are
mentioned there under:
Offer: This is an agreement framed in which the party who want to make an any assigned
work to be made use to make an offer as it is a contract between them or is also known as an
invitation to treat to another party in order to complete the task or the work and to enter into an
agreement or contract.
Acceptance: this generally is an acceptance of offer which was given by the party on the
prior part for coming in an agreement or contract. In order to fulfill a contract it is important to
take me your acceptance of another party it can be on any method like expressed or implied and
can also be through mails and acceptance should be provided without any fear or threat and with
Full knowledge in legal capacity.

Consideration: The amount or the value which is being assigned or fixed for the legal
agreement made in the parties for a particular time period in order to exchange the agreement or
the assigned work. It is basically the value money which is being fixed between the parties for
fulfilling the contract. No contract can be made without consideration being fixed.
Legal obligation to do so: This is generally a proper legal intention and motive of the
party regarding fulfilling the agreement or contract and also to maintain proper framework of
contract between the parties as mere acceptance is not amount to contract (Sirena and Patti,
2021).
Counter offer is revocation of all the original offers that were being made earlier as this
usually rejects all the prior offers made between the parties. In all the business organisations
counter offer is being made at the time of negotiations for the agreement or contract to be
performed. Once the counter offer is being made by the party all the initial offers and their
elements will be revoked and it will be treated as a new contract or offer. As the parties will have
to be in motion as according to the new elements that were being decided at the time of counter
offer.
In case of Hyde v. Wrench (1840), court held that once the counter offer is being made all
the prior offers or contract will be revoked and there will not be any elements that are being
fulfilled or being needed in the contract. As in this case defendant offered Claimed to sell his
farm for £1000 and for which the defendant denied and offered back for £950. Later on after few
days claimant has accepted the offer and contract with its all elements with £1000 for which
defendant refused. Court made that as ones the counter offer is being made all the prior original
offer will no longer be available for acceptance between the parties. And they will have to deal
with the new offerings which were being made at the time of counter offer (Ronquillo, 2018).
Remedies given for breach of contract
Specific performance of contract: This is an equitable remedy provided by court which
helps and compels party in order to perform contractual obligations for all the agreement that
were being made between them and for which damages is not a sufficient or adequate remedy. In
all such specific performance court used to order parties to perform the act for the supervision to
fulfil all the obligations made in the parties.

Damages: This is loss which were being provided To the party who are being affected as
because of the breach of performance of contract by the other party. In all cases where innocent
party was being affected and suffered with loss because of the nonperformance of act or any kind
of ill motive that was being made by the defendant. This is a legal right provided to the parties
for all the substitution for performance affect in case of default which is being made by the
another party.
Recession: This is a remedy granted by court for all the aggrieved party in order to bring
back to the party has suffered loss in the original position by terminating the contract between
them and also by implementing specific conditions. In all such contract the parties will thereby
been framed out in the original position.
Injunction: It is an equitable remedy granted by court where the Defendant is being
restrained from breaching all the contractual obligations or performance. Court use to give an
order to the party in order to perform the act or to restrain them from a particular area or property
(Witthoff, 2020).
Darwash as being in the contract can take the remedy of damages from the court as due
He can get relief with the help of court as it will provide adequate relief for the loss which was
suffered to him as due to the contract made between Charlie and him.
Rights of party in contract
Right to disclosure of facts: When the parties used to come in an agreement or contract
they will have to disclose all the facts and the details related to the contract and its terms. All the
material facts are to be made clear between the parties no party can hide any of the important
facts in the agreement.
Right to timely consideration: When an agreement is being made between the parties
there is a proper consideration or a value which is being fixed between them. So there cannot be
any kind of delay for all that payment of values for money in the contract when it is being
performed.

Right to file suit: Both the parties while coming in an agreement has a right that in case
when a breach is being made by any of them they can go to the court and ask for the remedies
which were being available so that there cannot be any kind of loss made for any of the party.
Right to monetary payments: Both the parties have the right maintain proper services for
all the acts that were being performed between them and they have the right to gain the monitory
payment status which was being assigned to them.
Right to exclusive ownership: As in a contract which would be made between the parties
there is in proper mutual agreement and a ride for exclusive ownership which is being given to
both the parties (Bally, 2019).
In this case scenario Darwash has a right to disclosure of facts, as Charlie was well aware
that he has no knowledge about being an electrical contractor and fittings and even after that he
hide all the important facts regarding the working with Darwash. He can ask the court for the
damages for loss which was being made by the act of Charlie and because of which all the
damages that were being faced by him because of the hiding of material facts by him.
CONCLUSION
From this above essay, it is analyzed that Contract law provides in agreement between
the parties which is being enforceable with all the laws in it. This mainly have four essential
elements that are being required to be fulfilled in contract they are like offer, acceptance,
consideration and legal obligation to do so. Counter offer is a revocation of all the prior offer and
these are usually being made at the time of negotiation in the business agreements. Furthermore
it is also analyzed that there are different remedies which are being available in the contract law
some of which are like injunction, specific performance and many more. And contract law
provides rights to disclosure of facts, right to exclusive ownership etc.

REFERENCES
Books and Journals
Bally, R., 2019. Does contract law create confidence for tourists? The specific system of the
sales contract for package holidays. Societes. (1). pp.93-106.
Kötz, H., 2019. Comparative Contract Law. In The Oxford Handbook of Comparative Law.
Luts, V.V., and et. al., 2021. Convergence of the Contract Law of Ukraine and EU Member
States. Global Journal of Comparative Law. 10(1-2). pp.123-137.
Ronquillo, J., 2018. The Rise of Esports: The Current State of Esports, Its Impacts on Contract
Law, Gambling, and Intellectual Property. Intell. Prop. & Tech. LJ. 23. p.81.
Sirena, P. and Patti, F.P., 2021. Blockchain and contract law: Smart contracts. In Blockchain and
Public Law. Edward Elgar Publishing.
Witthoff, E., 2020. Principles of Reinsurance Contract Law: The Reinsurer’s
Perspective. Uniform Law Review. 25(1). pp.57-66.